According to a recent report from The Muse, a career development and search platform, work-life balance is now the primary factor for job seekers in today's labor market, instead of just getting paid.
The Generational Landscape
According to research, 60% of Gen Zers, typically individuals born between 1996 and 2012, prioritize a healthy work-life balance the most when considering a new job, and 40% identify compensation as their primary concern. Millennials, born between 1981 and 1996, and members of Generation X, born between 1965 and 1980, similarly prioritize a positive work-life balance over income, but to a lesser extent than Gen Zers.
In an interview with CBS MoneyWatch, Kathryn Minshew, founder and CEO of The Muse, said the pandemic made many people realize that life is too short to do something you hate.
Toxic Workplace Factors
According to The Muse, unhealthy and unsupportive work environments are the primary reason workers leave their jobs.
About 34% of participants desired a new job due to their employer's toxic workplace culture. Just over 25% cited insufficient flexibility from management or poor work-from-home policies as reasons for considering a change. Other factors driving job searches included increasing layoffs, concerns about future job losses, salary freezes, and a lack of diversity. Millennials were found to be the least accepting of toxic workplaces, followed by Generation X workers.
When the survey was conducted in February 2023, three-quarters of almost 7,000 respondents indicated their intention to seek a new job within the following 12 months, representing an increase from 65% in 2022.
Minshew mentioned that while some believe employers are now in control, many employees, especially those with multiple job options, disagree and still want to make choices and prioritize their career preferences rather than feeling compelled to accept whatever is offered due to economic conditions.
Employees Want So Much More
Indeed, a fair salary remains important. However, work-life balance now holds a slight advantage over compensation, with 3% more respondents considering it their top priority.
In total, 70% of survey participants assess a company's work-life balance to determine if it suits them, while 67% prioritize pay. Additionally, workers consider various other factors when choosing an employer, such as:
- Growth and Learning opportunities: 59%
- Workplace culture and colleagues' likability: 59%
- Job perks and benefits: 58%
- Job security: 47%
- Company leadership: 41%
According to additional data from The Muse, job listings for remote roles receive three times as many applications as job openings linked to specific geographic locations.
While both women and men prioritize work-life balance when evaluating a new job, a higher percentage of female workers, 76%, ranked it as their top factor compared to 65% of men.
Minshew noted that in the past, there was a widespread belief that work meant exchanging labor for a paycheck, seen as a straightforward transaction. But now, individuals trade their time and effort for money and expect even more from their employers.
