Job Seekers' Dilemma: Balancing Pay and Job Security
The latest survey shows a notable shift in job seekers' priorities. While compensation remains a significant factor, its importance has seen a sharp decline compared to our previous report. This brings us to an intriguing observation — how other motivators such as job security and career advancement are gaining traction among candidates.
Pay Becomes Less Important as a Motivator for Accepting a Job
It’s no surprise that when accepting a new job, job seekers are mostly concerned with pay. In our most recent survey, pay was again identified as the most important motivator by respondents. However, despite concerns about inflation and a cooling job market, only 28 percent of respondents cited pay as their primary motivator — a survey series low. This follows a series high of 42 percent in Q4 2024.
While fewer job seekers are prioritizing pay, there has been a slight increase in the preference for other motivators. Job security ranks as the second most important factor with a small rise in preference.
Why Job Security Is Becoming Important as Pay
Throughout our Job Seeker Survey series, most motivators remained consistent in importance. The only motivator that increased in importance in each survey since Q3 2023 is job security. In 2023, we saw the end of the “The Great Resignation” era. A labor market defined by numerous job opportunities and rising wages. The conditions changed considerably by the summer of 2023. With hiring and wage growth stabilizing, job seekers began to show a preference in knowing their new job would last.
This shift in priorities highlights the evolving landscape of job markets post-pandemic. Job security has now risen to nearly rival pay as a primary concern for job seekers.
The gap between pay and job security has never been narrower. To start 2025, job seekers are seeking stability. Employers must continue to offer competitive pay to attract candidates, but they should also convince job seekers they can meet their other long-term motivators.
How To Communicate Job Security to Your Workforce
For employers, conveying salary to a potential new hire is straightforward. Companies can specify the expected pay ranges for their positions in the job description or discuss it directly during the interview process. Communicating job security is more complex. It involves demonstrating long-term commitments to the workforce in various ways. Employers can begin by addressing other job seeker motivators that, while less critical, offer opportunities to engage workers and differentiate from competitors.
Opportunities To Learn New Skills
This motivator increased the most since our previous survey, rising seven percent. Providing opportunities to learn new skills can be crucial for job seekers and employers alike. Offering training and development programs not only helps individuals stay competitive and relevant in their field, but it also fosters a sense of personal and professional growth. Employers who invest in skill-building initiatives demonstrate their commitment to their workforce's advancement, which can lead to higher job satisfaction, improved performance and long-term loyalty. This commitment to employee development also communicates job security to job seekers, reassuring them that the company is dedicated to improving their workforce.Positive and Supportive Company Culture
Creating a supportive company culture is imperative for attracting and retaining workers because it cultivates an environment where employees feel valued, respected and motivated. A culture that emphasizes inclusivity, establishing social connections, collaboration and recognition contributes to employees' overall well-being, reducing stress and burnout. When employees perceive their workplace as supportive, they are more likely to be engaged and committed to their roles. Moreover, positive word-of-mouth from satisfied employees enhances the company’s reputation, making it an attractive destination for top talent. This emphasis on support and inclusivity signals job security to potential employees, demonstrating the company's commitment to facilitating a stable and positive work environment.Potential for Career Advancement
Effectively communicating the potential for career advancement to applicants is important. When prospective employees understand that there are clear paths for growth and development within the organization, they are more likely to envision a long-term future with the company. This not only enhances the appeal of the job offer but also sets the stage for higher levels of engagement and commitment from the onset. Highlighting career progression opportunities is another way employers can demonstrate that they value employee development. This can also communicate a sense of job security to applicants, reassuring them that the company is committed to their continued growth and stability within the organization.
Time will tell if job security continues to rival pay as the leading motivator throughout 2025. The year began with a degree of economic uncertainty that may continue to impact the labor market and job seeker motivations. For employers to attract and retain quality talent, they will need to both offer competitive pay and invest in the development and growth of their workforce.