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New Report Suggests Employees Favour a Work-Life Balance Over Salary

4 October 2022

From the moment we enter the world of work, we are told that we have to work up until retirement age and that work should underpin everything that we do. This has been the mindset of generations before us but the Covid-19 pandemic threw a slight curveball at the world of work and life balance because it made people realise that there is more to life than work. Of course, if you want to live comfortably in retirement then you have to work but it is possible to find that perfect work-life balance and now, more people are looking to enjoy more of life at a younger age.

What Has Research Found?

The research by Aviva, which looked at data from 2,173 employees, found that 41% of people enjoy their current role because of the way in which it allows them to get the best of both worlds when it comes to work-life balance. This is a figure that has risen when compared to before the pandemic, proving that many people have changed their approach to life and work.

Another element of the workplace that employees appreciate is the benefits on offer as this helps them to feel valued and it increases happiness and boosts morale. Despite this, a similar number of people said that they would like to see improvements made to benefits in the coming year.

The vast majority (88 per cent) of employees said workplace benefits (other than salary) improved their overall happiness. However, a similar proportion (87 per cent) said they wished to see improvements to the benefits offered in the next 12 months.

In contrast to this, male employees were more likely to state that the salary attracted them to their current job as opposed to the work-life balance that it offered. The figure for women came in slightly lower at 34% compared to 43% for men. Therefore, it was found that women were more attracted to roles because of the work-life balance that it offered as opposed to the salary on offer.

So often, when speaking to employees, they tell me that the perks and benefits they access make a difference to their overall wellbeing and happiness. This is especially true when it comes to flexible work arrangements. For example, we know that flexible working gives employees more time for themselves and their loved ones, as well as more time to take care of their health. We also know that there are clear links between wellbeing and productivity.

When speaking to employers we know they need to attract talent into the company and retain experience in order to thrive. The pandemic has changed our approach to life and while benefits in the workplace were still important, more people were now seeing the benefits of a good work-life balance.

What has been found is that employers have to consider the needs and challenges of employees when it comes to any benefits packages that they offer. Therefore, employers have to communicate clearly with employees what the packages offer and how they can benefit from them. As more people look to find a good work-life balance, they have stated that the benefits they would prefer are those that give them an allowance to spend on anything they wish.

Let’s talk 

As a result of the pandemic, people have re-evaluated what matters to them. Some believe that they should have more time to live life while they are younger and parents like the idea of being able to work from home so they can take their children to school and pick them up. All of this is clear proof that working patterns and greater flexibility helps to empower people and enhance productivity in the workplace. All of which benefits employers and employees alike.

When you do this, you will find that your workforce becomes happier, more content and more productive. At Corinthian Benefits we focus on creating happier employees that feel more connected and engaged to their employers through their pensions, benefits and general wellbeing. 

We offer a no-obligation call with a member of our friendly, experienced and supportive team. We are here to make your life easier by providing the best possible service – pure and simple. Visit our website or drop us an email at [email protected] so we can discuss how we can support you and your employees.