Connect with us

Business

What Employees Want – Job Applicant Preferences And Habits In 2019

Published

on

What Employees Want – Job Applicant Preferences And Habits In 2019

Attracting and retaining the right talent remains one of the biggest challenges faced by companies today. Whilst being the preferred employer has never been easy, rapid societal and technological changes are making it even harder to find the right mix of work benefits to offer to applicants and potential employees.

To succeed in this environment, companies need to know where their job applicants are located, what exactly they are looking for in an employer and how their preferences are changing over time. A recent survey by Renaix, an international recruitment consultancy, answered some of these questions by polling a diverse group of 5,000 job applicants. This is what employees want.

Work benefits ranked by applicants

  • Almost a third of all respondents picked flexible working hours as the most important work benefit that they would like to receive. The result is unsurprising considering the general trend in lifestyles where freedom and flexibility are dominating over other considerations. Another reason for this emerging as the top pick overall is that it is not just millennials who want this, but their more senior colleagues as well.
  • Career development ranks second with close to 19% of the respondents choosing it. Young professionals are obviously keen to fast-track their careers and establish themselves in their respective industries.
  • A generous pension scheme and plentiful annual leave are next with 14% and 12% of respondents choosing these options respectively.
  • Remote working comes in next with over 9% of the votes. Remote working was uncommon just a few decades ago. But with high-speed internet now prevalent, it is becoming increasingly popular.
  • Performance bonuses and private healthcare round up this list in terms of employee preferences. Bonuses are a strong preference for younger professionals but seem to lose their shine over time.

How work preferences change with age

Age seems to be the single biggest predictive variable in determining which option an employee is likely to choose. For example, career development, performance bonuses and remote working options are the most important benefits for younger professionals. As we age, there seems to be a marked shift towards other benefits like a generous pension scheme, more annual leave, and better healthcare options.

The high correlation between certain preferences and age means that employers need to have a different approach for the various age groups. Rather than a one-size-fits-all approach, a more dynamic system is called for, one that offers customised benefits likely to result in higher employee morale and satisfaction. Healthcare and pension become more important considerations as we age, and employee benefit programmes should reflect that reality.

By having a degree of dynamism in benefit programmes, employers can get better results without any cost increase. Paul Jarrett, Director, Renaix, said “Flexible working is a high figure across the board, and not just for those in their early to mid-career who are commonly tasked with caring responsibilities at this time.  Younger age groups appreciate the work-life balance flexibility brings.”

Looking for jobs – “Google it”

When a company’s brand name becomes a verb, it’s a strong sign of its market dominance. “Googling it” has become the primary method of seeking information for our generation and job applications are no different. Almost 28% of all survey respondents picked Google as the primary platform of choice when it comes to looking for jobs.

Online job boards are a close second with 26% of job applicants using them as their primary means of applying for a job. This seems impressive but unlike Google, this market share is divided amongst an endless list of companies specialising in various industries and niches.

Recruitment agencies and executive search firms account for over 18% while LinkedIn is the preferred platform for an impressive 11.5% of the people. Lastly, almost 14% prefer to contact the company directly.

One thing is clear from these results – most applicants are now looking for jobs online. There is also a clear correlation between age and a preference for specific platforms and younger professionals are increasingly opting for online options. However, this might also have to do with the fact that seasoned professionals have more industry contacts and therefore are likely to contact them directly.

Either way, knowing where prospective job applicants are located is key to getting the best candidates to apply for the roles that you have on offer. Drilling down even further and looking for industry-specific trends might also be worth it for some companies.

Other interesting trends in job applications

  • Job applicants say that they expect to hear back only 43% of the time. The optimism is higher for younger professionals with the expectation being closer to 50% for those under the ages of 24 and diminishing with age. Even if a candidate is not selected, leaving a positive message might build long term goodwill at almost no cost to the company. If it is likely that the applicant will stay in the industry, this is almost certain to pay back at some point in the future.
  • Only 64% of the respondents think a cover letter is still useful. Again, younger professionals are more likely to dispense with cover letters compared to their more experienced colleagues.
  • Interestingly, almost 13% of the respondents admitted to lying on their job applications!

Attract and retain

The core concept of attracting talent hasn’t changed much in the last few decades. Go where potential applicants are and offer them what they want. What has changed, however, are the exact specifics of what potential employees want in a job and how they want to apply to it.

Flexibility in terms of working hours seems to be the most sought-after work benefit for now but it is also important to tailor these benefit programmes based on worker age and seniority. The challenge with a dynamic benefits programme is that it is hard to put a monetary value on certain benefits to make everything “fair”. However, the potential windfall of achieving this seems attractive enough to justify the effort.

What Employees Want – Job Applicant Preferences And Habits In 2019 3

Business

Sunak to raise business tax to pay for COVID-19 support – The Sunday Times

Published

on

Sunak to raise business tax to pay for COVID-19 support - The Sunday Times 4

(Reuters) – British finance minister Rishi Sunak is set to increase a tax on business to pay for an extension to COVID-19 support schemes in the budget next month, The Sunday Times reported https://bit.ly/3ujaBcU.

