Research finds that candidates are less and less likely to simply accept an offer without asking for more.
A good salary and job security are the top two factors South Africans consider prior to accepting concrete job offers. This may very well be driven by the country’s young population who prioritise a good quality of living.
Rudi van Blerk, partner and Africa people and organisation practice lead at Boston Consulting Group (BCG), Johannesburg said this outcome is to be expected, given the high unemployment rate and disparity in salaries between different jobs.
Rudi, who was elaborating the findings of a study conducted by BCG and The Network, with local South African online recruitment platform Career Junction, said South Africans rated salary as the biggest “deal breaker”, with 19% of the respondents citing it as such, while job security came in at a close second (18% of respondents) which differs from the 19% of the global respondents who cited work-life balance as the second highest priority.
“South Africans appear to be more willing to sacrifice work-life balance to get a better salary and a more secure job than the rest of the world.”
The study was based on a survey of 90,547 respondents from 160 countries, including 801 from South Africa.
Age matters
Rudi explained that the survey looked at the differences in respondents by age group and could see that globally compensation and work-life balance are generally the two top priorities regardless of cohort, but deal breakers change significantly with age.
“For the youngest generation, learning and development opportunities are very important, but this attribute gradually decreases in importance as respondents age, and respondents older than 40 don’t cite it among their top 10 deal-breaking concerns overall. Workers who are 30 to 50 years old prioritise job security and flexible work arrangements.”
He notes that many of these workers have family commitments (to young children, ageing parents, or both) and value flexibility in work hours and locations to ensure that they have more time to spend with their loved ones.
“Among respondents older than 60, impactful work and appreciation for their work ranked relatively high – an interesting trend to consider in light of the ageing workforce and the rising retirement age in multiple countries. Other factors that tend to become more important with age include relationship with a manager, company values, and interesting job content.”
Employers can do better
Rudi suggests that employers should segment their approach when negotiating with potential candidates. “Employers must have a clear view of the specific skills and profiles they need – but this also entails developing a structured, future-proof workforce-planning process. Then they must segment these requirements into personas with distinctive needs, differentiated employer value propositions, and customised recruitment journeys.
“It can be helpful to think of potential employees as customers, understanding the needs of different segments and adjusting the recruitment approach accordingly. Reimagine the recruitment journey to make it – and your ultimate job offers – optimally attractive.”
Rudi highlights that because companies require talent that can not only deliver on their current job requirements, but can also improve their companies, the best way to go about this is re-recruiting your internal talent.
“Often people decide to look for a new job in hopes of advancing their careers and improving their opportunities. If they could find those things with their current employer, they might reconsider leaving. In a hot talent market, retaining existing talent is critical. It’s therefore worthwhile for an employer to maximise its existing talent’s potential and even to look to former workers and freelancers.”
The other is to create an attractive work environment for employees as well as potential employees. “The prospect of a salary boost or higher seniority can attract candidates, but in the long run they want a good work-life balance and flexibility.”
Offering options such as hybrid working models (and even the option to work from anywhere, including different countries), flexible hours and access to family support services. Offering these benefits is an excellent way to attract candidates.
“Of course, a good work-life balance is about more than working from home or choosing work shifts. It comes back to viewing the employee as a whole person, not just a worker, and it means formulating solutions that match individual needs,” he concluded.
