4 Trade-Offs Talent Is Willing To Make In An Uncertain Job Market

Forbes

6 days ago

THE JOB INTERVIEW — Pictured: CNBC''s "The Job Interview" activation — (Photo by: Heidi Gutman)
When asked to describe their dream job, employees frequently mention having an inspiring job, a supportive boss, high pay, and flexible hours. When talent is scarce and jobs are widely available, employees can make a wish list while organizations compete for the best candidate with the most appealing perks. However, those wish lists are quickly forgotten when hiring is slow, or when it is unclear what direction the job market will take. That is precisely the job market uncertainty we currently face. What trade-offs is talent willing to make when jobs aren't readily available?
Randstad, a global talent leader operating in 39 countries worldwide with its headquarters in the Netherlands, explored the views of over 5,000 working individuals in North America, Europe, and the Asia-Pacific region between March 28 and April 9 this year. The report, released last week, reveals the compromises employees make in light of global and economic uncertainty.
Employees worry most about keeping or getting a job when jobs are scarce. When asked what they find most important in an uncertain job market, employability is the number one priority. Not surprisingly, in the Randstad survey, 64% of the American respondents answered that they would choose long-term employability over an inspiring job, and 70% would trade remote work for staying relevant.
From earlier recessions, we know that job stability becomes paramount in an uncertain job market. Professor Johnson from Washington State University examined what employees valued during the Great Recession, from 2007 to 2009. Using data points between 1991 and 2009, a clear upward trend in employees' value of job security is evident during the Great Recession.
Choosing between a job and no job is not a real choice without alternatives. Instead of their dream job, employees opt for roles that offer professional development and opportunities to acquire future-relevant skills in areas such as AI, ensuring they add value to the company and increasing the chances of retaining their jobs. Does this mean that all wish lists go out the window the moment employees cannot take their job for granted? Not entirely.
While once being taboo, mental health has transformed into an important topic that should be on the agenda of any organization. For many employees, support for mental health is a key criterion in their job search. In line with that credo, the Randstad survey reveals that stressful jobs can be a deal-breaker. Globally, 60 percent of participants said they would rather have a less stressful job than a higher salary. Many had already traded off pay or career advancement for work-life balance: 40 percent of respondents had accepted lower pay for a less stressful job, and 43 percent had chosen a job with flexibility over one with more opportunities for career progression.
These numbers are in sync with the quest for work-life balance among younger generations. Especially Gen Z and Millennials are looking for jobs that don't consume their lives, and they are not willing to give up this goal for more pay. Job security is undoubtedly the most important, but this value is quickly followed by manageable jobs that allow for a work-life balance and good mental health.
In 2024, the conversation was dominated by control over where employees work, as a whopping 90% of employers had a return-to-office mandate. It seems that some employees are starting to give up on that fight and have moved on to another. According to the survey by Randstad, 56 percent of respondents stated that they find control over their hours more important than control over their location, and 59 percent would trade a higher salary for control over their hours.
These findings point out that organizations can't underestimate the importance of giving employees some level of control. Feeling in control of your life is a critical human need. If they must work in the office, giving employees decision latitude on their schedule is wise if organizations want motivated and happy employees.
Now that so many organizations expect employees to work onsite, what does it take to get remote workers to return to the office, aside from schedule control? The Randstad survey shows that three-quarters of fully remote workers expect higher pay in return, or more annual leave days (67 percent). For this group, staying remote is so important that 58 percent said they would forgo a pay raise or a promotion to work from home, or they would simply quit their jobs. The latter is a risky position to take, especially in a market where organizations may be looking to streamline.
Still, the numbers illustrate how challenging it is to retract a perk once it has been given. Employees have grown accustomed to the comfort of working from home and have adjusted their lives accordingly. If organizations want to retain remote working talent, they should give those remote workers a reason to come in. The most obvious way is by creating a supportive organizational culture that aligns with employees' values. Team leads can create moments for informal check-ins or organize team brainstorming sessions. Those in-person interactions are missing in remote work, and experiencing this human connection might convince remote workers that it is worthwhile to come into the office.
Supervisors can also anticipate that employees may need some time to adjust to an office environment, which can be noisier and has a lower threshold for interruptions. It can be helpful to assign no-disturbance work blocks so that team members can know they will be able to complete key tasks without interruptions.
When taking a helicopter view over what employees expect from a job when the economy is shaky, a clear pattern emerges. In times of uncertainty, job security comes first. Those who have a stable job focus on work-life balance, valuing mental health and job flexibility, whereas high pay and career advancement are temporarily put on the back burner. And while many employees would prefer to work remotely, organizations can lure them back to the office with the proper support.