What attracts talent in 2024? Workers want more than money

Money matters to job candidates in 2024, but they are also aiming for more than a hefty pay.

When it comes to hiring highly skilled talent, employers need to offer more than just a hefty salary. Companies should provide job candidates with greater work flexibility – on top of an attractive pay package – to win them over, according to the latest insights from management consulting firm Korn Ferry.

On average, nearly 2 in 5 workers worldwide (38%) said they would accept a new role if the employer operated on flexible working hours or if it offered great pay (37%).

“Workers expect more, say, control and flexibility over their work and it is likely that this trend will only strengthen in the coming years,” said Ariel C. Avgar, a labour relations professor from Cornell University, who commented on Korn Ferry’s report, Workforce 2024 Global Insights.

This preference for working from anywhere is followed closely by the desire for a generous compensation package. Pay is the top reason workers would want to quit. In fact, respondents who feel dissatisfied with their current compensation and benefits package (37%) are also “most likely to seek greener pastures,” the findings showed.

“If your company has a high attrition rate,” the researchers said, “then consider whether your rewards packages are at the right level.”

Job security and financial stability are essential

Meanwhile, high job security with a stable company (30%) ranks third on candidates’ list of priorities. This is especially true given the recent volatility and shedding across industries.

Candidates still prefer to work for employers who are standing on solid ground amid forecasts of a global economic downturn. This sense of security – a factor behind career longevity – is crucial for older employers.

A third of workers aged 45+ prioritised job security more than their younger counterparts did. However, older workers still desired a generous pay package the most. Baby boomers (52%) and Generation X workers (45%) both put a premium on a good salary.

Despite flexibility being the top consideration of those looking to switch employers, flexible work itself is “not substituting worker expectation for job and financial security,” Avgar said.

While pay is the most important point of contention for those eager to quit, the lack of flexibility and lack of job security tied as the second most common reason (26%) behind employees’ departure. This is followed by poor work cultures (24%) and return-to-office mandates (22%).

More than just money, workers also want good benefits. Most workers (81%) believe employers should understand the value of non-financial benefits alonside their pay.

Paying employees what their worth

While more than half of Korn Ferry’s respondents (54%) believe their current compensation and benefits package rewards them fairly for their calibre, others (40%) feel they are undervalued.

“Whether you’ve upskilled your existing talent or hired people who have the skill sets you need, remuneration will ensure you keep them,” Korn Ferry said.

Here are the top considerations of job candidates when accepting or declining an offer: