I don't have the data in front of me, but anecdotally speaking, most professionals don't have to wear a suit and tie to work every day.
For a male headshot on a Linkedin profile, for example, sure, you may want to go with a formal look.
If, on the other hand, you need a headshot for a company website, promotional/marketing materials, or a blog post, you want to present the same appearance that you have at your place of work.
Be authentic. You best photo will come when you are most comfortable.
In this photo I like how the white brick on the wall behind the subject creates a sense of geometric symmetry with the plaid on his light-colored shirt. I often like to incorporate organic backgrounds to provide a different perspective beyond that which a backdrop can achieve.