The work life balancing act

Welcome back to the 'What's Next?' newsletter.

In this edition we’ll be looking at the intersection of work and home life, diving into:

• Why employees increasingly prioritise work life balance over pay.
• The blurred boundaries between work and personal life.
• Key trends in Employee Benefits.

The evolving definition of work life balance

After the hiring frenzy of 2021 and 2022, business leaders have turned their attention to creating long-term value and sustainable business impact. Attracting and retaining top talent has become more challenging as the importance of work life balance gains momentum.

According to a recent Hays report, more than half of UK employees are willing to accept a lower-paid job in exchange for a better work life balance. An Aviva report found that two-fifths of employees were attracted to their current role because of work-life balance (five per cent higher than those who cited salary). In comparison, pre-pandemic employees valued pay over work life balance. It also found that one-third of workers consider work life balance to be the most crucial factor when looking for a new job.

Consequently, there is a widespread push across the Western world to enhance employee engagement, satisfaction, productivity and retention, (the Talent Trends 2023 report from Randstad explores this in detail).

But while HR initiatives play catch up, workplace anxiety and stress are on the rise: a Forbes report published earlier this year revealed a concerning rise in ‘burnout’ and outlined the need for a “people-first” approach. The report found that 43% of middle managers in the US reported burnout last year; the under-30’s were more likely to experience burnout, and female workers were 32% more likely to burn out than their male counterparts.?

Agile leaders are already turning “people-first” from a catchphrase into a reality - HR leaders are gathering and analysing employee responses and insights to manage and support their workforce and make strategic workplace decisions, and many of them are harnessing AI tools to do this successfully across complex organisations.?

Despite work life balance becoming a popular workforce driver, pay and rewards remain key drivers of employee experience, and I recommend this nuanced and extensive study by The Josh Bersin Company, which highlights how the pay and benefits model isn’t ideally structured for the complexities of the modern workforce.

Let's hear from some experts. This week we hear from Sonia Belfield international HR consultant and former HR director for INTERBEV , Müller and Tunstall Healthcare

Q: Recent reports state employees are valuing work-life balance over pay - what is your experience of this trend?

The ‘desire’ to have an increased sense of work life balance has always been there but employees are now realising that the ‘aim’ should be a life work balance and more importantly they have seen that companies can operate in different ways - and they are now more willing to move to give themselves more control over the situation. Sometimes the control is a perceived reality but then perception is reality.

We also spoke with independent HR consultant Kate Bennett director of the HR Hero, who had these insights:

Across all sectors, there are two types of employees who not only value work-life balance over pay but are making it happen. Gen Z and those employees are heading towards the end of their career and thinking about retirement.

For employees in the middle generations, there is a ripple effect from both ends. And they want what both these generations are getting.

However, middle-generation employees, many of whom had a glimpse of a better work life balance, from the impact of the pandemic and changes to their working patterns are now experiencing significantly higher living costs, higher rent or mortgage payments, together with the increased cost of luxury items, such as family holidays. These employees are now losing sight of a better work-life balance, as they feel the squeeze over pay.

We asked the CEO and Founder of companiions , Lisa Robinson , why prioritising employee wellbeing is crucial for organisations:

I've seen first-hand that a successful business starts with a thriving workforce. Work life balance is no longer a mere buzzword; it’s a fundamental pillar of employee wellbeing. In an employee-centric workforce, employers must find ways to stand out from their competitors as well as retain their current talent who may be lured away by competing offers. Organisations need to listen to what employees want and adapt to meet these evolving expectations.

The Big Blur: Where Does Work Begin And End?

The adoption of remote and hybrid work models has brought about a significant shift, with employees now working from their homes, once a sanctuary of personal life. While this change offers freedom and flexibility, it has blurred the lines between work and personal life. Work tasks often spill into evenings, weekends, and even holidays. The accessibility provided by smartphones, video conferencing, and instant messaging makes it challenging to disconnect and establish clear boundaries.

These remote-working challenges span all industries but are heightened in communication-based roles, where quick responses are prized. For example, the effects of “Sunday night blues” have intensified for media professionals according to a survey by Channel 4, University of Exeter and Investors in People.

But it’s important to remember that the benefits of remote and hybrid working still remain. New research from the Cornell University ILR School reminds us that with healthy boundaries, remote working can help many people design more satisfying lives, with higher psychological well-being and work engagement - as long as that work occurs during regularly contracted hours.?

