Flexibility remains crucial for retention amid competitive labour market
Employees across Australia are turning down a chance for a pay increase in exchange for flexible work as workplaces continue to see a disconnect regarding on-site days, according to a new report.
Morgan McKinley's 2024 Salary Guide found that 47% of professionals in Australia would skip a pay rise if it meant getting the flexible work patterns they requested.
The findings come as previous research underscored employers' expectations that providing flexibility would need to have some kind of trade off.
For a handful of employers, this trade off means offering lower salaries to employees under flexible work arrangements than those working the traditional 9am to 5pm, Monday-to-Friday work week.
On-site disconnect
Other employers are also trying to get staff to work more days on-site in exchange of flexible work – but disagreements continue regarding the number of days that should be spent in the office.
More than half (56%) of employees in the Morgan McKinley report said they want to be in the office just one or two days a week.
However, almost two-thirds of organisations are asking staff to be in the office more regularly than last year.
Resistance to on-site return has been previously attributed to offices not being worth the commute, leaving the onus on employers to make office returns worthwhile through training and other perks.
Flexibility still critical
Flexibility remains crucial in Australian workplaces as such arrangements emerged among the most sought-after benefits by employees there, which included:
- Work from home
- Flexible working hours
- Work remotely overseas for an extended period
- Bonus
- Health and wellbeing support
The list comes as many organisations seek to retain talent with specialist skills and experience to further their "ambitious transformation agendas," according to Dominic Bareham, Managing Director of Morgan McKinley Australia.
"Offering meaningful benefits, with a clear focus on flexibility, will play a key role. If additional skills are required, hiring contractors, or consultants will allow organisations to proceed with programmes without the headcount commitments," the managing director said in a statement.