Sunak, in his speech on March 3, will announce he is increasing corporation tax from 19 pence in the pound and will outline a pathway where it rises to 23 pence in the pound by the time of the next general election, the report said. The move will raise an expected 12 billion pounds ($16.8 billion) a year, the report added.

According to the report, at least 1 pence is set to be added to the bill for business from this autumn, at a cost to business of 3 billion pounds, with further rises in subsequent years.

Allies of Sunak clarified he would not increase corporation tax higher than 23%.

These measures will be helpful in paying for an extension to the furlough scheme, VAT cuts and business support loans until at least August.

Unlike the 2010 Conservative-led government, which pursued spending cuts to rebalance the economy after the global financial crisis, Sunak is expected to defer most of the toughest decisions about how to pay for that support in his budget speech.

“The corporation tax hike will be higher than expected and the extension of the support schemes will be longer than most people expect,” the newspaper quoted a source as saying.

Insiders indicated the stamp duty holiday on property purchases would also be extended in line with the other coronavirus support measures, the report said.

Britain’s economy had its biggest slump in 300 years in 2020, when it contracted by 10%, and will shrink by 4% in the first three months of 2021, the Bank of England predicts.

($1 = 0.7136 pounds)

 

(Reporting by Vishal Vivek in Bengaluru; Editing by Lincoln Feast.)

 

Continue Reading

Business

Foxconn chairman says expects “limited impact” from chip shortage on clients

Published

on

Foxconn chairman says expects "limited impact" from chip shortage on clients 5

TAIPEI (Reuters) – The chairman of Apple Inc supplier Foxconn said on Saturday he expects his company and its clients will face only “limited impact” from a chip shortage that has rattled the global automotive and semiconductor industries.

“Since most of the customers we serve are large customers, they all have proper precautionary planning,” said Liu Young-way, chairman of the manufacturing conglomerate formally known as Hon Hai Precision Industry Co Ltd

“Therefore, the impact on these large customers is there, but limited,” he told reporters.

Liu said he expected the company to do well in the first half of 2021, “especially as the pandemic is easing and demand is still being sustained.”

The global spread of COVID-19 has increased demand for laptops, gaming consoles, and other electronics. This caused chip manufacturers to reallocate capacity away from the automotive sector, which was expecting a steep downturn.

Now, car manufacturers such as Volkswagen AG, General Motors Co and Ford Motor Co have cut output as chip capacity has shrunk.

Counterpoint Research says the shortage has extended to the smartphone sector, with application processors, display driver chips, and power management chips all facing a crunch.

However, the research firm predicts Apple will face a minimal impact, due to its large size and its suppliers’ tendency to prioritise it. Apple is Foxconn’s largest customer.

Foxconn is looking at other areas for growth, including in electric vehicles (EVs), and Liu said their EV development platform MIH now had 736 partner companies participating.

He expected it would have two or three models to show by the fourth quarter, though did not expect EVs to make an obvious contribution to company earnings until 2023.

Liu also said the company was still looking for semiconductor fab purchase opportunities in Southeast Asia after not winning a bid to take over a stake in Malaysia-based 8-inch foundry house Silterra.

(Reporting by Ben Blanchard and Jeanny Kao; Writing by Josh Horwitz; Editing by William Mallard and Ana Nicolaci da Costa)

Continue Reading

Business

EU seeks alliance with U.S. on climate change, tech rules

Published

on

EU seeks alliance with U.S. on climate change, tech rules 6

By Sabine Siebold and Kate Abnett

BERLIN (Reuters) – Europe and the United States should join forces in the fight against climate change and agree on a new framework for the digital market, limiting the power of big tech companies, European Union chief executive Ursula von der Leyen said.

“I am sure: A shared transatlantic commitment to a net-zero emissions pathway by 2050 would make climate neutrality a new global benchmark,” the president of the European Commission said in a speech at the virtual Munich Security Conference on Friday.

“Together, we could create a digital economy rulebook that is valid worldwide: a set of rules based on our values, human rights and pluralism, inclusion and the protection of privacy.”

The EU has pledged to cut its net greenhouse gas emissions to zero by 2050, while President Joe Biden has committed the United States to become a “net zero economy” by 2050.

Scientists say the world must reach net zero emissions by 2050 to limit global temperature increases to 1.5 degrees above pre-industrial times and avert the most catastrophic impacts of climate change.

The hope is that a transatlantic alliance could help persuade large emitters who have yet to commit to this timeline – including China, which is aiming for carbon neutrality by 2060, and India.

“The United States is our natural partner for global leadership on climate change,” von der Leyen said.

She called the Jan. 6 storming of the U.S. Capitol a turning point for the discussion on the impact social media has on democracies.

“Of course, imposing democratic limits on the uncontrolled power of big tech companies alone will not stop political violence,” von der Leyen said. “But it is an important step.”

