More than a quarter (29%) of baby boomer employee respondents view work-life balance as the most important factor when considering a change in job, according to research by Hays.
Its Hays UK salary and recruiting trends 2017 report, which surveyed 6,531 employers and 10,055 employees across the UK, also found that 27% of generation X employee respondents cite work-life balance as the most important factor when considering moving jobs, compared to 17% of generation Y employee respondents, and 14% of generation Z employee respondents.
The research also found:
- 16% of employer respondents think that a benefits package is the most important factor in attracting staff, and 8% of employee respondents cite employee benefits as most important when considering a new role.
- 24% of employee respondents cite work-life balance as most important when considering a new job, and 13% of employer respondents feel this is the most important factor in attracting new staff.
- 9% of generation X employee respondents view employee benefits as the most important factor when considering a new job, compared to 8% of baby boomer respondents, and 7% of both generation Y and generation X respondents.
- 41% of generation Y employee respondents cite career development as the top factor when thinking about moving jobs, and 8% cite the work environment, compared to 37% and 9% of generation Z employee respondents, respectively.
- 27% of employee respondents list salary and benefits package as the top reason for wanting to leave their current job.
- 62% of employee respondents expect to move jobs within a year, and 15% expect to do so in the next one to two years.
- 66% of employee respondents think that flexible working is an important benefit, and 55% of employer respondents offer this.
- 58% of employer respondents offer childcare vouchers, and 8% of employee respondents feel this is an important benefit.
- 60% of employee respondents think that having over 25 days’ of annual leave is important, and 48% of employer respondents offer this.
- 40% of employer respondents offer life insurance, and 22% of employee respondents see this benefit as important.
- 50% of employer respondents provide a bikes-for-work scheme, and 5% of employee respondents believe this is an important benefit.
Barney Ely (pictured), director at Hays Human Resources, said: “The demographics of the workforce have changed; people are living longer and therefore exceeding what would have been the normal retirement age. [Employers] must be aware that when [managing] a multi-generational workforce, [they] need to ensure that [they] are keeping all employees engaged and retaining and attracting the best talent.
“Skills and capability irrespective of age should be the most important factor for any organisation when recruiting, which is why employers should seek to attract and retain the best people for the job across all generations.
“With a growing multi-generational workforce it is important that employers offer benefits packages that are tailored to encompass different generational groups. Those employers who are currently offering a combination of flexible benefits are best placed to suit the wants and needs of the entire workforce.”