There aren’t too many surprises in Monster’s global Future of Work report. Employees are still pining for flexibility and better pay, and employers are still hankering to hire in an increasingly competitive job market. But the report does forecast some of the biggest challenges employers expect to face in the next three years, including difficulty finding skilled workers and ensuring employees have an adequate work-life balance.
“The marketplace is infinitely more competitive, and employers are willing to spend more money to attract talent,” Monster’s Scott Gutz said.
Everyone is hiring
… but employers are having a hard time filling positions. Recruiters said they lack confidence in their candidates, and finding skilled workers remains a big problem. In tech specifically, 39% of those surveyed said they’re struggling with a skills gap, hurting their hiring efforts. And that’s just a piece of the puzzle; tech companies are lacking qualified recruiters, and candidates for companies like Meta and Google have complained about the interview process.
Still, more than half of those surveyed said they plan to replace or backfill jobs, while 93% of employers overall are hiring. The biggest industries looking to hire include engineering, automotive, retail and insurance/real estate.
“While employers want to hire, their confidence in finding the right fit continues its downward trend for the third year in a row,” the report states. “Hiring managers and recruiters are anticipating stiff competition for sourcing new talent.”
Give the workers what they want
To remain competitive, companies said they are primarily looking to be more flexible, increase benefits and perks, offer skills training and increase pay. In the tech industry specifically, increasing benefits and pay was identified as a top priority. Others said they have begun offering relocation stipends and starting bonuses and homed in on diversity, equity and inclusion efforts.
But these changes aren’t always what workers want: older employees said they’re focused on compensation, a safe environment and a workplace where they can connect with colleagues, while younger workers said they want job flexibility, career growth opportunities and long-term marketable skills.
The future of work isn’t hybrid for everyone
Some companies would bet their life on remote work, but others aren’t so convinced. Less than half of surveyed employers said hybrid work is the future, and 42% of employers said flexible work options have helped companies retain workers and have an edge in the recruiting process.Companies all over are still loosening up on the whole office mandate. Over half of employers said they allow work-from-home work days, while about 40% said they allow people to choose and change their own work schedule. Companies are clearly bowing to workers’ wishes; flexible work schedules and remote flexibility were among the top candidate desires.