She was referring to a draft set of rules unveiled in December which aims to rein in tech companies that control troves of data and online platforms relied on by thousands of companies and millions of Europeans for work and social interactions.

They show the European Commission’s frustration with its antitrust cases against the tech giants, notably Alphabet Inc’s Google, which critics say have not addressed the problem.

But they also risk inflaming tensions with Washington, already irked by Brussels’ attempts to tax U.S. tech firms more.

Von der Leyen said Facebook’s decision on a news blackout on Thursday in response to a forthcoming Australian law requiring it and Google to share revenue from news underscored the importance of a global approach to dealing with tech giants.

(Additional reporting by Foo Yun Chee; editing by Robin Emmott and Nick Macfie; editing by Jonathan Oatis)

Continue Reading
Editorial & Advertiser disclosureOur website provides you with information, news, press releases, Opinion and advertorials on various financial products and services. This is not to be considered as financial advice and should be considered only for information purposes. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third party websites, affiliate sales networks, and may link to our advertising partners websites. Though we are tied up with various advertising and affiliate networks, this does not affect our analysis or opinion. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you, or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish sponsored articles or links, you may consider all articles or links hosted on our site as a partner endorsed link.

Call For Entries

Global Banking and Finance Review Awards Nominations 2021
2021 Awards now open. Click Here to Nominate

Latest Articles

Former Bank of England Governor Carney joins board of digital payments company Stripe 7 Former Bank of England Governor Carney joins board of digital payments company Stripe 8
Finance16 hours ago

Former Bank of England Governor Carney joins board of digital payments company Stripe

By Kanishka Singh (Reuters) – Mark Carney, former head of the UK and Canadian central banks, has joined the board...

Airbus CEO urges trade war ceasefire, easing of COVID travel bans 9 Airbus CEO urges trade war ceasefire, easing of COVID travel bans 10
Top Stories16 hours ago

Airbus CEO urges trade war ceasefire, easing of COVID travel bans

By Tim Hepher PARIS (Reuters) – The head of European planemaker Airbus called on Saturday for a “ceasefire” in a...

Why a predictable cold snap crippled the Texas power grid 11 Why a predictable cold snap crippled the Texas power grid 12
Top Stories16 hours ago

Why a predictable cold snap crippled the Texas power grid

By Tim McLaughlin and Stephanie Kelly (Reuters) – As Texans cranked up their heaters early Monday to combat plunging temperatures,...

UK could declare Brexit 'water wars' - The Telegraph 13 UK could declare Brexit 'water wars' - The Telegraph 14
Top Stories16 hours ago

UK could declare Brexit ‘water wars’ – The Telegraph

(Reuters) – Britain could restrict imports of European mineral water and several food products under retaliatory measures being considered by...

Commerzbank to lose 1.7 million clients by 2024 - Welt am Sonntag 15 Commerzbank to lose 1.7 million clients by 2024 - Welt am Sonntag 16
Banking16 hours ago

Commerzbank to lose 1.7 million clients by 2024 – Welt am Sonntag

FRANKFURT (Reuters) – Commerzbank expects to lose 1.7 million customers by 2024 as part of its current restructuring, resulting in...

Bitcoin and ethereum prices 'seem high,' says Musk 17 Bitcoin and ethereum prices 'seem high,' says Musk 18
Top Stories16 hours ago

Bitcoin and ethereum prices ‘seem high,’ says Musk

(Reuters) – Billionaire CEO Elon Musk said on Saturday the price of bitcoin and ethereum seemed high, at a time...

Sunak to raise business tax to pay for COVID-19 support - The Sunday Times 19 Sunak to raise business tax to pay for COVID-19 support - The Sunday Times 20
Business16 hours ago

Sunak to raise business tax to pay for COVID-19 support – The Sunday Times

(Reuters) – British finance minister Rishi Sunak is set to increase a tax on business to pay for an extension...

FTSE Russell to include 11 stocks from China's STAR Market in global benchmarks 21 FTSE Russell to include 11 stocks from China's STAR Market in global benchmarks 22
Trading2 days ago

FTSE Russell to include 11 stocks from China’s STAR Market in global benchmarks

SHANGHAI (Reuters) – Index provider FTSE Russell will add 11 stocks from China’s STAR Market to its global benchmarks, according...

Foxconn chairman says expects "limited impact" from chip shortage on clients 23 Foxconn chairman says expects "limited impact" from chip shortage on clients 24
Business2 days ago

Foxconn chairman says expects “limited impact” from chip shortage on clients

TAIPEI (Reuters) – The chairman of Apple Inc supplier Foxconn said on Saturday he expects his company and its clients...

Bitcoin, ether hit fresh highs 25 Bitcoin, ether hit fresh highs 26
Top Stories2 days ago

Bitcoin, ether hit fresh highs

SINGAPORE (Reuters) – Bitcoin hit a fresh high in Asian trading on Saturday, extending a two-month rally that saw its...

Newsletters with Secrets & Analysis. Subscribe Now