Today’s workers are more empowered and want more flexibility than ever before. Employers can no longer just pay lip service to work–life balance. They have to understand that their workers are individuals and have priorities outside work. Kelly Services has conducted a study that provides deep insights into how to attract and retain top talent, and to propose Work–Life Design – a new, more balanced work environment.
This study is based on 2015 and 2014 data from the Kelly Global Workforce Index (KGWI) – the largest annual global survey of its kind – as well as insights from Kelly Services’ Free Agent 2015 survey. The study’s global results show that while flexibility is now a workplace imperative, workers also value a wide range of other benefits, along with a collaborative culture. These form the key elements of Work–Life Design.
63% want flexible work arrangements such as remote work options and flexible hours
49% value paid time off such as vacation days and sick days
43% desire wellness programs like an on-site fitness center, health club memberships and stress reduction initiatives
82% believe their skills and knowledge will need to evolve to keep up with industry changes
43% value fellow workers and managers with an entrepreneurial mindset
57% value a highly collaborative environment
The highly competitive global market for skills demands a new approach to talent management. Work–Life Design takes a holistic approach that includes providing benefits that improve each worker’s career and lifestyle. It also fosters a collaborative, entrepreneurial culture that embraces innovation and change.
The Kelly study reveals that professionals in financial services, IT, science and engineering have higher expectations than the average global worker in a number of respects.
The opportunity to work remotely (33%) and a reduced schedule (27%)
Flexible work arrangements (41%), the opportunity to work remotely (41%), a reduced schedule (27%) and sabbaticals (22%)
Flexible work arrangements (40%) and additional vacation time (28%)
The opportunity to work remotely (30%) and a reduced schedule (28%)
Flexible work arrangements (27%) and the opportunity to work remotely (21%)
Wellness program (49%) and caregiver support (23%)
Wellness program (52%) and caregiver support (25%)
Flexible work arrangements (69%), a wellness program (50%), and caregiver support (25%)
Vacation/paid time off (69%), and flexible work arrangements (65%)
Economics will be one of the key factors in shaping the way things play out. Vaughn Smith, VP of corporate development at Facebook, puts the value of a good engineer at $500,000 to $1 million. Dr. John Sullivan, an HR thought leader and professor of management at San Francisco State University, adds, ‘Nothing spurs executives to focus on talent management like quantifying in dollars the added economic value of having top-performing workers vs. average ones.’Kelly Talent Supply Chain Management
A significant cultural shift is taking place in the issue of work–family balance. Women have increased their participation rate in the workforce to more than half (53%) while men decreased theirs (from 73% in 1990 to 68% in 2013), according to OECD research. As a result, the care of children is a topic fathers can no longer take for granted. KGWI 2015 data shows men value flexible work arrangements almost as much as women.
A fostered environment of friendships in the workplace
Opportunity to work on innovative projects during work hours
Paid time off
Flexible work arrangements
Even with large companies adding family leave policies to their benefits, many parents feel there is a stigma of taking advantage of these programs, and fear losing visibility and career momentum – including Yahoo CEO Marissa Mayer, who promises to work throughout her ‘maternity leave’ when her twins are born in early 2016.
The presence of a generation used to getting what it wants is already being felt. More than one in three US workers are Millennials, surpassing Gen Xers as the largest generational group in the workforce, according to Pew Research Center. One in four are in management roles already. The Kelly study reveals what Work–Life Design elements most appeal to young workers.
Paid time off, like vacations
Flexible work arrangements
45% of employers claim that millennials have the highest turnover rates in their company. The majority of all turnover (not specified to millenials) - 52%, occurs in the first year of employment.Source: www.celayix.com/12-employee-retention-facts-will-keep-night
Less management responsibilities/decreased scope in job responsibilities
Reduced work schedule (Reduced hours)
Opportunity to work remotely
More flexible work arrangements