55% of Employees Ready to Jump Ship for Higher Pay – Productivity and Remote Work Trends Revealed in 2024 On Q Salary & Job Market Report
Salary competitiveness and productivity are becoming increasingly critical for both employees and employers. According to the latest findings from our 2024 On Q Salary & Job Market Report, a significant 55% of respondents indicated they would consider changing employers if offered a higher salary. This statistic highlights the ongoing pressure on companies to not only attract but also retain great professionals in an ever-competitive market.
The survey also shed light on how employees are adapting to various working models. Encouragingly, over 62% of employees reported improved productivity in 2024, with 53% also noting enhanced performance within their teams. These figures confirm what we hear in casual conversations with many other professionals, that workers are thriving in the current environment, leveraging remote and hybrid work models to boost individual and team outcomes, both at home and in the workplace.
However, the data also uncovers some areas of concern. Cross-functional collaboration – a really critical component of organisational success – remains a challenge in our new work landscape. 22% of respondents and a notable 31% of managers reported a decrease in productivity when working across teams. This decrease in collaboration efficiency shows the challenges of maintaining seamless communication and coordination in hybrid work settings, where unfortunately, physical separation can hinder the strength of relationships, flow of ideas, and shared goals.
The approach to remote work continues to differ widely among employers. While some organisations are offering flexible working arrangements to cater to employee preferences, others have implemented incentives or penalties to encourage a return to the office. This diversity in policy reflects the ongoing experimentation across industries as companies strive to find the right balance between remote and in-office work that optimises both employee satisfaction and business performance.
This year’s survey data suggests that the return-to-office policies are not one-size-fits-all solutions. Companies are carefully weighing the benefits of flexibility against the need for in-person collaboration, and this balance will likely continue to evolve. Employers must remain agile, as the ability to adapt to these changing dynamics will be crucial for sustaining productivity and retaining talent.
The trends highlighted in this year’s survey provide a valuable lens through which organisations can assess their strategies in the areas of employee compensation, productivity, and remote work policies. As we move further into 2024, companies that prioritise a balanced approach to these challenges will be better positioned to navigate the modern workplace and secure long-term success.
Ready to act on the insights? Download the report and book a consultation with On Q today.