The Changing Landscape of Employee Expectations: The Rise of Flexible Working and Sign-On Bonuses
Take a good hard look at your business and be prepared to change it. Unless you’re already offering a sign-on bonus and flexible working, you might need to consider it!
In our recent survey, respondents ranked flexible working (64%) and a sign-on bonus (40%) above salary (38%) when considering a new job. While financial rewards are still important, flexibility has become a critical priority.
Why flexibility matters more than ever
Employees are seeking work that integrates seamlessly with their lives. They want the freedom to pick up their kids from school, attend yoga classes, and enjoy lunch with friends. Flexible working looks different for everyone, but the trend is clear: 67% of survey respondents would only accept a job if they could work from home at least two days a week.
The Impact of Flexible Working on Talent Retention
The risks of not adapting to flexible working
According to Gartner, organisations risk losing up to 39% of their workforce if they don’t offer flexible working options. Additionally, three-quarters of knowledge workers report that their flexible working expectations have significantly expanded.
The shift toward long-term flexible and remote working models
As the talent market evolves, candidates are increasingly evaluating job offers based on total rewards and flexibility. Despite economic uncertainties, many global workers are planning to change jobs this year, highlighting the need for companies to adapt to these new expectations.
Balancing Short-Term and Long-Term Rewards
The importance of a sign-on bonus
Although sign-on bonuses ranked slightly lower than salary in our survey, they reflect a shift in compensation expectations. While pensions and stock options reward long-term commitment, sign-on bonuses offer immediate gratification, appealing to today’s talent.
Combining rewards for maximum impact
Offering a mix of short-term and long-term rewards can attract and retain top talent. Providing immediate benefits like sign-on bonuses alongside long-term incentives ensures you meet the diverse needs of your employees.
Investing in Technology and Employee Experience
The demand for tech-enabled employee experiences
Our research shows that one in three respondents believes employers should invest in technology to automate tedious tasks. Furthermore, 23% think employers should enhance support for employees using new technology.
Leveraging automation to enhance employee satisfaction
Automation can free teams from monotonous tasks, allowing them to focus on more meaningful work. Embracing technology not only improves employee experience but also boosts productivity and job satisfaction.
Meeting Modern Talent Demands
The key to attracting and retaining talent
A competitive salary alone is no longer sufficient to attract talent. To stand out in an oversaturated market, companies must offer a combination of immediate rewards, flexible working options, and tech-enabled experiences. Investing in both short-term and long-term benefits will help you attract and retain the best talent.
The importance of ongoing employee engagement
You can hire new employees, but what matters most is how you support and engage them once they’re on board. Providing rewarding experiences within working hours, supported by flexible working arrangements and effective technology, is crucial for maintaining a motivated and loyal workforce.
