Employment has experienced a dramatic power shift.
And that power has fallen into the hands of candidates. This means businesses are having to make rapid changes to accommodate them. Fortunately, there is one thing that’s uniting all workers right now. And that’s the principle of flexibility.
This doesn’t just refer to where employees place their desks – employers want flexible hours, working locations, equity options, and learning and development programs. In the same way that retail has seen a growing desire for personalisation, workers too, are looking for ways to customise their jobs.
The recent past has taught us that the world can change almost overnight. Candidates are seeking perks and benefits that reflect an unpredictable world. The four trends we’re about to share will help you acquire and retain talent. But keep the concept of flexibility in mind. Because we might be the HR experts, but you know your team best. And if you don’t, then maybe start there.
Employees want to take their remote working one step further and experiment with exciting new locations. Maybe the coffee shop that just opened on their street, a shared working space just around the corner, or a new country altogether.
The rise of digital nomadism has shown that considerably more people are finding ways to customise their work style and make it fit with their lifestyle. These communities have typically been home to freelancers or contractors, but with remote working options available to everyone, employed people are seeking these options too. Workers are looking for ways to merge their desire to travel with their professional lives.
This follows the trends that we saw throughout the pandemic: employees want to work on their terms, whether that’s candidates refusing roles that don’t offer flexible working or the Great Resignation.
Businesses can facilitate this remote-first transition by adopting a location-independent business model, allowing employees to work their contracted hours at any time of the day (or night). This won’t be possible in every industry, but even just providing a small adjustment to working hours shows that you respect your employees’ personal lives, too.
Where, when, and the length of time people spend on the job are all up for debate in the new world of work. Four-day work weeks are no longer a trendy benefit for buzzy start-ups – almost all (95%) professionals want a four-day work week in Ireland.
But it’s not just a perk for employees. Businesses can expect increased productivity when they adopt a four-day work week. Just look at the data from Microsoft’s trial back in 2019. They achieved an astronomical 40% increase in productivity. Demonstrating that time spent at the desk is no indication of how much work gets done.
And if your four-day-a-week workers want to spend some of their hours working from home, a coworking space, or Bali, it’s your responsibility as an employer to make sure the infrastructure is there to support them. Employees no longer wish to be chained to a set number of hours, on a set number of days. Businesses should explore ways to implement a results-based system, measuring performance by achievement rather than time spent at the desk.
Individuals balance a number of priorities and want the freedom to organise their workday around family, friends, hobbies, and community responsibilities. So, employers need to consider how they can make this flexibility a staple in their culture.
This investment should also apply to digital infrastructure. Commit to providing the most effective tools and programs for your employees. Invite them to suggest their own solutions and encourage them to take advantage of free trials and training to see if there’s a better way of doing things.
While it isn’t as sexy as something like a stocks and shares scheme (more on that shortly), this investment will resonate most with younger generations who want tech autonomy (the ability to choose which platforms, systems, and devices they use for their job).
What’s the most tangible way you can share the success of your company with your colleagues? By giving them a real stake in it through an employee stocks and shares scheme. While you might not be able to compete with the big players on salary, providing stocks in the company is one way you can boost employees’ earnings while remaining within your salary budget.
A benefits staple since the 1970s, these schemes are becoming increasingly popular again, and getting easier to implement by the minute. There's a whole host of apps and experts that can help you design and adopt a share scheme to reward your employees.
Research suggests that these perks can do wonders for productivity, too. When your input has a traceable impact on the financial success of the company – which you get to share in – it’s an extraordinary incentive to contribute.
The biggest mistake employers can make when implementing an employee stocks and shares scheme is not providing clear guidance for employees. Make sure you have legal support and access to financial expertise so that employees can make an informed decision.
Here’s something that might surprise you: 94% of employees are likely to stay with a company for longer if they provide learning and development opportunities. Companies without a sufficient program are at risk of losing the majority of their staff, long before they should be.
As we explored in our recent Learning and Development Employee Experience whitepaper, employees are motivated by opportunities to progress, which gives a welcome boost to engagement and productivity levels too.
While these opportunities are often spoken about in the context of young recruits (who, according to our whitepaper, consider learning to be the top priority), they are a critical perk for every generation in the workforce.
L&D also provides another perk for employees – human connection. We all crave opportunities to connect and develop. While sales of online courses might suggest people have been doing just fine in that department, inspirational moments happen when we spend time with others.
So bring in inspiring speakers and specialised training that encourages employees to explore their unique abilities. Make sure you’re creating space for employees to regularly share their progress, interests, and goals for development so that you’re providing the ideal selection of opportunities.
It's all about providing your people with the means to do their best work. For the new mum, that might be adjusted hours so that she can spend time with her family. For the Gen Z recruit, that could be a training program that helps them elevate their skills.
Keep your options open, and invite your staff to suggest their favourite perks. But whatever you do, don’t hesitate – the future of work is already here.