For most employees, money is not the first answer when asked what makes them happy at work. Oddly however, both employees and employers have always focussed primarily on money during the hiring process, or at least until recently, that is. Increasingly, we are seeing individuals prioritise flexibility over money. This is not, as the press would have it, primarily a post-lockdown effect but is part of a long-term trend.
When I moved into legal search work well over a decade ago, we used to dread an otherwise superb candidate saying, inevitably at the end of the conversation, “I would like to work three or four days a week”. We knew that for almost every firm, that would be a deal-breaker.
Change started with flexible working initiatives like “Lawyers on Demand” from Berwin Leighton Paisner (BCLP); “Vario” from Pinsent Masons, and “Peerpoint” from Allen & Overy. At about the same time, virtual law firms sprang up Keystone and Gunnercooke – to name two of the more successful examples. Firms are no longer competing with each other for talent – they are now competing with a new breed of entity that allows people to work when they want and choose how much they earn based on the time they are prepared to commit and their need for income.
While these alternative models are not for everyone, certainly not for people who require a predictable pay-cheque each month, they do offer a model of a flexible working life that recent events have suggested could be available in some form to all.
Most of my generation were brought up to see work as something to be endured rather than enjoyed. The current wiser generation want to be challenged and stimulated, and are far less willing to endure excessive work or unpleasant working conditions – and good on them!
Happy employees are more productive – they enjoy being at work and contributing to the success of the business they are in. They tend to seek out opportunities to add value rather than work to rule. In addition, they tend to be very loyal to their employer and are unlikely to have their head turned by an offer of more money. So what is more important than money? What will make employees happy?
The answer seems to be:
Having a good boss. Someone who cares about their development and success, and who gives credit for good work rather than taking it.
Having autonomy. The freedom to explore, to make mistakes and to be creative.
Variety. Grinding through the same task over and over with the eventual hope that you will become faster at grinding is no one’s idea of a fun career.
Maintaining a healthy work/life balance. Working hard is fine but leaving time for a life is now mandatory.
Financial fairness. Whilst money may now be less of a priority for happy employees, the perception of being underpaid or unfairly paid for the work at hand can certainly undermine other positive aspects of the working environment.
Founded in 2004, Jepson Holt is a specialist legal search firm providing executive search solutions to global, national and regional law firms, and support to lateral partners and associates looking for opportunities to grow and develop their practices.
Tel: 0203 9744446
Email: info@jepsonholt.com
