A new survey from The Conference Board finds that for the majority of American workers, workplace flexibility is considered a basic element of competitive compensation, which can make or break a company’s ability to attract and retain talent.
For American workers, options like hybrid/remote work and flexible hours They are no longer rare luxuries or “nice to have” perks.
In general, the survey detected that exactly 50% of American workers are satisfied with their current compensationas average annual wage increases are already at their highest level in 22 years.
Among these non-salary elements, almost 2 out of 3 workers consider important the workplace flexibility options (location, schedule). This is higher than any other component of total rewards, including competitive bonuses, paid time off, retirement plans, and healthcare options.
The latest workforce survey by The Conference Board was conducted from September 20 to October 4 and surveyed more than 1,500 American employees, predominantly office workers.
Respondents gave their opinion about their current employment situation, how they felt about their current compensation and what benefits they value most.
When asked to select the five elements of non-salary compensation considered most important, there was broad consensus among American workers surveyed in September 2023:
· 65% said options flexibility in the workplace (location, time).
· 64% said bonuses, commissions or other incentive payments.
· 60% said that the paid time off He was generous.
· 59% said that retirement plans: Company contribution/match to 401(k) or 403(b).
· 53% said that health care plans They are flexible and affordable.
The Conference Board notes that these findings corroborate its previous survey, when the same five items topped the list.
“Employee focus on flexibility amid a tight labor market places a responsibility on human resources leaders and senior executives to ensure that hybrid workforces remain engaged, productive and connected for years to come,” said Rita Meyerson, EdD, senior fellow at The Conference Board.
Meyerson added: “But also opens new avenues in the competition for talent. Unlike salaries, bonuses, healthcare or retirement plans, workplace flexibility is the rare employee benefit that can save, rather than deplete, financial resources, giving companies an advantage. who plan proactively.”
According to the survey, there is a notable gender gap in compensation preferences. In general, Women value flexibility in the workplace more than men and related benefits:
· 72% of women prioritize work flexibility optionscompared to 57% of men.
· 64% of women prioritize generous, paid time offcompared to 55% of men.
Other relevant information:
· 67% of remote workers Today’s companies prioritize flexibility options in the workplace.
· 68% of hybrid workers Today’s companies prioritize flexibility options in the workplace.
· 49% of current workers who work exclusively in person prioritize flexibility options in the workplace.
· At the moment, only 15% of respondents work completely in personcompared to 53% hybrid and 32% only remotely.
“This suggests that Companies that do not offer flexible options “They will face an increasingly limited hiring pool,” emphasizes The Conference Board report.
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