Flexibility: The New Currency in Reward Strategy
Flexibility: The New Currency in Reward Strategy
In today’s changing job market, flexible working has gone from being a temporary response to the pandemic to a core part of how companies think about rewards. While some political figures, like Nigel Farage, argue that remote work hurts productivity and want to get rid of it in certain councils, many organisations see things differently. For them, flexibility isn’t a drawback, it’s a way to stay competitive in the search for talent.
Julia Turney, Head of Platform and Benefits at Barnett Waddingham, says flexible working is now “a core tenant of the war for great talent.” It’s no longer just about making things easier for employees, it’s about offering something they truly value. More and more employers are starting to see that flexibility can be just as important as salary.
A Generational Game-Changer
Young people are playing a big role in this shift. Research from Barnett Waddingham shows that over one in ten 18 to 24-year-olds see flexible working as the most important workplace improvement. With nearly a million young people in the UK currently not in education, employment or training (NEET), their priorities are hard to ignore.
Flexibility could be what brings this generation back into the workforce and helps them build long-term careers. For people working in reward and benefits, this means that focusing just on salary isn’t enough anymore. More complete strategies that support work-life balance are becoming essential, especially when it comes to attracting and keeping younger talent.
Flexibility Has to Work for Employers, Too
Of course, flexible working shouldn’t only benefit employees. It has to make sense for the business as well. Turney points out that companies need a data-led approach to make sure their flexible working models actually support their goals. That includes:
- Setting clear and measurable goals for how flexible work is used
- Tracking productivity and collaboration across in-person, remote and hybrid teams
- Studying how work patterns affect teamwork
- Regularly checking in on engagement, retention and performance
Instead of jumping on trends, reward professionals should be using real data to guide their decisions. The structure of flexible work policies should be based on what the numbers show, not on guesswork.
Communication Matters
Turney also highlights how important it is to communicate clearly. Too often, flexible working policies are rolled out or removed without much explanation. That kind of confusion can hurt trust and lower morale.
“If the model proves successful, it can bring real value to both the business and its people,” says Turney. “If not, employers should explain why it isn’t the right fit and highlight the other benefits they’re offering.”
Talking about flexibility as just one part of a larger reward package can help manage expectations and show that the company’s values are consistent. It also helps build trust between employees and leadership.
Planning for the Future
Given the current economic uncertainty, reward strategies need to be smart and adaptable. When flexibility is backed by good data and thoughtful planning, it becomes more than just a perk. It can drive better performance, stronger engagement and improved retention.
The reality is that employee expectations have shifted. Companies that don’t take flexible working seriously risk falling behind those that do.
By giving flexibility the same level of attention as traditional pay and benefits, employers can build a modern reward strategy that works for today’s workforce and supports long-term business success.