The Importance Of Work-Life Balance
New research conducted by Hays has found that work-life balance has become an increasingly important factor in terms of what UK workers are looking for in relation to their jobs.
The new report by Hays found the following:-
- 33% of UK workers regard work-life balance as the most important factor when deciding whether to accept a job offer or stay in their current job
- 56% of workers would consider a job with a lower salary, should that role offer a better work-life balance
- 41% of workers hold the view that more flexible working hours improves work-life balance
The results from the Hays survey on the issue of work-life balance reinforce the findings from other recent research. For instance:-
- A report from Aviva found that 41% of workers regarded work-life balance as the principal benefit of their current role. In contrast, just 36% of workers viewed their salary as the main appeal of their job. The research also found that more women cited work-life balance as the main benefit than men (44% - 34%). Other important factors amongst the respondents to the survey included location (31%), career progression (24%), culture (19%), and reputation (18%). Nevertheless, whilst work-life balance was the most important consideration overall, the main factor amongst men was pay (43%), and amongst women it was the availability of flexible working (45%)
- A survey conducted by CIPHR found that 67% of workers viewed work-life balance as the most important aspect of a job. This consideration came in ahead of pay and benefits in second place (59%), and job security in 3rd (57%). The survey, like the Aviva research, found that more women than men regarded work-life balance as the most important factor (70% - 65%)
- Research conducted by Small Business Prices found that the UK ranked 11th out of 37 countries in their 'work-life balance index', with the Netherlands topping the index. The UK had a 'happiness score' of 7.06, compared with 7.46 for the Netherlands. It is interesting to note that whereas the average Netherlands employee works 29.5 hours per week, the average UK employee works 36.3 hours per week. Moreover, whilst the average UK worker earns £18.23 per hour, the average Netherlands worker earns £28.00 per hour.
Inflation Falls Slightly
Further to a recent article of ours, the latest report from the Office for National Statistics (ONS) has found that inflation (as measured by the Consumer Prices Index (CPI)) fell from 10.7% in November 2022, to 10.5% in December 2022. One of the main factors behind the reduction was the fall in fuel prices.
Commenting upon the findings, the ONS report states: "The easing in the annual inflation rate in December 2022 principally reflected price changes in the transport division, particularly for motor fuels. There were also downward effects from clothing and footwear, and recreation and culture. The largest, partially offsetting, upward effects came from restaurants and hotels, and food and non-alcoholic beverages."
Moreover, the inflation rate for transport costs, including fuel costs, fell for the 6th consecutive month from a high of 15.2% in June 2022, to 6.9% in December 2022. The decline in fuel costs has been the main factor behind the fall, with the average price of petrol falling from £1.9143 per litre on the 1st July 2022 to £1.4858 on the 20th January 2023.
Commenting upon the fall in inflation, the Governor of the Bank of England, Andrew Bailey stated: that it was "the beginning of a sign that a corner has been turned."
Pointing out that the recent substantial falls in wholesale gas prices had not yet fed through to the inflation rate, Bailey added: "that is encouraging . . . It does mean there is more optimism now that we are sort of going to get through the next year with an easier path." Indeed, Bailey predicted that inflation was likely to fall "quite rapidly."
