If you want to attract and/or retain employees now, you need to know what they’re willing to give up to be remote.
Many employees aren’t ready to leave behind flexibility in their work situation. And you don’t want to lose good employees who might prefer a remote or hybrid work arrangement.
The good news: You might be able to find a happy medium – a way you can retain (or attract) employees and reduce labor costs or other expenditures.
The key is to know where employees or job candidates are willing to bend.
Where they’ll bend
Turns out many employees are willing to give up a little – and others will give up a lot – to keep working from home full-time. In a recent Breeze survey, here’s what employees said they’d do for their current or new employer if they had a full-time remote gig:
- 65% would take a 5% pay cut
- 38% would take a 10% pay cut
- 24% would take a 15% pay cut
- 18% would take a 20% pay cut
- 15% would take a 25% pay cut
- 39% would give up health insurance benefits
- 50% would give up vision insurance benefits
- 44% would give up dental insurance benefits
- 45% would give up disability insurance benefits
- 44% would give up life insurance benefits
- 46% would give up 25% of their paid time off (PTO)
- 23% would give up 50% of their PTO
- 17% would give up 75% of their PTO
- 15% would give up 100% of their PTO
- 36% would give up their 401(k) or other retirement plan
- 53% would work an extra 10 hours per week
- 48% would give up their student loan repayment assistance benefit
- 44% would give up paid parental leave
- 47% would give up mental health benefits, and
- 64% would give up fitness benefits
Can you work with good employees?
You might be able to find a situation that works with employees who are considering a new position in The Great Resignation.
Talk regularly with your front-line managers to find out if any employees have indicated they’re looking for full-time remote work. Also ask employees who’ve submitted resignations if they’re interested in finding a compromise to remote or hybrid work with you.
In either case, you can try to come up with a plan that accommodates both sides.