Financial compensation tops employee priorities in 2024

New report shows employee morale on decline in 3 countries

Financial compensation tops employee priorities in 2024

Financial compensation emerged as the top priority for professionals in the Marketing, Creative, Technology, Beauty, Fashion, and Retail industries amid strong feelings of dissatisfaction about their current compensation, according to a new report.

The report, released by 24 Seven, surveyed more than 2,500 professionals in the United States, Canada, and the United Kingdom.

It found that financial compensation is the top priority for respondents, with 86% saying they're expecting a raise at some point this year.

This strong desire comes while 31% said they are dissatisfied with their current compensation, as the report found that 67% of employees did not get an annual compensation increase in the past year.

According to the report, more than half (52%) of those who feel dissatisfied over their current salaries have indicated that they would leave as a result.

Other priorities for employees include having a health benefits package as well as the ability to work remotely, according to the report.

Source: 24 Seven's 2024 Salary Guide

Morale on a decline

Understanding the pulse of the workforce is critical, the report said, as it also found that the number of happy employees dropped to 48% this year from last year's 70%.

The percentage of employees who feel valued by their employer also declined to 51%, down from the 71% a year prior. Employees who feel engaged also declined to 68%, and those who feel productive declined to 72%.

"While these numbers are not cause for panic, the findings do highlight the need for organisations to adopt strategies to address this pronounced shift in morale," the report read.

Source: 24 Seven's 2024 Salary Guide

According to the report, happy employees benefit the bottom line.

"Emotionally engaged workers are more productive, creative, and motivated, which leads to reduced absenteeism, minimal turnover, higher-quality work, improved customer/client service, more innovation, and greater efficiency," the report said.

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