Pay cuts are worth greater work flexibility, say City professionals

Sebastian Klovig Skelton
Londoners Return To Work After The London Bridge Terror Attacks
Year on year, more City professionals are gravitating towards flexible working (Source: Getty)

Nearly half of City professionals are willing to accept a pay cut if it means they are able to work more flexibly according to new research from recruiting experts Hays Financial Markets.

The Hays Financial Markets Rewards Report 2018, which is based on a survey of over 650 employers and employees, found that 41 per cent of City professionals were willing to accept a lower salary if they had more flexible working options, up from 38 per cent in 2017 and 29 per cent in 2016.

Home or remote working and flexi-time were cited as the two most desirable work options, at 81 and 48 per cent respectively.

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However, the research shows that women are more likely to accept a pay cut in return for greater flexibility (45 per cent compared to 38 per cent of men), but that they are also much more likely to report inadequacies in the flexible working options if they did not meet expectations.

The research suggests this shift is the result of many professionals wanting to achieve a better work-life balance, with 26 per cent of respondents saying they will prioritise flexible working while searching for a new job.

This has not gone unnoticed by employers either, as 55 per cent now believe flexible working helps with both the attraction and retention of talent. This is up from 36 per cent last year.

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Director of Hays Financial Markets, Tom Hawkins, said: "It's encouraging to see that more employers are aware of the benefits flexible working can have towards both attracting and retaining staff, and in order to keep this momentum employers should review how they are communicating flexible working options to current and perspective staff to encourage awareness."

The survey was conducted in February 2018 using employers and employees across a number of financial market functions.

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