High global inflation has completely changed workers’ pay expectations this year.
Drawing from a survey of nearly 35,000 workers across 18 countries, ADP Research Institute’s People at Work Report 2024: A Global Workforce View shows many employees are anticipating higher wages due to rising costs of living.
More than 55% of the survey’s respondents rank pay among their top three job priorities.
The top job priorities were:
- Salary – 55%
- Job security – 46%
- Career progression – 34%
- Enjoyment of a day of work – 29%
- Flexibility of hours –25%
- Training and development – 20%
- Job title – 17%
- Flexibility of location – 15%
- Company culture – 11%
The survey found 77% of workers expect a pay increase in the next 12 months, 20% expect no change, and three percent anticipate a pay cut.
Despite these heightened expectations for a pay raise, the reality often falls short.
70% of workers in Argentina put salary on their list of top job attributes, which is comparable to 71% of workers in Singapore. Argentina is also revealed to have the largest share of workers in the world expecting a pay raise in 2024 — with ADP’s report citing Argentina’s soaring inflation as an influential factor.
Aside from pay, another pressing challenge across the global workforce is the rising prevalence of artificial intelligence (AI) and how that impacts job skills and employee confidence.
Among workers who are expecting AI to help them at work, 70% are confident in their skills to advance within the next three years. On the opposite end, those who reportedly fear AI have the lowest confidence (45%) in possessing the necessary skills for advancement.
The data shows a consensus among workers globally that future skill sets will incorporate more tech-related skills in the coming years — which are not yet essential in many current roles.
The study identifies the multigenerational workforce as another challenge that businesses must successfully navigate. 17% of younger employees, ages 18 to 24, “value freedom to choose where they work, compared to 13% of workers 55 and older.”
Stress levels in the workplace, though decreasing, also remain a key concern. The percentage of workers reporting daily work-related stress has decreased from 19% in 2021 to 16% in 2022, and to 15% in 2023.
Only 21% of employees feel their employer fully supports their mental wellbeing.
ADP’s report suggests that building up a supportive work culture and cutting down on stress through regular team-building activities and manager check-ins can positively impact employee satisfaction and overall performance.
