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Staying attuned to the pulse of your workforce is more critical than ever. As a leader in the staffing industry, it’s essential to understand the current state of employee sentiment. And by also being aware of key trends in compensation, perks and benefits, you can enable your clients (and your own company) to make smart and informed decisions to attract and retain top talent. 24 Seven’s newly released 2024 Salary Guide is based on a survey of over 2,500 professionals in the marketing, creative, technology, beauty, fashion and retail industries. Our findings shed meaningful light on critical elements of the modern employment landscape.
Employee Sentiment: A Barometer of Organizational Well-Being
Our survey reveals a notable drop in employee sentiment compared to the previous year. In 2024, only 48% of employees reported being happy in their job, a significant decrease from 70% in 2023. Similarly, the percentage of workers who feel valued by their employer decreased from 71% to 51%. Our survey also shows an alarming trend: Nearly half, 48%, of employees report feeling more stressed out than ever about maintaining a healthy work-life balance. However, only 33% of survey respondents feel that their employer has made reducing employee stress a priority, which highlights a significant and problematic disconnect.
Collectively, the survey findings underscore the importance of proactively addressing employee morale, engagement and workloads. To improve sentiment, employers should consider benchmarking salaries and benefits, providing clear growth opportunities and prioritizing open communication and recognition.
Additionally, offering support to teams stretched thin or at risk of burnout is crucial. Staffing organizations can play a vital role here. By leveraging freelance, consulting and full-time talent solutions, organizations can alleviate workload pressures and maintain a positive work environment.
PREMIUM CONTENT: Temporary Worker Survey 2024: Training by Staffing Firms
Competitive Compensation: The Driving Force Behind Employee Satisfaction
Financial compensation remains the top priority for people when evaluating an employer. A whopping 86% of employees expect a raise at some point in 2024. Employers must recognize the intrinsic connection between compensation and retention. With 31% of respondents dissatisfied with their current compensation — and 52% of those saying they are likely to leave as a result — it’s essential to regularly benchmark and adjust compensation packages to remain competitive.
Furthermore, our survey shows a surge in full-time employees taking on freelance projects, with 66% doing so in 2024 compared to 52% in 2023. This trend highlights the need for employers to ensure adequate compensation and consider offering opportunities for skill development and career growth within the organization.
Benefits and Perks: A Strategic Imperative
Investing in employee benefits and perks is not merely an expense but a strategic move that yields meaningful and tangible returns. Our survey finds that 67% of respondents are satisfied with the benefits and perks they receive, with 74% saying these offerings influence their decision to pursue a job at a company.
To attract and retain top talent, employers should regularly assess and refine their benefit packages to align with the evolving needs and preferences of the workforce. This includes offering a mix of health, financial and quality-of-life benefits, such as medical coverage, retirement savings plans and flexible work arrangements. By prioritizing employee well-being and work-life balance, organizations can foster a positive reputation as an employer of choice.
In the face of shifting employee sentiment and compensation expectations, in addition to the evolving impact of AI, employers must adapt and innovate to thrive in the 2024 employment landscape. By staying informed, investing in talent and prioritizing employee happiness and engagement, organizations can navigate these challenges and emerge as leaders in their respective industries. The key is to remain proactive, agile and committed to creating a workplace that values and supports its most valuable asset: its people. This is a message to take to heart in your own staffing organization — and one to communicate to client companies.
To read the full report, click here.