According to research from Randstad, non-monetary benefits such as flexible hours, working from home and better job security are some of the most powerful tools employers can use to attract and retain top talent for their organisation. This might not be surprising to many employers, with an increasing importance being placed on work-life balance. But in the current global COVID-19 crisis and beyond, these employee value propositions are likely to gain more significance.
The research found that flexible working hours were highly desired by 79% of respondents, while 72% value being able to work from home. Nearly half, or 44%, said job security is one of the most important factors when choosing an employer, the third-most appealing quality after salary & benefits and a good work-life balance.
Jos Schut, Randstad’s Chief Human Resources Officer, said, “Amid the disruption and economic uncertainty caused by the COVID-19 pandemic, each of these factors has become even more relevant than ever to workers. Even before the crisis unfolded, our research indicated a gradual shift in worker preference for more flexibility and remote arrangements. The pandemic will simply accelerate these trends and lead employers to adapt to a new world of work.”
“Although the research concluded in January, conducted through a global survey of working-age adults, its findings align with the new way of working around the world,” Randstad stated. “With many organizations still under lockdown, and others operating facilities with limited resources or just coming online, adapting their workforce through more flexible schedules and remote arrangements has become the new normal. Furthermore, with unemployment spiking in virtually every market, having job security appears to be much more important to workers.”
The top attraction factor (compensation & benefits) remains consistent across all regions, the second-most appealing factor differs by region. In North America and Asia Pacific, work-life balance is highly valued (45% and 47% respectively), while in the Commonwealth of Independent States (Armenia, Azerbaijan, Belarus, Georgia, Kazakhstan, Kyrgyzstan, Moldova, Russia, Tajikistan, Turkmenistan, Ukraine, and Uzbekistan), the financial health of the employer is critical (58%). Across Europe, a pleasant work atmosphere (51%) is second-most important, but in Latin America it is career progression (52%).
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