Job search company Monster released their research just before lockdown this year. The research looked at the 2020 talent pool and it was entitled “2020 State of the Candidate Survey”. As part of this research Monster looked at 1,000 job hunters to see what they expect from their future employers. The research made for a really interesting read. Some of the research we have shared below for you.
Thoughts on Salary in 2020
- 37% of millennials believe that there is a gender pay gap.
- The top reason for changing jobs in 2019 was for a better salary.
- 1 in 3 candidates feel that their pay is unfair.
- 8 in 10 candidates feel that there should be a greater transparency in salaries.
- 7 in 10 employees felt comfortable negotiating a better salary when accepting a new job.
- 60% of candidates feel that employers have the upper hand when it comes to negotiations around salary.
Most Considered Factor When Accepting A Job in 2020
- 73% of candidates will consider the salary the most when they are offered a job.
- 39% of candidates will consider the time off and holidays the most when they are offered a job.
- 34% of candidates will consider the flexible working or flexible work hours the most when they are offered a job.
- 33% of candidates will consider the retirement benefits the most when they are offered a job.
- 33% of candidates will consider the perks and employee benefits the most when they are offered a job.
Which Generation Is Most Likely To Reject An Offer Due To Low Salary in 2020?
- 63% of millennials job seekers will reject a job offer due to a low salary.
- 60% of generation X job seekers will reject a job offer due to a low salary.
- 52% of the baby boomer generation will reject a job offer due to a low salary.
What Do Job Seekers In 2020 Consider as Part of Their Salary?
- 60% of job seekers in the 2020 talent pool would class time off or days holiday as part of their salary.
- 55% of job seekers state that they would class health care coverage as part of their salary.
- 46% of job seekers state that they would class retirement benefits as part of their salary.
So, this is what the 2020 talent pool looks like, and this is what they expect from you – as an employer. If you have a job vacancy and you need help attracting the right talent, why not call our team. We can review your job vacancy for you and support you in finding the best candidate for the job.