- A JP Morgan Chase study reveals that 55% of Americans experience serious monthly variations in income, reports Korn Ferry. Pay can fluctuate as much as 30%. The study shows workers want stability in their work schedules, as well as their pay.
- Korn Ferry cites a 2016 Princeton-Harvard study showing that workers are willing to take as much as a 20% pay cut if it guaranteed continuity in their work schedules. However, less pay isn't as big a sacrifice as it once was; employees now rank compensation behind culture and career opportunities.
- The JP Morgan Chase study indicates that many workers can't handle a decrease in pay greater than $500 a month, but some are willing to take a lower wage for a steady paycheck in the long run.
Workers want stability in unstable times. Korn Ferry notes that businesses have had to make quick and sudden adjustments to their operations, which, in turn, creates uncertainty for employees. Don't underestimate the worth of a standardized schedule and pay scheme in engagement and retention.
Most employees would be willing to take home less pay if various workplace conditions are met, such as more trust, employer empathy, autonomy, and flexible work schedules. But some states are in the process of creating laws that ban certain unstable scheduling practices, such as "clopening," giving employers extra incentive to standardize scheduling practices.
Periodically polling employees and inviting their feedback on workplace issues demonstrates interest in and respect for them and their contributions to the organization. Retention tends to increase when work-life balance is more respected, leading to gains for the company overall.