Virgin Money says younger staff are prioritising flexible working over pay rises and promotions after seeing a surge of job applications since a move to new working practices.
New research from the bank - which has its main offices in Newcastle, Glasgow and Leeds - found that 46% of Gen Z-ers (16-24-year-olds) and 59% of Millennials (25–34-year-olds) consider flexi-time to be one of the most important aspects when applying for a job. More than eight in ten (81%) Millennials and three-quarters (75%) of Gen Z-ers want more choice around when and where they work, rating hybrid working as the preferred option rather than working in an office full-time.
Around 70% of both groups also believe that having a good work-life balance is more important than a good salary or climbing the career ladder. The research has come a year after the bank launched A Life More Virgin, which allows employees whose role is not dependant on a specific location the opportunity to work anywhere in the UK.
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Virgin Money still has its main offices in Newcastle, Glasgow and Leeds but has shrunk its office estate after the pandemic. It said that applications to vacant roles at the bank had more than tripled in the last year while employee attrition has halved. The company said the new working model has also helped to enhance the diversity of applicants, with people applying for jobs and highlighting protected characteristics such as ethnicity, sexual orientation and gender rising by 204%.
Syreeta Brown, Virgin Money’s group chief people and communications officer, said: “In 2023 we shouldn’t be forcing colleagues back into the office for a set number of days each week or expect them to be at their workstations nine to five.
“Although some industry leaders would say otherwise, that approach is long past its expiration date, and it seems the next generation of workers think so too. This research indicates that people feel healthier and happier when offered more flexibility, allowing them to bring the best version of themselves to work. They simply want employers to recognise that a better work-life balance can be beneficial for everyone, including the business itself.”
Virgin Money is one of many to have changed the way it works after the pandemic, with fellow North East bank Atom introducing a four-day week. Last month a trial of four-day working declared it a success, with almost all of the companies that took part saying they would continue with a shorter working week.
The majority of companies involved said business performance and productivity was maintained while employees reported lower levels of burnout with more time to manage childcare and other commitments. A study by Cambridge University and Boston College in the US found that levels of anxiety, fatigue and sleep issues decreased for employees while mental and physical health improved.
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