Trends 360

A Buyer’s Market

Digital transformation is here. Whether becoming more data-driven in their decision making or investing in new digital tools, companies are embracing technology to improve efficiencies and forge new business paths. In fact, 87 percent of senior business leaders say digitalization is a company priority and almost half of executives believe that by 2020 digital will have an impact on more than half of their sales.

But, the smart organizations are realizing success isn’t just about technology, it’s about the people who use that tech to improve the business. For highly skilled, tech-savvy candidates, it’s become a buyer’s market, as they have their pick of which company they’ll call home.

This is forcing organizations to rethink what they’re selling, since the competition is offering a lot more than benefits and a paycheck.

So, what exactly is happening in the marketplace today? We took a look at the numbers.

“Every company is a technology company, no matter what product or service it provides. The companies that embrace this fact are the ones that shape our world.”

Forbes Technology Council, January 2017

JOB LISTINGS OVERLOAD

As the number of opportunities increases, employees are less loyal and more selective about where they work.

3.5M people who chose to leave their jobs
1.7M people who were laid off

According to a Gallup study, the top reasons employees are leaving their jobs include culture and job fit. In addition, 51% of employees would change jobs for one that offered them more flexible work hours.

756,000 estimated number of unfilled IT and communication technology positions in Europe by 2020

45% employers worldwide struggling to fill open positions
51% employees actively looking for a new job
73% actively disengaged employees likely to seek new jobs
40% of European employers have difficulty finding people with the skills they need to grow and innovate. Half of the EU population lacks basic digital skills.

MILLENNIALS ON THE MOVE

As younger generations join the workforce, they have different expectations and shorter shelf-lives at companies.

WHAT’S ON THE WISH LIST?

So, what are these highly skilled employees looking for in the workplace they’ll call home?

78% Ambition: consider themselves ambitious to progress their career
51% Work-life balance: desire a positive work-life balance
28% Loyalty: expect to work for fewer than five employers
62% Cultural fit: prepared to take a pay cut to achieve a better cultural fit
69% Development: would decline a job if it didn’t offer professional development
53% Health: want their company to focus more on their health and wellness

Thriving employees are three times more likely to work for a company with a strong sense of purpose.


Sources

(1) U.S. Bureau of Labor, December 2018 (2) State of the American Workplace, Gallup, 2017 (3) Empirica, Working Paper: e-skills in Europe, 2015 (4) Future of Skills Report for the Executive Council of AMCHAM EU May 2018 (5) Deloitte Millennial Survey, 2018 (6) Hays What Workers Want Report 2017 (7) Mercer Talent Trends, 2017 (8) Engagement and the Workplace, 360 Steelcase Global Report, 2016 (9) Gartner 2018-2019 Top Insights for the C-Suite (10) The State of Digital Business 2016 to 2020, Forrester Research, 2015

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