Confidence in job market is high - key trends in professional services

New research has found that confidence in the job market is high, with more people job searching due to being dissatisfied with their work-life balance and support / progression opportunities offered by their employers.

Our annual survey at Eventus Recruitment had over 750 professionals within the professional services sectors explore trends regarding employers, employees’ preferences, employee benefits, work-life balance, career progression and emerging themes in the job market. Today, we would like to tell you about our key findings.

Confidence is high in the job market

Our first key trend found was that confidence has increased in the job market in the last 12 months. Over 70% of professionals are either actively or passively job searching. In addition, 50% can’t see themselves working for their current employer longer than 12 months, an increase of 18% from the last survey. Although, it’s good news for companies that are expanding, this is bad news for retention strategies. The survey found that only 40% of people are fully engaged in their work, a decrease of 15% from last year. This could partly be due to less people working their ideal working pattern and an increase in people feeling unsupported in their job and with their career goals. On top of this, ineffective support / management, poor work-life balance and lack of progression opportunities were voted as the main motivators for job searching.

Decline in people satisfied with their work-life balance

Another key finding is that only 40% are satisfied with their work-life balance, a decline of 9% from last year. In addition, 62% of our respondents said that their employer could do more to support their work-life balance. Work-life balance is extremely important for employees to maintain motivation, productivity, work-ethic, and good mental health. So, from these statistics, it is evident that employers need to do more to support this.

Furthermore, there’s an increase in people wanting some hybrid working. An increase in hybrid working was voted as the main improvement that employers could make to improve work-life balance. Today, only 7% would like to work in the office full-time, a decrease of 5% from 12 months ago. This comes at a time when more firms are wanting employees back in the office. Currently, 70% of people can work from home at least one day a week. The most common hybrid pattern is working 2 days a week from home, with just under 25% of respondents working this pattern.

In addition, only 35% said their employer implements a home working policy fairly across all teams. Sometimes policy is department led or down to manager’s discretion. This isn’t ideal, as someone who sees a colleague doing the same or a similar role to them working from home and they can’t, could become disgruntled. Possibly, even looking for hybrid jobs outside your organisation. Here at the Eventus Recruitment Group, our companywide policy is to give our employees the choice of working hybrid or in the office full-time, to support work-life balance choices.

Employee Benefits

The top 5 benefits ranked most important in a benefits package are salary / bonus, flexibility over working hours, holiday allowance, flexibility over working location, and pension contributions. 56% of people are satisfied with their current pay, which has increased from last year. However, only 43% have had salary reviews in the last 12 months, a decrease of 11%. Having discussions about how your employees feel towards their pay and commitment to your business is extremely important for them to feel listened to and supported.

Also, when it comes to holidays, only 10% of companies within professional services are offering statutory holidays. The most common holiday pattern is 25 days holidays. Interestingly, 62% of people who can’t buy and sell holidays would like to be able to. As a result, if companies don’t offer the option to buy and sell holidays, it could be a great additional benefit, offering flexibility to both employees and the company, strengthening retention.

Four day working week

Our employment and work trends survey also asked about a four-day working week, which is still being trialled internationally. Overwhelmingly, 69% of people said that they would benefit from working a four-day working week and that they feel they would be able to work a four-day working week in their role. Interestingly no-one who works a shorter week voted that they don’t see any benefits. This suggests that everyone who works a shorter week benefits in some way from it, and highlights this way of flexible working as something to be considered.

Progression

Furthermore, when it comes to progression, 49% of people feel the need to move companies for their career goals. 43% of respondents said they would like to progress into a higher position and a further 24% said they would like to change positions or enter a new sector. From the research, it is clear there is a lack of communication about progression opportunities which is causing confusion among professionals. With 44% feeling there’s no progression opportunities within their current firm and a further 25% unsure, it’s important that employers are open and clear about progression and promotion opportunities within their firm.

However, this year there are less people wanting to progress – 31% said they are happy at their current level or position. This could be because people are valuing job security, salary, flexibility and a work-life balance more than in previous years. As a result, employer’s focus needs to be on retaining these individuals and implementing ways to support them day-to-day within their role.

Recruitment and Retention

Amy Watson, Director of the Eventus Recruitment Group, said: “People’s confidence in their sector and the jobs market has increased and they are not being deterred from progressing with their career goals or seeking a rewarding work environment. The survey found that 70% are either actively or passively job searching at present, an increase of 12% from last year. As a result, in order to retain your top employees, it is vital to have regular conversations with employees about well-being at work, work-life balance and progression, make use of Employee Development Plans for those wanting to progress, and have annual reviews of salaries and benefits packages. By listening, rewarding, and creating environments where people are satisfied, you will enable your recruitment and retention strategies to succeed.”

Full Work Trends and Employment Attitudes Survey findings

To read the full report, Eventus Recruitment’s recommendations and what the survey findings mean for your recruitment and retention strategies, you can download the report here.

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