The Randstad Employer Brand Research is now in its 17th global edition and presents some of the most representative and inclusive employer brand research in the world. One of the key criteria covered in the Randstad Employer Brand Research study are the attractiveness factors. This section breaks down the most important aspects that jobseekers look for when selecting a new organisation.
The company notes little surprise that the top five attractiveness factors have not changed drastically over the past few years – candidates’ expectations and motivations have remained pretty much the same every year. However a more in-depth analysis uncovered some interesting facts.
Salary has been consistently ranked the number one most important factor since the start of the Randstad Employer Brand Research in Singapore in 2012. Each year, between 63 per cent to 71 per cent of respondents have voted salary as a Top five most important aspect.
Work/life balance gaining traction
Work/life balance has risen significantly in terms of ranking, from 32 per cent to 57 per cent between 2012 and 2016, to take the second spot in the Randstad Employer Brand Research Top 10 Attractiveness Factors. According to the Bureau of Labor Statistics, Millennials are now the largest generation in the workforce. This generation of employees tend to have their own perspective of what office life should look like and our Attractiveness Factors ranking reinforces this mindset shift with the increasing focus on work-life balance.
Job security and company financial health deemed less attractive
The growth of Millennials in the workforce may also have led to a decreasing focus on attractiveness factors such as job security (dropped from 61 per cent to 42 per cent) and financial health of the organisation (dropped from 55 per cent to 39 per cent). This could be due to the fact that the average tenure of Millennials is typically around two years, which means they are essentially placing less importance on these factors.
Salary reigns supreme
Hong Kong candidates regard salary as one of the most important attributes when looking for a job, but not always. In the inaugural Randstad Employer Brand Research for Hong Kong in 2013, long-term job security (score of 65 per cent) outranked salary (score of 63 per cent). However, since then, job security as an attractiveness factor has plummeted from 65 per cent to 43 per cent in 2016, highlighting the evolving preference of Hong Kong job seekers to place more emphasis on salary and benefits.
Pleasant work atmosphere and work-life balance essential
Pleasant work atmosphere has been ranked the second most important attribute for four consecutive years, with a score of 50 per cent in 2016. Work-life balance similarly tied for second place at a score of 50 per cent. Companies that invest in creating a strong corporate culture and comfortable working environment tend to be rated more favourably. However, with the emergence of the Millennials in the workforce, employers should equally regard work-life balance as an important factor in attracting talent.
Interesting job content on the rise?
Whilst interesting job content has not ranked in the top five in the past years, it has been on the rise gaining a few percentage points at each Randstad Employer Brand Research. Since 2013, it went up from 31 per cent to 35 per cent in 2015. While many expected to see job content take a Top 5 position in 2016, it in fact dropped to eighth place at 32 per cent.
The inaugural Randstad Employer Brand Research for Malaysia in 2016, unsurprisingly, revealed that Malaysian employees had the highest preference for salary and benefits when looking at companies with a score of 69 per cent.
A healthy company over a healthy company atmosphere
Interestingly, the financial health of an organisations was considered much more important in Malaysia than Singapore and Hong Kong. Malaysia employees scored financial health at 50 per cent, beating out pleasant working atmosphere at 41 per cent, an attractiveness factor much more desired in Singapore and Hong Kong.
Value in job safety
Malaysian employees considered long-term job security as one of the top three attractiveness factors for companies, drawing a score of 44 per cent. With job security and organisational financial health coming in the top three attractiveness factors, it showed that Malaysian employees valued finding job prospects that were rock solid - with little risk of being retrenched or being shut down. Despite this, work/life balance came in a close 43 per cent score.