Employees Would Trade Pay for Flexible Workplace
Do you offer flexible work options to your employees? If you do, you might be able to save some money, a new study suggests. Workers say they are willing to take a pay cut for workplace flexibility.
More than 2 in 5 (42 percent) working adults are willing to give up some percentage of their salary for more flexibility at work, according to an online survey of 1,071 working adults nationwide conducted on behalf of Mom Corps, a staffing firm. The average cut they said they were willing to take was 6 percent.
Surprisingly, working men (12 percent) were twice as likely as working women (6 percent) to say they would be willing to give up more than 10 percent of their salary to receive more flexibility.
The 18-34 age group was up to three times more likely than other age groups to give up more than 10 percent of their salary, the survey found.
But it's not just about the money. Flexible hours are also an effective recruiting carrot. The survey showed that flexible work options are significantly important to working professionals as a deciding factor when taking a job.
More than 3 in 5 working adults (62 percent) agreed that flexibility is one of the most important factors they consider when looking for a new job or deciding what company to work for.
Workplace flexibility also helps retain workers once they're onboard. Nearly 4 out of 5 working mothers (79 percent) and working fathers (77 percent) said they would stay with a company longer if it offered flexible work options.
"The fact that employees of all ages are willing to give up any percentage of their salary in exchange for more flexibility over their work schedule is significant, especially given the economic climate and record unemployment," says Allison O'Kelly, founder/CEO of Mom Corps. "Corporate America no longer aligns with the way U.S. families conduct their daily lives. Participating in some form of flexible work option allows employees to have more work-life balance, and successful companies know this can yield a significant return on investment for them."