Introduction

As the workforce continues to evolve, ​Monster looks back on another year of ​shifts for workers and employers alike. ​Staying on top of the latest workplace ​trends, Monster polled U.S. workers ​throughout the year to get their feedback ​on the most significant changes and ​factors that impacted the workforce. These ​findings and data were analyzed, along ​with our annual Future of Work Survey, to ​inform the 2024 edition of the Monster ​Work Watch Report.

A Message From Our CEO

The last year has been defined by the rise of AI, recession concerns, ​inflation, the Israel-Hamas conflict, Hawaiian wildfires, the persisting ​Ukraine war and more. Despite all of these significant events, the U.S. ​economy stubbornly avoided a recession. However, the increased cost ​of living impacted the workforce in major ways through staffing ​shortages, layoffs, employee burnout and more.

Following years of changes in the workforce as a result of the COVID-19 ​pandemic and other contributing factors, the world continued its path ​back to normalcy and the workforce followed. Forty-six percent of ​workers are back in the office full time, even though a flexible work ​model is the second most sought-after work benefit. As inflation ​continues to impact the cost of living for workers, 46% expect higher ​wages. At the same time, employers are on the hunt for talent, but 56% ​say finding the right candidates will become more difficult in the next ​three years.

Scott Gutz

CEO of Monster

Key Takeaways

Job Hunt

• 95% of workers are looking for or plan to look for a new job in 2024. [1]

• Though 96% of workers reported in January 2023 they were looking for a new job, in ​June of 2023 only 32% of workers reported having started a new role. [2]
  

• 83% of workers have experienced a negative employment situation this year, either ​remaining unemployed (32%) or seeing their salary or position negatively impacted ​(51%) in 2023. [2]
  

• 26% of workers said their company was directly affected by layoffs in the past year. ​Of the 7% of workers who were laid off this year, 4% were able to find a new position.
  

• 47% said poor communication from the company, such as not being updated on their application status or their messages not being responded to quickly, if at all.

• 46% said the interviewer‘s attitude or behavior and 43% noted their recruiter‘s attitude or behavior.
  

• 36% agreed that being made to jump through hoops would make them pull out of the process.
  

• 35% of workers said being required to write a long presentation or business case.
  

• Employers’ top priorities in 2024 are to improve the success rate on ​hard-to-fill roles (43%) and to reduce the time to hire/fill positions ​(18%).

• Despite economic factors, 64% of recruiters will continue to hire/fill ​roles as expected, with only 2% anticipating layoffs and/or furloughs.
  

• 51% of employers expect their recruitment dollars to go up, while only ​9% expect their recruitment budget to decrease.
  

• In 2024, 57% of recruiters’ strategies will shift their focus to retention ​over acquisition. Another 26% will focus less on strategic diversity ​hires and more on simply filling positions.
  

According to recruiters, the most important soft skills they are searching for ​from candidates are:

• Communication (39%)
• Problem-solving/critical thinking (25%)
• Teamwork/collaboration (8%)
  

Work Well-Being

• 75% of workers feel burnt out as a result of staffing ​shortages impacting their workloads this year.

• Amid widespread staffing shortages across industries, ​55% of workers said their company has been impacted by ​staffing shortages, with 24% experiencing a significant ​increase in their workload as a result.
  

• 23% reported feeling more burnout than ever and 26% ​noted that their level of burnout has increased ​significantly.
  

• Workplaces can also have a significant impact on the ​mental health of workers, with 63% saying their mental ​health at work is poor (35%) or fair (28%) and another ​63% feeling that they work in a toxic environment. [1]
  

• 75% of workers don’t think their employer is doing ​enough to address their mental wellness at work. [1]
  

• 57% of workers would rather quit and 32% would rather ​get laid off from their job than work in a toxic workplace. [1]
  

Benefits

• Workers agreed that more flexible work hours is the most important benefit in terms of supporting mental health/work well-being (29%). Other top benefits included:

• More remote work flexibility (22%)
  
• 
  
• Fitness stipends, mental health services, paid learning opportunities, and career education allowance (21%)
  
• 
  
• More paid vacation time (20%)
  

• 42% of workers shared that a salary increase would be the most attractive benefit to them, followed by increased remote work flexibility, according to 16% of workers.
  

• Only 8% of workers felt a promotion would be the most attractive benefit, with the ​same percentage of workers reporting unlimited paid time off would be the most ​attractive benefit.

• 66% of workers are not offered any Summer Benefits by their employer. [1]
  

• 63% of workers would rather have a raise in lieu of all Summer Benefits, with 42% ​craving increased remote work flexibility. [1]
  

• 36% of employers shared that employees expect to have these benefits in place, but in practice most are not utilizing them. However, the same percentage (36%) also believe that most employees are taking advantage of their benefits.
  

• 47% of employers plan to increase their benefits/employee perks to remain competitive in hiring.
  