Employers need to be aware of their responsibilities to ensure safety for remote and hybrid workers, especially in the light of new legislation, such as the UK government's Flexible Working Bill which now has Royal Assent and is expected to come into force in 2024.?

Meanwhile, employees can implement stronger boundaries that benefit both themselves and their employer, with these healthy remote working practices outlined by Forbes.?

What practices are you finding most helpful to create healthy boundaries between work and home life? Please tell us in the comments below…

The Overhaul of Employee Benefits?

The days of standard one-size-fits-all benefits packages are over. Employee expectations are changing as workforce dynamics and demographics shift, and the spotlight is on company benefits - especially as economic uncertainty makes a strategic benefits portfolio more vital than ever.?

Competition for talent was cited by more than three-quarters (77%) of employers as a key issue influencing their benefits strategy, according to research by international advisory firm Willis Towers Watson (WTW).

But how do you build a carefully designed, future-proofed benefits strategy that balances employee needs, benchmarked data, pay scale structures, administrative support, corporate and cultural objectives, and, of course, budget??

Getting a good understanding of which workplace benefits will support your current employees and attract your next cohort lets you use employee benefits as a lever for business sustainability.

According to this story from The Global Recruiter, private medical insurance has become the number one perk that UK employees look for in their benefits package. The cited research, from employee benefits technology company Zest, found a third (32%) of employees rank private medical insurance ahead of other well-known benefits such as increased pension contributions (30%), high street discounts (21%) and a company car (17%).

Meanwhile, research including this survey from insurance firm Nationwide, is showing that many pet owners would favour an employer who offered pet benefits (and this is even more important to Gen Z (49%) and millennials (45%).?

Of course, benefits must adapt to reflect that many employees are now working remote/hybrid working benefits. Even the large tech giants - famous for their state-of-the-art gym facilities, indoor go-karting and rock climbing walls - are reconsidering some of their more lavish perks, although, as this article from Wired shows, taking away perks is always a challenge for the workforce.?

I like the way this article from Forbes outlines 19 best practices you can adopt to develop a robust and relevant benefits package.?

But as rewards and perks take off, take note of the words of one rewards manager, “Nobody can keep track of all of these benefits – not even I can remember all of them,” as quoted in this insightful review by Kathi Enderes VP of Research for The Josh Bersin Company

Let's hear from another expert. We spoke with founder and CEO Lisa Robinson , who created her own employee benefits platform, companiions , after identifying a clear gap in the traditional employee benefits market.

Q: Could you share more about what led you to start companiions?

In 2018, I was at the height of my career, leading a highly successful advertising team at a major tech company. However, behind the scenes, I faced the immense challenge of balancing a busy career with the responsibilities of caring for two young children and elderly parents. This is a challenge silently endured by 17 million employees every day. Driven by the need for a solution, I searched for on-demand, in-person support to help me thrive at work. Yet, existing options were inconvenient, time-consuming, and costly. Recognising this widespread need, I founded companiions to bridge the gap in employee benefits, drawing from my own personal experience.

Q: Could you share how your employee benefits platform has helped organisations and their employees?

companiions is a leading SaaS employee benefits company dedicated to reshaping the future of work. The all-in-one employee benefits platform provides in-person, on-demand support tailored to a multigenerational workforce. We offer inclusive support, including childcare, eldercare, mental health support, and everyday assistance such as pet sitting and cleaning. We've found that employees seek support from their employers that helps them balance their professional and personal lives, surpassing the current options on the market. With companiions , 87% of employees reported feeling more supported by their employer.

So, what's next?

• “People-first” HR strategies will feature a strong focus on learning and development. Expect also a sharp increase in initiatives and funds to support employee wellbeing and mental health?
• Get ready for a rise in employee data and insight gathering - especially ahead of the new year - in order to benchmark and drive decision-making to optimise the workforce.
• The tight talent marketplace is likely to prompt a strategic push on getting older people and long-term sick back into the workforce
• Benefits will be carefully designed to match specific generations and the remote/hybrid working culture - such as the rise of pet insurance and home-based exercise programmes.
• The tight talent marketplace means that the rise of the ‘counter offer’ will continue.

And finally,?

Our choice of focus on this issue is influenced by National Work Life Week 2023 #worklifeweek, which runs October 2-6 - please do let us know how you are planning to mark it.?

Coming up...

I will be teaming up with LinkedIn 's Alex Charraudeau to delve into the pressing challenges facing the industry and provide their wealth of expert insights and guidance on how to combat them.

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??12th?October 2023, 1:00pm, London?

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