Belfast Telegraph

Sunday 21 September 2014

Young 'would swap pay for time off'

Younger employees are more likely to swap pay for time off, a study found

One in three workers would sacrifice pay for more holidays in an increasing drive to improve their work-life balance, according to a study.

A survey of 1,000 adults by recruitment firm hyphen showed that younger employees are more likely to swap pay for time off, with two out of five 16 to 24-year-olds in favour.

Staff in human resources and finance departments are particularly keen on the idea, the research discovered.

Zain Wadee, managing director of hyphen, said: "Our research demonstrates a radical change in the way that compensation and benefits packages are viewed by workers today.

"Even in today's challenging economic environment, with the cost of living growing faster than salaries are increasing, workers are looking for more holiday time, and greater work-life balance.

"It is important to note that Generation Y and the Net Generation are particularly vocal about their desire for additional leave allocation.

"This may be indicative of a future shift in workplace culture, with workers beginning to demand and value greater work-life balance than ever before.

"Employers must think strategically about the kind of benefits packages they should offer to younger staff members in order to attract and retain the best possible talent. Offering a flexible menu of benefits may be one solution."

Hyphen said workers are more prepared to sacrifice pay for holidays because of their longer working hours and rising levels of stress.

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