The balance between pay and employer expectations has become a critical factor in attracting and retaining top talent.

This is especially true in typically high-salary, high-intensity roles in the financial and professional services sector. In these roles, employers can be tempted to say that pay is sufficient compensation for an individual or group to sacrifice their wellbeing, time, and maybe even aspects of their personal life to meet targets. But in a world where employees value wellbeing, life outside work and opportunity in addition to salary – especially the youngest generation in the workforce, Gen Z – there needs to be a rebalancing of the 'give and take' when acquiring and retaining top talent.

An April 2024 report from employee benefits provider Unum highlighted stress as a primary factor influencing UK employees’ decisions to quit their jobs. According to the report, stress ranks just 1% below salary (79%) on the list of issues affecting employee turnover in the workplace. This statistic is a stark reminder that while competitive pay is essential, it is not the sole determinant of employee satisfaction and retention.

The concept of wellbeing in the workplace encompasses various aspects, including mental health, work/life balance and a supportive work culture. The same Unum report highlighted that less than half (49%) of employees agreed that their organisation has the necessary practices and services in place to effectively support their mental health. This gap in support systems is a significant concern, as it directly impacts employee morale, productivity and overall job satisfaction.

Moreover, the World Health Organisation estimates that 12 billion working days are lost every year to mental health issues such as anxiety and depression. This figure doesn’t only underscore the economic impact of neglecting mental health, it is useful for employers who may be unknowingly hindering productivity and profits.

For the first time, organisations today have five generations working together. Each generation values different benefits and working practices according to their personal circumstances. Organisations should be prepared to flex, where possible, to accommodate this.

Law firm Cripps’ June 2024 report, Beating bias: Fuelling female leadership, showed that nearly a fifth (19.8%) of senior female businesswomen saw lack of access to flexible working as a barrier to progressing to senior leadership positions.

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