Is work-life balance the new bank balance?
11/07/2022
At IC Resources, we know that salary plays a huge part in the decision-making process when it comes to moving jobs. However, due to the societal ‘reset’ that COVID 19 gave us, we have seen a collective mindset shift towards a work-life balance that is at the very least equal in its importance to salary.
The lockdowns of COVID 19 forced flexibility in the geography of working with many working from home and this need for flexibility of remote and hybrid working has continued post-pandemic. We have seen an unprecedented rise in talent searching for roles that will give them this flexibility of working to a hybrid/remote model.
This new hybrid working model merges both at-home and remote days with in-person and office-based working. A study shows that more than 8 in 10 workers who had to work from home during the pandemic in the UK said they planned to follow a hybrid working model now. This study also shows that 78% of those that worked remotely or on a hybrid model reported an improvement in their work-life balance.
Companies who have adapted to the needs of their employees and implemented a hybrid model are now more attractive to prospective talent.
Due to the vast skills shortage across the technology industry, industry specialists and talented engineers are in the position where they are in more demand than ever. This means that they can assess the whole market and find a role that suits their work-life balance needs, as well as their financial interests. However, we are yet to see the true / full effect of the current cost of living crisis and how this will affect priorities.
Because of this staff retention is more important than ever and counteroffers are on the rise. In an attempt to keep valued members of staff, companies are financially compensating staff members who are looking to leave but, research shows that counteroffers are a ‘short-term cure for a long-term problem’.
So, is the answer higher salaries AND flexible working? In this new world where talented candidates are rare (and those who are available are able to command better working practices or higher salaries) will we soon be in a position where the companies who offer both will be the unicorn employers that candidates actively seek out?
Our bi-annual salary guides are written by our team of over 60 specialist recruiters. Covering the permanent salary and contract rate averages offered in the major roles across the Software, Semiconductors, Electronics, IT, Scientific, Sales and Marketing, Executive and Technical Operations. You can see our salary guide for the second half of 2022 here.
If you’d like to read more about work/life balance and how to achieve it, you can read our blog here or please feel free to email tom.huggins@ic-resources.com or call us on 0118 988 1150.
