Work/life balance beats bigger pay for Aussies
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As more Australian workers decide to switch gears in their careers and prioritise work/life balance over pay, a generational divide has emerged, according to a new survey from talent company Randstad.
Randstad Employer Brand Research surveyed more than 5,700 employees, revealing that good work/life balance (61 per cent) ranked as the most important attribute workers believed an organisation should “most definitely have”, ahead of competitive salary and benefits (57 per cent) and job security (53 per cent).
Angela Anasis, executive general manager at Randstad Australia, said: “Talent [is] prioritising wellbeing over pay, with work/life balance the undisputed number one driver for candidates”.
The research found that the leading components of work/life balance were a good work environment (48 per cent), flexible work arrangements (44 per cent), and reasonable workload and expectations (41 per cent).
“Interestingly, work/life balance looks different depending on how old you are, with the importance of a good work environment increasing with age,” she said.
Flexibility matters most for Millennials (46 per cent) and Gen X (48 per cent), while for Baby Boomers, they value a reasonable workload and clear expectations (59 per cent).
According to Anasis, the research highlighted a shift towards career decisions driven by wellbeing rather than financial gain.
“The data shows that despite rising cost of living pressures, Australian workers will prioritise their wellbeing over a paycheque,” Anasis said.
“This is also known as ‘career pacing’, where they’re prepared to sacrifice ambition and salary to focus on getting that life balance right.”
“The job market is uncertain at the moment, so it will also make sense for some employees to be choosing stability over ambition.”
There are a variety of factors driving this shift in employee expectations, prioritising work/life balance over pay, but marketing professional Symon van Haalen indicated that the influence of the COVID-19 pandemic sparked a fundamental change in how people work and shifted the balance of power more to the employee over the employer.
van Haalen noted: “Work has an important part in everyone’s life, but it’s not the dominating part of someone’s life. I believe more and more employees are realising this and seeking out this alternative path.”
According to van Haalen, the trend of employees placing greater importance on balance than traditional career markers is only beginning to take shape.
“I believe it is the start of a long-term trend. It’s the next evolution of the flexibility that was opened up during the COVID-19 pandemic. As an employee, not only do I want flexibility, but I want to focus on what I value and what I believe to be important in life, over more money or a more senior role.”
The report from Randstad also showed that one in four workers plan to change jobs in the next 12 months, with work/life balance being a key reason to leave for Gen X and Baby Boomers.
van Haalen highlighted that flexibility has become the new currency for employers, especially for those with young families.
“The ability for an employee to work their hours and schedule allows for time for the more important things in life.”
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