Total Compensation is Up & Talent is Optimistic About the Strong Job Market

Survey results published in 24 Seven’s annual Job Market Report suggest that conditions remain positive for the job seeker. Salaries rose again in 2017 and respondents feel optimistic about the economy and the job market. A large majority of survey participants reported that they plan to make a job move in the next twelve months – many were already considering offers when completing the research questionnaire.

Findings

This year’s findings are based on input from almost 2,000 respondents across a variety of industries, organizational levels, and job functions. Every year, 24 Seven conducts the study to provide information that will help job seekers and hiring managers alike navigate the current employment market. The study finds that money primarily drives employee behavior, perceptions, and attitudes. It’s the number one reason to consider making a job switch – and it is the leading influence on employee happiness, the perception of the workplace, on-the-job stress, and engagement. Healthcare is also of concern to employees, and companies offering well-planned combinations of traditional and soft benefits along with perks have an advantage in a tight talent market. Further, employees expect employers to support their efforts to stay at the top of their game – so those companies with a demonstrated commitment to keeping ahead of the training, development, and technology curve will be most in demand. Our research suggests that the levels of employee engagement, happiness, and stress are all measures that companies must track and monitor – each has a real impact on an organization in terms of productivity, collaboration, and more.

Highlights

This year’s report is organized into four sections: Compensation & Benefits, Talent Mobility, In Pursuit of Happiness, and Stressssed Outttt. Some highlights from the 2018 edition:

• 75% of workers reported a salary increase in the last 12 months
• Median total compensation rose by 8% for full-time, non-executives in the last 12 months. Those in new positions reported an average 12% increase in total compensation
• Over a third of employees are worried about their healthcare coverage, and a quarter said it changed for the worse since last year
• 66% of respondents are planning a job switch in the next 12 months
• Only 2 in 10 strongly agree that they are happy in their job and that their workplace is ideal
• Half of all respondents feel extremely engaged at work. However, of those who say they are happy employees, 87% say they feel extremely engaged
• 45% are more stressed at work than a year ago and 61% say that their company does not take steps to alleviate employee stress
• Stressed-out employees reported being less productive, collaborative, happy and engaged

Our Goal

24 Seven’s goal in conducting the annual study is to uncover insights that companies can use to improve their employment offers, evolve their corporate culture, refine their employment brand, and create a workplace that attracts the very best talent. To request the full report, click here.