As the pandemic hits two years, businesses can reflect on how much the world of work has altered. From remote and hybrid work to the Great Resignation and the unpredictability of a month's future, the workforce has undergone tremendous changes that will likely not alter when businesses reach a more stable "new normal."
FREMONT, CA: As businesses approach the two years of the pandemic, they might reflect on how drastically the workplace has altered over the previous two years. Massive shifts to the workforce, such as the transition to remote and hybrid work, the Great Resignation, and the unpredictability of what the world will look like a month from now, are unlikely to change when businesses reach a more stable "new normal."
A Delicate Balance Between Pay And Flexibility
Nearly three-quarters of employees experienced burnout on the job in 2021, transforming the U.S. hiring landscape into an employee market. The changing world has compelled employees to reevaluate what is most important to them in their professions, and companies that are having trouble filling positions have had to reevaluate their offerings to attract top talent. But what types of benefits do employees seek?
Americans are concerned about their salaries despite rising inflation and a stagnant minimum wage since 2009. According to new data from our 2021 Employee Expectations in Hiring Report, however, the epidemic has shifted the emphasis of employees on work-life balance, particularly on creating more time for families and leisure pursuits.
Most Americans seeking new employment anticipate that their prospective employer will provide paid maternity leave, commuter benefits, and a childcare stipend (52 percent). Additionally, eighty percent of Americans expect their employer to allow them to work from home numerous days each week, and eighty-two percent anticipate flexible hours. Most Americans (77 percent) would accept a lower-than-average wage for flexible working hours.
In 2022, the requirement for flexibility and the emphasis on work-life balance will be more crucial than ever, given that the previous year was somewhat of a reckoning for firms that witnessed a mass exodus of personnel owing to burnout and overwork.
Future-Oriented Compensation Will Be Necessary To Meet Employee Needs
The capacity to properly manage change will be one of the most significant salary trends in 2022. Just as businesses were beginning to relax their guard and prepare for an official return to work, the Omicron variation appeared, illustrating to us all that we cannot forecast the future. As a means of achieving success, it will be essential to provide pay focused on the future to manage this type of unforeseen shift, particularly in a labor market that is becoming increasingly unstable.
Companies will have the opportunity to examine their current compensation strategies and determine the best way to deliver fair and equal pay, adhere to local regulations and retain and recruit top personnel during labor shortages and the continuation of the Great Resignation. In terms of their employer brand, top talent, and bottom line, businesses with agile strategies and procedures for adapting rapidly to change will prevail in 2019 and beyond.