We've been doing a lot of research lately on people trading income and income stability for greater work autonomy, control and flexibility.
But the desire for more work flexibility goes beyond just independent workers (freelancers, self-employed, contractors, etc.).
According to the Washington Post's Companies have found something to give their workers instead of raises:
More businesses are upping their spending on benefits such as one-time bonuses, health care and paid time off, according to recent survey data. Many are rolling out perks such as free gym membership, commuting subsidies, even pet health insurance ... Often, those benefits are being provided in lieu of higher salaries.
Companies say they are catering to the growing workforce of millennials who seem to prize short-term flexibility over long-term financial security
The key article quote comes from a 25 year old project manager who got extra time off instead of a raise:
“Would I like to make more? I think everybody would like to make more,” said Chandler, who is expecting her first child next month. “But for me, what I liked most about it was the flexibility.”
I'm always fascinated by articles that say it's only millennials who prize work flexibility.
It's clear from a variety of research, including ours, that the desire for more work flexibility is not just a millennial thing. Pretty much everyone values it.
It also seems clear more people in all age cohorts are willing to trade income for flexibility.
Independent workers of all ages, for example, consistently tell us a key reason for becoming independent is increased flexibility - even if it results in lower and less predictable income.
Corporations are recognizing this and as this article shows, some are responding. Going forward we expect more corporations to offer "flexibility benefits" to help them attract and retain talent.