Over 30% of workers would sacrifice salary for a greater holiday entitlement
With work-life balance desires changing employers need to ‘tailor compensation’
More and more workers are prioritising their holidays over their salary; new research shows that a third of UK workers would sacrifice pay for more holidays.
Recruitment firm, Hyphen, polled over 1,000 workers and found that although employees are still feeling the brunt of higher living costs, they are continually looking for a better work-life balance from their employers.
The managing director of Hyphen, Zain Wadee said: “Our research demonstrates a radical change in the way that compensation and benefits packages are viewed by workers today. Even in the current challenging economic environment, with the cost of living growing faster than salary increases, workers are looking for more holiday time and greater work-life balance.”
“Employers must think strategically about the kind of benefits packages they should offer to staff members in order to attract and retain the best possible talent. Offering a flexible menu of benefits may be one solution.” PM newsdesk 30 August 2011
“It’s all about choice”, says Alistair Williams, Director of Simple HR, “giving people choices regarding their remuneration generates much greater perceived value and engagement, often a zero cost to the employer”.
The reward team at Simple HR have experience of working with their clients to develop highly motivating reward packages, if your organisation would benefit from an effective reward strategy that is extremely cost efficient please contact Simple HR to better understand the positive impact this could have on your bottom line.