News: 55% of employees ready to take pay cut in return for workplace flexibility

Employee Engagement

55% of employees ready to take pay cut in return for workplace flexibility

The new survey by Citrix provides insights into global worker shortage and actions businesses can use to mitigate its impact
55% of employees ready to take pay cut in return for workplace flexibility

Workers are leaving jobs like never before, and it’s causing a shortage of talent that has companies around the globe reeling. According to a survey conducted by Citrix Systems, Inc, 40 percent of 1,000 knowledge workers in the US have left at least one job in the past year or are considering doing so. What’s behind the “Great Resignation”? And what can enterprises do to mitigate its impact?

“It’s clear from our research that employees today are willing to jump ship for jobs that give them the freedom to do meaningful work from the location of their choice and provide equal opportunities to contribute and advance their careers,” said Tim Minahan, Executive Vice President of Strategy, Citrix. “And in order to attract the workers they need to move their business forward in one of the tightest labour markets the world has ever seen, companies will need to serve them up.”

Here are the key findings of the Citrix survey:

Workers are burned out, and 35 per cent of respondents to the Citrix survey say it has caused them to leave a job. But they aren’t freaking out. When asked why they opted to move on, only 6 per cent said they “panicked and made an emotionally driven decision.”

  • 33 percent just wanted to try something new: Out of which,13 percent saw it as a way to inject certainty into their future and regain some of the control they’ve lost during the pandemic
  • Money isn’t everything: Salary and benefits are important. But they aren’t what’s inspiring workers to seek new roles. Among the participants surveyed who have changed jobs in the last 12 months– 53 per cent took a pay cut and 60 percent joined startups and accepted equity in exchange for a salary
  • Flexibility is Key: Today’s workers prefer flexible arrangements that give them the freedom to choose where they work best, including at home, in the office or on the road. 80 per cent of respondents to the Citrix survey said it was “very” or “somewhat” important that they be able to work from anywhere. 55 per cent said they would accept a pay cut in return for the ability to do so
  • Employee experience has never mattered more: Modern workers want to engage in innovative work, be productive and make meaningful contributions to the business that are valued without interference from complex technology and processes. 
  • Fear of the digital divide is real: The global pandemic has made clear that remote work can boost employee engagement and productivity. But as companies transition to hybrid models, there is fear it will open a new digital divide. And it is not unfounded.

In addition to why workers are leaving jobs, the Citrix survey also sought to understand what keeps them around. Of the respondents who indicated they have not changed jobs,

  • 41 per cent say their benefits are competitive and beyond financial security, provide for their physical and mental well being
  • 40 percent can work flexibly
  • 34 percent feel trusted and empowered to work when and how they work best
  • 27 percent are afraid to make a change given the ongoing uncertainty
  • 22 percent say their company invests in their development and provides opportunities to advance
  • 12 percent will lose stock options or a retirement plan if they leave

“The battle for workers has never been more fierce,” Minahan said. “To remain vibrant, companies must embrace flexible work models that allow them to find talent where it lives. And to keep it, they must create an equitable environment in which employees can engage and collaborate in a transparent and efficient way regardless of where they are located.”

“Organisations that provide employees with tools that remove the friction from work and enable them to be and do their best will ultimately thrive,” Minahan said. “Because when employees feel empowered by the solutions they use rather than hamstrung by them, they can focus, innovate and deliver value.”

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Topics: Employee Engagement

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