Millennials checked out
For many years, there has been an acceptance that the reason to go to work is to earn enough money to get by. Millennials have been branded the job-hopping generation and accused of being ‘checked-out’ in the workplace. Just there to get the job done and find satisfaction outside of their workplace. A recent Gallup poll shows that 21% have changed their employment within the last year. That figure is three times higher than for non-Millennials. It could be easy to dismiss these figures and say it does not matter. However, employers know that churn is costly. In financial terms alone, staff turnover is estimated to cost US firms $30.5 billion. Costs include lost productivity, recruitment charges, and lost opportunities due to staff vacancies.
Gen Z wants to check in
Fortunately for future workers, savvy companies are taking on board the data and creating environments where people want to go to work. Ironically, going to work can sometimes mean staying at home. Today’s happiest employees are looking for flexibility and respect. In return, they are prepared to work hard and create harmonious working relationships. Insider Magazine published an article recently explaining that Gen Z is rejecting toxic work cultures that their parents had put up with. No one is sure about the exact reasons for this, but the endemic erosion of workers’ rights has created a tipping point. Joining unions has become much more popular, and young workers are determined to get a better deal. Millennials might have ‘worked to rule,’ but younger employees are looking for more from their working life.
What Makes for a Better Work-Life Balance
The concept of a better work-life balance is subjective. Different people want different things from the organizations where they work. However, surveys on employee satisfaction consistently come up with the words respect and transparency. In addition, employees are looking for inspirational leadership. Other tangible benefits offered by companies looking to reduce employee churn include the features listed below. These businesses are interested in output, not slavishly following the clock.
Four Day Week
Many businesses have removed the traditional workday and ask their employees to work 32 hours a week.
Remote
Remote working was highlighted during the pandemic, but many forward-looking companies had already removed the commute to the office by implementing remote working. This gives employees flexibility.
Time to suit
Asynchronous working cannot work in all environments, but where it does, it means employees work to their own schedule and manage the work-life balance for themselves
Unlimited Vacations
Companies allow employees to request uncapped paid time off. In a positive work culture that is output-focused, employees are trusted to manage their work-life balance, and the company commits to it.
Paid Sabbaticals
In some instances, employees can benefit from extended breaks from work and retain their salaries. These are not counted as vacation days and could be used for enrichment activities.
Driven by Tech
It probably comes as no surprise to hear that tech-driven industries are embracing and driving this change. While some big names like Facebook and Twitter have been in the news recently for all the wrong reasons – laying staff off, others are quietly thriving, collecting awards, and increasing their productivity.
Online Gambling
To attract and retain the best candidates, the online gambling industry has been ahead of the game on its work-life balance policies. While the industry is still relatively nascent in the USA, it has established good working policies in European markets, which are now being replicated. While the punters want to play at the best payout online casino, the staff are entitled to more than financial rewards. Across the sector, companies score highly regarding the metrics listed as essential.
Taking BetMGM as an example, 90% of staff said it was a great place to work, and the CEO, Adam Greenblatt, was named one of the US’s top CEOs in 2021. People are proud to work for the company and regard the management as honest and ethical.
Social Media Management
Buffer was only founded in 2010, but they tick all the boxes for a company that changes the way we work. They are also changing the way that companies operate. They specialize in social media management to help brands grow and expand their audience. Headquartered in California, they offer 100% remote working. Their employees are distributed across 15 countries in 42 cities. They encourage their staff “to work wherever [they’re] happiest and most productive.” Buffer offers employees the whole gamut of work-life balance options listed.
Supporting Business, supporting employees
Since launching in 2006, HubSpot has gained a reputation for helping businesses grow their business. It is also recognized by Glassdoor as one of the Best Places to Work. Its CEO has a 94% approval rating, and it is highly favored by employees with families. In addition, HubSpot offers remote working, paid sabbaticals, and unlimited paid vacations.
Other companies that rank very highly include BaseCamp, Shopify, eBay, LinkedIn, Adobe, Instacart, and Intel. Microsoft is also experimenting with work-life balance. This has yet to be rolled out globally, but in Japan, they work four days a week and have a three-day weekend. The company saw a 40% productivity boost as a result.
Getting the work-life balance right is a shrewd strategy. Forward-looking companies understand that it can lead to higher staff retention and an improved bottom line.
