Is the desire for workplace flexibility waning? According to our latest survey, compensation is the top concern among U.S. workers. Between an uncertain economy and the rising cost of living, this is no surprise. But the results also show that the workforce still considers flexibility a priority.
Our recent Compensation Survey asked 1,900 U.S. workers about both their salaries and flexibility at work. But it also explored how these two factors come together to impact overall job satisfaction. As dynamics between employers and their employees shift, flexibility should continue to be explored.
hybrid still works
Currently, the verdict on where people want to work is split. The 2024 Randstad Salary Guide reveals that 51 percent of new entrants to the workforce prefer in-person work. However, 42 percent still favor hybrid work arrangements and 7 percent want fully remote opportunities. While these numbers confirm the desire to go back to the office is gaining ground, flexibility still matters.
In fact, according to our compensation survey, job flexibility around location and hours worked continues to impact the decision to remain in their current role for the majority of respondents, regardless of age.
But what about engagement for off site employees? This is often cited as the driver for companies that are requiring staff to return to the office. Yet despite ongoing concerns, our compensation survey found that a significant majority of fully remote or hybrid workers (85%) feel a part of their company and immersed in its culture. This is even higher than all workers – onsite included – at 56 percent.
but money matters
In the compensation survey, participants were asked if their total compensation was determined for the most part by where they work. While the majority (60%) didn’t believe so, a significant number of respondents between the ages of 18-24 (43%) did. As the youngest generation enters the workforce, their concern about pay disparities could drive them back into the office.
However, they may not be willing to return right away. The survey showed that although a slight majority overall would rather not take a pay cut for added flexibility, Gen Z workers don’t agree. In fact, a full 48 percent are willing to take less money for added flexibility in their current role. Conversely, the older the worker, the more apt they were to prioritize compensation.
and relocation is on the table
The 2024 Salary Guide found that 73 percent of companies with employees in different locations apply various forms of pay differentials based on location. Based on this number, it’s reasonable that the compensation survey showed a majority of respondents willing to relocate for a higher salary.
However, younger workers were much more likely to want to relocate, with Gen Z responding at 69.5 percent and Millennials at 62.5 percent. Naturally, the oldest age group was least willing to consider this (31%). In addition, men were more likely than women to move for a pay increase.
In an uncertain economy, money matters. But the desire for flexibility isn’t far behind. Remain open to a balance in order to find and retain the best talent.