Work-life balance is still more important than a higher salary for many employees, a new poll shows
Australians are starting to reconsider their work-life balance priorities in the face of financial pressure, according to a new report.
SEEK's Money Matters report revealed a significant lack of confidence among Australians when it comes to their finances, with only 36% feeling secure about them. It found that:
- 31% are neither secure nor insecure
- 22% are somewhat insecure
- 11% are very insecure
"When people lack confidence in their finances, money decisions are more carefully weighed up. This rings especially true in the workplace," the report stated.
It found that while 65% of Australians would choose work-life balance over a high salary, a similar 65% would not take a pay cut for more work-life balance.
In fact, the report found that a 20% pay rise would make Australians open to:
- Taking on more responsibilities or workload (29%)
- Working extra hours (27%)
- Receiving fewer additional perks or benefits (15%)
- Taking on a longer commute (14%)
- Reducing work-life balance (14%)
"The willingness to compromise for a 20% salary increase suggests that while work-life balance is valued, substantial financial incentives can shift priorities," the report stated.
Pay hike for onsite work
Meanwhile, the report found that financial incentives can also change Australians' minds when it comes to working from home.
More than three in four respondents (76%) said they would go back to the workplace full-time in exchange for a salary increase.
Some 20% of the respondents said they would need a salary increase between six and 10% in order to come back onsite, while 19% said they would need more than a 20% minimum pay rise.
"The pandemic gave people a taste of flexibility, but mounting financial pressures are forcing them to reconsider what matters most," the report stated.
What this means for employers
The current financial pressure faced by Australian employees would make them further assess the entire package of their work experience, not just the pay packet, according to Leah Lambart, SEEK's career coach.
"This could look like negotiating a pay increase in exchange for more time working onsite, or getting a regular RDO (rostered day off) in return for longer working hours across the month," Lambart said in a statement.
According to the report, 41% of employees would accept increased annual leave as an alternative to a pay rise. They would also accept:
- Reduced working hours (29%)
- A monthly rostered RDO (28%)
- More flexible working arrangements (26%)
- A promotion (24%)
- Company car (21%)
- Discounts or vouchers (21%)
- Birthday day off (20%)
- Transportation cost subsidies (18%)
- Fewer responsibilities (18%)
"Thinking more holistically about workers' needs and what you're offering them not only means that individuals' satisfaction and wellbeing at work is enhanced, it can also help ensure your workforce is motivated, engaged and productive," said Kylie Pascoe, APAC Senior Marketing Manager of SEEK's Customer Insights & Research team, in a statement.
