What does the landscape look like right now?

In 2024, Gen Z and Millennials are not only becoming the new office majority, they’re actively reshaping industries with their digital savviness and new perspectives on the intersection between work and life.

Alongside these generations’ growing workforce dominance, businesses continue to emerge from the shadow of the pandemic, and hybrid and remote work has become the new standard for many organisations. A 2023 global study by Owl Labs found that around 60% of the white-collar workforce now works in a hybrid setting, and only 22% are in an office full-time.

And, to top it all off, macro-influences like emerging technology continues to redefine roles and operations, creating both challenges and opportunities within an ever-competitive and already fast-changing environment.

How jobseeker’s priorities have changed over time

Jobseeker priorities have changed substantially over the past 35 years in response to changing social, economic and technological environments.

In the 1990s, the workforce faced substantial economic changes, including rapid globalisation and a shift in many countries toward a more service-oriented economy, all underpinned by the burgeoning digital revolution. However, employees still largely prioritised job security and a steady income, often enduring inferior working conditions without complaint to maintain employment stability.

Then, as the new millennium unfolded, there began a noticeable shift towards valuing work-life balance and seeking more flexible work arrangements. Employees began to gravitate towards companies that promoted a positive work environment and offered professional and personal growth opportunities. This era also marked a time when employees became more assertive, more willing to express their needs and negotiate for better benefits and compensation.

Traditional career expectations continue to evolve, and right now, we’re seeing a greater emphasis on things like flexibility, purposeful work, and company ethics.

Keep reading to dive into the top priorities of the 2024 workforce:

Technology and accessibility

According to a survey by EY, 54% of employees worldwide would consider leaving their current jobs if they were not offered some flexibility in where and when they work. A similar survey by LinkedIn also found that this differs significantly between generations, and Gen Z was the most likely to quit their job if their flexibility needs were not met – with nearly three-quarters of them reporting that they would.

But it’s not just once they’re in the job – remote interviewing has also become the new normal across many industries. Research by InCruiter found that nearly 90% of organisations are still opting for remote interviews at some point in their hiring process. This is good news for jobseekers, as studies also show that candidates prefer virtual interviews for a variety of reasons, from increased accessibility and flexibility to reduced perceptions of bias.

Diverse and inclusive workplaces

DE&I has continued to become a high priority for HR leaders across every industry. According to Forbes, 90% of Fortune 500 companies have now launched DE&I task forces to help enact positive change in the recruitment process. This commitment to inclusivity is also being reflected in the attitudes of Gen Z and Millennial employees; a study by Manpower group found that over half of Gen Z-ers would turn down a job without diverse leadership, and research by the Institute for Public Relations reported that 47% of millennials believe that diversity and inclusion are very important criteria when looking for a potential new employer.

Company culture and values

Research by McKinsey found that nearly 80% of Gen Z respondents prioritise work-life balance, and a study by Bajaj Allianz found this number to be even higher amongst millennials, with 85% of the workforce born between 1981 and 1996 putting work-life harmony at the top of their list.

We’re also seeing the rise of websites like Glassdoor and Fishbowl, which offer potential future team members a glimpse into what current or ex-employees have to say about their experience within the business. A negative reputation can harm an organisation’s ability to recruit the best talent, which is especially important to consider when research shows that upwards of 80% of jobseekers research company reviews before deciding to apply for a role.

Career development and continuous learning

A study conducted by research firm Workplace Intelligence and Amazon found that three-quarters of millennial and gen-z employees would consider quitting their jobs in the next year, due to a lack of development opportunities. When it comes to workplace happiness, research by Cloud Assess revealed that a quarter of employees between 18 and 34 reported that training and development was the single most important factor in their engagement levels at work.

Modern compensation and benefits packages

However, while employees may be becoming less money-focussed, they understand their value and are less afraid than ever to negotiate for compensation that reflects their worth. Muse, in a 2023 study, found that “53% of Gen Z and 46% of millennial workers always negotiate salaries for new job offers, up sharply from 33% and 37% respectively just a year prior”. This is compared to the 23% of Gen X and 15% of baby boomers who reported that they consistently engaged in salary negotiations.

Companies that craft their compensation packages with care, not only in terms of monetary compensation but also by including benefits like health insurance or retirement plans, are far better positioned to attract and retain top talent - one SHRM survey reported that almost 92% of employees felt that compensation and benefits were absolutely critical to their job satisfaction.

The ending note

Understanding these shifts is crucial for any organisation aiming to attract and retain the best talent. As these trends continue to develop, being informed and adaptable is essential for staying competitive and maintaining a happy, productive team.

Interested in leading the charge with a modern recruitment approach? Join the Osavus early access list today, and partner with a team dedicated to innovation and excellence in the workplace.