• To meet workers’ demand for benefits, employers are increasing:
  
• Paid time off, including paid volunteering days and self-care days (37%)
  
• Healthcare benefits (27%)
  
• Remote flexibility (10%)
  

DE&I

• Nearly 3/4 (74%) of workers would still apply to a position at a company that doesn't have significant diversity, equity and inclusion (DE&I) policies and initiatives in place.

• Only 26% of workers would refrain from applying to such a position.
  

• Only 9% of workers say they haven’t experienced discrimination in the workplace. [1]
  

• 77% of workers have witnessed an act of workplace discrimination, yet 28% of workers don’t feel comfortable reporting an incident. [1]
  

• 50% of workers say they’ve experienced discrimination in the job application ​process based on age, with 40% experiencing discrimination in the job ​application process based on race. [1]

• Only 15% of workers have not experienced a form of pay inequality. [2]
  

• 76% of workers report that their organization does not have a LGBTQ ​Employee Resource Group or support group [3]
  

• 25% of recruiters feel that ensuring diversity and inclusion in the hiring process will become increasingly difficult in the next three years, while 24% are increasing their overall Diversity, Equity and Inclusion efforts to remain competitive in hiring.

• 28% of employers are focusing on diversity and inclusion in the hiring process to ensure their workers have a broad range of skills and perspectives.
  

Salary & Expectations

• Of the 46% of workers who said their salary expectations are higher than last year, ​82% noted increased cost of living as the primary reason, while 37% expect an ​increase in salary due to them taking on more responsibility in their role.

• 81% say their current wage has not kept up with the rising cost of living. [1]
  

• 75% are more mindful of their spending for basic needs like rent and groceries due ​to inflation and the rising cost of living. [1]
  

• 77% say their employers have not offered any additional benefits to keep up with ​inflation and the cost of living. [1]
  

• With workers expecting increased salaries, 59% of employers plan to offer increased salary and wages to remain competitive in hiring.

Work Environment

• Are workers migrating back to in-office work? 46% of American workers are ​back working in the office full time, compared to only 12% of workers who ​fulfill their role fully remote.

• During the job application process however, 35% of workers would refrain from ​applying to a position that required them to work fully in-person (5 days a ​week). Nearly half of all workers however (47%), would still apply to a position ​regardless of the in-office or remote requirement.
  

• 24% have lied to their manager or team about a family emergency or other ​obligation to take time off of work or to work remotely for pleasure [1]
  

• 23% admit that taking a workcation would decrease their work productivity or ​make the quality and quantity of their work suffer. [1]

• 61% of workers want a four-day work week, rather than a traditional five-day ​week. [1]
  

• As 33% of employers admitted that finding talent to work in-person/on-site will become increasingly difficult in the near future, 36% of employers are changing their roles to become more flexible/remote.

• Flexibility remains top of mind for employers as well. 51% of employers agree that candidates expect more flexibility in where they work compared to the prior year, and 34% candidates expect more flexibility in when they work compared to the prior year.
  

• Flexible work schedules and locations are beneficial to recruiters’ jobs:

• 51% say offering flexible work options gives them a recruiting advantage.
  
• 49% think flexible work options help them retain talent.
  
• 41% agree that hybrid work schedules are the way of the future.
  
• 36% think four-day work weeks are the way of the future.
  

Career Advancement & Tools

• 70% of workers have not pursued any professional skill advancements through ​online courses, degrees, certifications etc., in the past year.

AIs like ChatGPT, are becoming one of the most common new tools for workers to utilize.

• 49% of workers have used ChatGPT or a different AI generator for work. [1]

• 68% of workers think they can perform core tasks of their job better than an AI ​generator. [1]
  

Recruiters plan to embrace the capabilities of AI for their ability to enhance and streamline the recruitment process.

• 31% of recruiters plan to increase their use of AI or similar technology during the recruitment process, while 40% think keeping up with AI and other technological advancements will increase the difficulty of their job.
  

• 40% of recruiters think AI streamlined the search process by identifying candidates with the right skills, faster.
  

• 36% of employers agree that AI helped write more compelling job descriptions and 26% agreed that AI chatbots improved candidate communication and engagement during the hiring process.

• 30% of employers are offering skills training to remain competitive in attracting talent.

• 39% also offer training and development programs to help employees develop necessary skills to advance in their careers.

2024 Predictions

Leaving behind a year defined in part by economic ​uncertainty, inflation, new tech tools, work models, ​and more, there is much to look forward to and be ​prepared for in 2024. As we look ahead, the 2024 ​Monster Work Watch report provides a greater ​understanding of what workers desire and how ​employers can meet their needs. The past few years ​have ushered in a new era of remote work, worker ​benefits, increased DE&I efforts and more. While ​these trends may persist, workers and employers will ​have to remain adaptable in the midst of inflation, ​staffing shortages, and new technologies such as AI. ​The calendar may change, but the Monster Work ​Watch team will remain vigilant in examining worker ​sentiment, uncovering trends and observing the ​continued workforce evolution.

Methodology

Resources

• Monster Intelligence
  
• 2023 Work Watch Report