A shift in the employment landscape has been ignited by the widespread adoption of hybrid working, with 73% of UK employees now on the lookout for new opportunities in 2024. The allure of flexible working arrangements has proven to be a double-edged sword, according to recent research from Blackhawk Network (BHN).
The study, surveying 1,000 employees across the UK, has uncovered a stark reality: while 20% of workers are thriving in their current roles, a troubling 12% are experiencing severe burnout. Chris Ronald, VP EMEA B2B – Incentives, Rewards & Benefits at BHN, attributes this dichotomy to a confluence of factors, including the ongoing impact of the pandemic and advancements in remote working technology.
New era of employee expectations.
"Hybrid working has ushered in a new era of employee expectations," Ronald notes. "Employers must adapt or risk losing their talent pool. The discontent among UK workers not only threatens individual businesses but also poses broader economic repercussions."
Central to the dissatisfaction among employees is the perceived lack of recognition and rewards from employers. A staggering 90% of workers express concerns about their current employment, with 20% citing the need for better rewards and recognition, while 23% demand improved benefits.
Return to the office for a pay increase.
Despite the allure of remote work, physical office spaces still hold sway for many companies aiming to bolster their corporate culture. Half of employees surveyed indicated they would be motivated to return to the office with a pay increase, while 39% favoured a compressed four-day workweek.
However, the research underscores the importance of regular recognition and rewards, with 80% of workers feeling more valued when acknowledged by their employers. A staggering 84% of employers expressed an interest in recognising positive contributions from their peers, indicating a clear demand for a robust reward culture in the workplace.
Yet, a significant gap remains between employee needs and employer offerings, with 43% of workers reporting a lack of a formal reward and recognition program within their companies.
Business leaders must embrace the evolving demands of the workforce.
"While the data paints a picture of misalignment, there is hope for bridging this divide," Ronald asserts. "Business leaders must embrace the evolving demands of the workforce, fostering a culture where positive contributions are celebrated, and employees feel truly valued."
As the workforce continues to navigate the complexities of hybrid working, the onus is on employers to listen, adapt, and cultivate an environment where recognition and rewards are not just seasonal gestures but integral components of everyday work life.