Understanding Work-Life Balance
Work-Life Balance or Salary & Compensation?
As the market continues to evolve in the post-COVID landscape, some trends from that period remain stronger than ever. One such recurring trend is the growing demand for and the importance of employee Work-Life Balance. Today’s workforces are valuing not just their family time, but also their health. Unlike like previous research that believed family-time was the biggest aspect of Work-Life Balance, new research shows that employees are now valuing their health as highly as the family aspect of Work-Life Balance (Gragnano, Simbula and Miglioretti, 2020). These trends exist across industries and the latest evidence from SEEK’s Laws of Attraction data shows that not only is the trend continuing, but Work-Life Balance is now being seen as more important than Salary & Compensation. This is true for most industries in Australia, such as:?
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One keynote from this latest research is that potential candidates for roles are still valuing Salary & Compensation as the key factor for their applications, but Work-Life Balance continues to grow in importance for candidates as well as employees. Perhaps in the future these factors will change and we at Hinchen Recruitment Group will be sure to update the market when that new information is published.?
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What Work-Life Balance?looks like
Something employers overlook when considering Work-Life Balance opportunities for their employees is understanding what that balance looks like differs from industry to industry. The biggest trend from COVID was working remotely and increasing hybrid opportunities but research is telling us that today it’s more than just that. The benefits that employees are seeking to provide them with better Work-Life Balance include:?
Our research has also demonstrated that these nominated employee benefits are often valued higher than Salary and Compensation which poses the question:?should businesses be looking at developing those policies and if so, what are the benefits??
What are the benefits?
The benefits of Work-Life Balance policies not only affects the employee, but positively impacts the business as well. According to SafeWork SA, Work-Life Balance enables employees to reduce their stress levels, save on transport & commuting time and increases job satisfaction & morale. Businesses can expect to see improved workplace productivity, financial performance and even improved customer service from their employees when these policies are in place.??
Other research suggests that employees who work in organizations with Work-Life Balance policies believe those policies directly assist them in managing the demands of their role (Brough and O’Driscoll 2010). However, even if Work-Life Balance policies don’t directly impact work outcomes, they increase an employee’s affective commitment, which in turn enhances work outcomes such as job performance (Kim 2014). Employees work harder for companies they are passionate about and a great way to nurture that passion is by supporting them with Work-Life Balance policies.??
Conclusion
Here at Hinchen Recruitment Group, we recognise that every employee has different needs and it’s crucial as a business to understand how we can best support them. When employees feel supported, the quality of their work increases, and employee retention increases. It also cultivates a supportive environment that helps to develop and improve culture within the business.??
If you want to create that sort of environment in your own organization then it’s more important than ever to sit down with your employees, one-on-one, and better understand what their needs are. If adjusting a parents’ start-time to help them with dropping off the kids at school creates better quality work, then that is a net bonus to the business. If you want advice on how to improve Work-Life Balance and implement such policies in your organization, reach out to one of our expert consultants at www.hinchen.com.au.??
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