Offering high-performing employees variety and freedom rather than more money could be the key to retention, a survey has found.
The study by outsourced employment provider Parasol showed that skilled professionals who have left ‘traditional employment’ to embark on a career in freelancing and contracting view lifestyle benefits as the main attraction of their new working arrangement. More than 70 percent of respondents cited lifestyle factors, such as the freedom and flexibility on offer (38 percent), the variety of working on different assignments (21 percent) and work-life balance (12 percent) as their favourite thing about being a contractor or freelancer.
Just 29 percent said earnings potential was the principal advantage. The emphasis on lifestyle factors over money was most pronounced amongst contractors and freelancers working in digital, media and creative. Just 24 percent of respondents working in these sectors answered that earnings potential was their favourite thing about contracting.
The survey suggests that a slightly higher proportion of contractors working in engineering and manufacturing, IT and technology and pharmaceuticals and life sciences are motivated by money. Between 30 percent and 32 percent of contractors working in each of these sectors said earnings potential was the biggest draw for them. Parasol managing director Derek Kelly said: “These results will make interesting reading for business owners and HR professionals keen to retain their best employees. “In many cases, individuals are driven to embark on a contracting career by a determination to enjoy greater flexibility and an improved work-life balance.
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