The study, conducted by a Master in Management student at ESMT Business School, surveyed 626 business school students from various backgrounds across 72 different countries. Respondents’ average age was 29.
Salary was the decisive winner for men and women in every country across all industries. Other top factors such as company reputation and status revealed the continued importance of "classic work values," said Malte Jeddeloh, author of the study.
Most Important Factors For Job Hunting Students
Salary was the most important factor for b-school students: most of those surveyed said they wanted to be paid more than the industry average and respondents disregarded jobs with below-industry-average salaries.
The type of contract on offer was the second most critical element of job hunting. Respondents favored permanent contracts over short fixed-term contracts or temporary employment.
Revealing the influence of the pandemic, the ability to work remotely was third in the list. Job hunters showed desire for the flexibility to work from home for at least some of the working week.
Company reputation was the fourth most influential factor. Alongside prestige and its treatment of employees, respondents also highlighted a business’s reputation for sustainability and social responsibility.
Finally, status was the fifth most critical factor among those surveyed. Participants revealed they prioritized a higher position in a company, opting for jobs offering a managerial position rather than working under a manager.
“The research indicates that classic work values like salary and contract security are still decisive for the younger workforce, which might be connected to the unstable worldwide situation and the resulting need for security,” said Malte.
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Cultural variation in job factors revealed
The survey results showed significant differences between gender, region, and culture.
Women were more likely than men to choose a company’s purpose over the status they would hold in the hiring position. Likewise female participants were more likely than males to rank modern work factors such as remote working, inclusion, and work-life balance as important.
Western participants were also more likely to share these values than those in Asian countries.
"The differences in the results in terms of gender and origin are also particularly fascinating: companies have to differentiate between target applicants to be successful," said Jörg Rocholl, president of ESMT.
How should businesses adapt?
The survey's results might surprise employers trying to appeal to younger generations with ping pong tables and TikTok accounts when b-school students remain most interested in their earning potential and a company's prestige.
"For a few years now, Generation Z has been joining the job market, and managers are still asking themselves how they can manage and retain the new generation," Malte said.
He pointed to the Great Resignation, which saw employees resign from their job en masse in the wake of COVID-19, as a sign that employers misunderstand their employees' values.
"The research indicates that classic work values like salary and contract security are still decisive for the younger workforce, which might be connected to the unstable worldwide situation and the resulting need for security.”
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