Work/life balance over pay?

A recent research of over 2,000 white-collar professionals in New Zealand found that flexibility and work-life balance have become the top priority for employees. 

Of those asked, 45% stated that work-life balance is the most important factor when considering a new job, while only 26% emphasised a competitive salary. Career growth opportunities were a priority for 19%, with 10% mentioning other factors. 
 
The research by recruitment specialists Robert Walters suggests a shift in what employees deem most important to their job in 2024. The study surveyed also revealed that 63% of respondents consider flexible working arrangements as the primary non-monetary perk they seek in a new role. Additionally, 28% considered a four-day work week to be the most important perk, and 9% highlighted training and development opportunities. 

The survey followed the end of the financial year, with many mid-year salary reviews underway, and questions whether employers should focus solely on salary or consider enhancing other benefits. 

CEO of Robert Walters Australia and New Zealand, Shay Peters said, “In the past, salary used to be the main driving factor when people considered new roles. However, the focus has now shifted to work-life balance, with candidates increasingly valuing other benefits aside from salary.” 

The study also found that 59% of individuals prioritise finding an employer who values work-life balance when searching for potential employment. Additionally, 21% consider an attractive salary to be crucial, while 17% prioritise career growth opportunities. Only 3% focus on attractive benefits when evaluating potential employers. 
 
Peters noted that despite the current economic challenges and cost of living crisis, it was interesting that individuals are prioritising work-life balance.  

The importance of office culture has also gained prominence in recent years. When asked which part of office culture employees find most important, 68% of respondents considered flexibility and work-life balance as the most appealing aspect. Meanwhile, 16% highlighted teamwork and collaboration, and 15% mentioned recognition and appreciation. 
 
This shift in priorities aligns with the entrance of Generation Z candidates into the job market and workforce, Peters noted. The recruitment specialists explained that Gen Z has distinct priorities compared to previous generations. 

Peters said, “They value a holistic approach to employment, focusing not only on tasks but also on organisational culture and a good work-life balance. Flexibility, autonomy, and the ability to express creativity and individuality are priorities for them.” 
 
He says the challenge now lies in integrating multiple generations into a workforce with differing priorities.  

Adding, “Unlike previous generations, Gen Z isn't solely driven by financial incentives or traditional career paths. Instead, they're drawn to positions that let them learn and grow. Organisations will need to change and adapt their employee value proposition and recruitment processes to align with what is important to Gen Z. Employers need to make sure they offer Gen Z employees many opportunities to develop their skills.”    

Employers must adapt their employee value proposition and recruitment processes to align with what is important to the modern workforce, says Peters. This includes fostering work-life balance by offering flexible work hours and remote work options. Additionally, providing growth opportunities such as training programs, mentorship, and regular feedback will help all employees enhance their skills and advance in their careers. Lastly, he says, staying up to date with the latest digital innovations and offering upskilling on this is crucial for businesses looking to attract and appeal to a multi-generational workforce. 

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