Future employees want more control over their time, higher pay, and sincere communication

PwC Hungary has surveyed close to 20,000 young prospective job seekers on what they look for in a new employer

Asked to rank job characteristics in order of importance, respondents put flexible work options, base pay, and a good rapport with co-workers at the top of the list. PwC Hungary has asked a total of 20,000 high schoolers, college students and recent graduates about their job preferences since 2016, including nearly 7,000 young people surveyed this year.

Róbert Bencze, Director of People & Organisation, HR Consulting Services at PwC Hungary said:

“Ninety-five percent of Hungarian CEOs[1] identified skills shortages as the greatest barrier to their company’s success. We launched this survey in 2016 to gain deeper insight into the job preferences of career starters and prospective labour market entrants, find out what they look for in an employer, and share the results with employers. Of this year’s respondents, 43% are in higher education, about 51% are already employed, and 6% are high school students. Understanding their preferences, filtered according to industry interest, studies or workplace location, could help companies to successfully compete in the ever-intensifying race for talent.”

When asked to rank a list of 36 job characteristics in order of importance, respondents put flexible work options at the top of the list, followed by base pay and co-workers (with the latter two switching places from last year). This year, cafeteria climbed up to fourth place and telecommuting joined the top ten. Sincere and open communication from business leaders also remains an essential expectation for respondents from generations Y and Z. The end of the list is occupied by factors familiar from current recruitment practice in Hungary: corporate brand name, vision and strategy, and CSR.

Seventy-five percent of respondents plan their future in Budapest, while 16% also involve Győr in their planning. In terms of industry preferences, most respondents (25%) expressed an interest in the financial sector, closely followed by consulting (20%), media and telecommunications (19%), and IT (18%).

Mr Bencze added:

“The survey also examines, every year, whether young people intend to work abroad, and if so, what considerations are driving them to do so, and what they would need to stay in Hungary. The answer to both questions is compensation and benefits, and career development – and the relative importance of these factors only increases with the number of years spent on the labour market.”

The survey takes into account quantitative and demographic factors, and, due to its range, could serve as a useful tool for Hungarian employers who seek to engage young people successfully, rethink their employer value proposition, and implement new work arrangements.

Róbert Bencze concluded:

“Our survey also covers students currently in secondary education, allowing employers to start preparing for and adapt to new realities now, and be ready by the time this age group enters the labour market. Data from our survey can also help companies formulate sector- or location-specific brand messages, depending on the industry or region that they wish to target for recruiting talent.”

Dr. Péter Futó, President of the Confederation of Hungarian Employers and Industrialists (MGYOSZ) commented:

“The job preferences of more than 20,000 prospective career starters make it clear that Generation Y and Z employees attribute increasing importance to their work environment, which, in addition to infrastructure and co-workers, also includes management’s internal communications.”

This year, PwC Hungary, in cooperation with MGYOSZ, will give out “PwC’s Most Attractive Employer 2018 Award” in six industry categories, based on open-ended survey responses. Awards will also be presented to the top ten employers in Hungary based on the number of votes received.

László Radványi, partner at PwC Hungary and a member of MGYOSZ’s Governing Body added:

“I’m proud that through launching such a deep and extensive survey two years ago we are able to contribute to companies’ employer branding efforts. I was glad to present our award to companies that were voted as most attractive based on their activities and forward-looking strategy.”

PwC’s Top 10 Most Attractive Employers 2018 Award recipients:

Audi Hungaria Zrt., Bosch group, General Electric International, Google Magyarország, OTP Bank Nyrt., Magyar Telekom Nyrt., Mercedes-Benz Hungária Kft., MOL Magyar Olaj- és Gázipari Nyrt., Morgan Stanley Magyarország Elemző Kft, Vodafone Magyarország Zrt.

PwC’s Most Attractive Employer 2018 Award industry category winners:

Automotive manufacturers: Audi Hungaria Zrt.

Automotive suppliers: Bosch group

Financial services: OTP Bank Nyrt.

SSC: Morgan Stanley Magyarország Elemző Kft.

IT: Google Számítástechnikai Szolgáltató Kft.

Telecommunications: Magyar Telekom Nyrt.

PwC’s Top 10 Most Attractive Employers 2018 Award no. 1 overall ranking:

Morgan Stanley Magyarország Elemző Kft.

Notes:

1. PwC Hungary conducted an online survey between 2016 and 2018, in which it asked nearly 20,000 young people aged between 16-26 (high school and college students, and career starters) about their job preferences.In addition to opinion-based questions, we also asked about demographics (age, place of residence, place of study) to assess respondents’ mobility preferences. Responses were collected anonymously and evaluated by demographic sub-sample.

2. You can find earlier press materials on our website.

3. Our most recent Sustainability Report is available on our Corporate Responsibility website.

4.       With offices in 158 countries and more than 250,000 people, we are among the leading professional services networks in the world. We help organisations and individuals create the value they’re looking for, by delivering quality in assurance, tax and advisory services. If you would like to find out more about our firm, please visit us at www.pwc.com.

All rights reserved. In this document, “PwC” refers to the PwC network and/or one or more of its member firms in Hungary, each of which is a separate legal entity. For more information, please visit http://www.pwc.com/structure.

[1] Source: PwC’s 7^th Hungarian CEO Survey