Two thirds (65%) of UK workers would be prepared to take a pay cut for an overall better job according to research by the global hiring platform Indeed.
- A four-day week, better work life balance and more flexible working opportunities are the top factors that would encourage almost two thirds of Brits (65%) to take a salary cut
- Flexible hours are a top sign of a progressive company according to the survey of 5,000 UK workers
- 30% believe the four-day work week will be the norm, while 31% say they could already achieve in four days what they accomplish in five
- Fully remote workers are the least satisfied with their jobs, with almost 2 in 10 (17%) believing that their work isn’t “good”
A survey of over 5,000 workers for its Better Work 2023 report found a desire for greater flexibility and less time at work is driving this trend, with a four-day work week (28%), a better work life balance (25%) and more flexible working opportunities (17%) the most likely factors to encourage Brits to take a pay cut.
The mean pay cut workers surveyed are willing to take is 9.2%. Given the average salary for UK workers is £33,000, that means the average worker is willing to take a pay cut of £3,036 per annum for a better job.
Flexibility means more than simply where a worker logs on
As more businesses mandate a partial or full return to the office, Indeed’s research points to the need for them to consider when their employees work as much as where.
Flexible hours are a top sign of a progressive company according to 41% of those surveyed, behind remote & hybrid work (30%), and much higher than social environmental factors like more inclusive hiring (13%), company wide usage of pronouns (9%) and B Corp Certifications (6%).
A third of respondents (33%) say that flexible hours being the default is the future of better work. The research also shows a clear appetite for condensed as well as flexible hours: 28% believe the future of better work means people working less hours with productivity improved with 30% saying the four-day work week will be the norm, while 31% believe they could already achieve in four days what they accomplish in five.
Indeed data shows that an increasing number of employers are offering a four-day week. While still only less than 1% (0.8%) of job postings on Indeed mention a four-day week, this has risen 166% from just 0.3% in 2018.
Fair pay and flexibility are defining factors but good and better work is different for everyone
Fair pay (39%), flexible hours (36%) and job security (31%) are the top reasons that 89% of UK workers think they have a “good” job. Whereas just under a quarter (24%) say it’s because of where they can work.
In fact, fully remote workers are the least satisfied with their jobs, with almost 2 in 10 (17%) believing that their work isn’t “good”. And when it comes to what would make UK workers’ next job better than their current one, only 14% cite more remote working opportunities as a factor.
Engineering and architecture workers have the highest job satisfaction with 95% believing they have good work, while retail workers are least happy (82%) followed by manufacturing and utilities (83%). Workers in large companies (over 500 people) are least likely to believe that they have a good job (85%).