Attractive salary, good community − a workplace dream?

PwC Hungary has surveyed labour market preferences for the eighth time this year and presented the Most Attractive Employer of the Year awards

The pressure caused by constant economic and societal disruptions encourages workers to seek new job opportunities. According to the results of PwC’s 2024 Global Hopes & Fears Survey, more than one-fourth (28%) of the respondents are planning to change jobs in the following 12 months, which is a much higher rate than during the Great Resignation in 2022 (19%). It is therefore particularly important to know the factors that might alleviate the pressure and thus help retain employees. Although money remains the main motivator, factors other than monetary rewards are also high on the list of employee preferences this year.

The top 10 factors employees and higher education students as respondents consider when choosing a workplace

"This year’s results clearly show how much more employees appreciate the social environment, workplace conditions and flexibility - she added.

Human factors started strengthening last year and have become even more emphatic this year. The importance of a supportive, collaborative team (3rd place) and the role of a competent and supportive leader (4th place) indicate that employees attribute a higher value to a positive workplace atmosphere, in which they get both professional and personal support from the community and management.

Respecting work-life balance also ranked high (2nd place) in preferences. Employees find it critical that employers respect the boundaries of their private lives and allow them to create and maintain a healthy work-life balance. The demand for flexibility has also risen: work that can be done within work hours ranked fifth (seventh in 2023) and working from home ranked twelfth (twenty-first in 2023) on the list of preferences.

The values of younger generations are extremely important to organisations. Their digital skills, fresh perspectives and innovative problem solutions are essential for enterprises to grow and survive.

Compared to older generations, higher education students find career building (career opportunities: 6th place) and training opportunities (12th place) especially important. They want a job which presents them not only with challenging tasks but also with support for their professional development, for example through a coach or mentor. They rank predictability higher than flexibility (predictable work schedule: 7th place, work that can be done within work hours: 8th place) and expect proper compensation for overtime as a safeguard (overtime pay: 2nd place).

Although not among the top 10 employee preferences this year, employer vision and strategy (14th place, 11 positions higher than last year), diversity and equity (22nd place, improvement by 10 positions), and transparency of decision-making (18th place, advancement by 9 positions) show the biggest improvements in rankings compared to 2023. Diversity is in even higher demand for juniors: it ranks 17th for higher education students (advancement by 15 positions) and 12th for secondary school students (improvement by 6 positions), showing that these factors have a growing importance for new generations on the labour market. 

Transparency, diversity efforts and conscious future planning are not only ethics or social responsibility issues but represent tangible competitive advantages for companies. Businesses that are at the forefront and pay special attention to these fields are more attractive for talents and have higher chances of retaining them over the long term. Transparent decision-making reinforces employee trust and commitment, whereas a diverse and inclusive workplace culture facilitates innovation and creative problem-solving. An organisational culture that ensures stability, respects employee values and creates an inclusive environment may also contribute to achieving success on the market.

Employers may strengthen their employer brands and increase their ability to retain employees by keeping their eyes on the following three fields:

• Respecting and supporting work-life balance: Employees find it critical that employers respect the boundaries of their private lives, offer flexible working hours and expect work that can be done within work hours.
• Establishing a supportive work environment: Having a collaborative team along with competent and supportive leaders fosters employee engagement. This can be facilitated by developing leaders, building teams and strengthening corporate culture.
• Emphasising values that go beyond monetary compensation: In addition to offering competitive base salaries, employers should focus on factors such as career development opportunities, a diverse and inclusive workplace culture as well as transparent communication.