What perks would employees be willing to take a pay cut for?

Think of an issue, any issue, and it likely boils down to one thing – money. Money is often why wars are started, why couples fight, and why businesses succeed or don’t. You get the picture.

But for employers considering the work/life balance of their employees, is money everything? A new Linkedin Workforce Confidence Index looks at this issue. What they found was that 46% of employed Americans don’t want their pay altered in any way for comparable benefits or work/life balance perks.

Interestingly, half of those surveyed said they would trade between two and five percent of their paycheck if their employer or a new job could upgrade their work lives in one vital direction.

Related: 5 top benefits Gen Z are looking for when job-hunting

Often, younger workers were more likely to sacrifice pay for a better environment. Millennials, aged 25 to 40 and Gen Z, ages 24 or younger, were most likely to give up money for other things. Gen X, aged 41 to 56 and baby boomers, aged 57 or older are happy not changing a thing. And what are those things younger workers would trade for? Often (33% said they would want), “more enjoyable work,” or “better work/life balance” instead of pay.

Flexibility to work onsite or remotely also is uniquely compelling to millennials. Some 36% of them are willing to take a pay cut here, the most of any generation. In fact, according to a recent New York Times article, companies like Verizon, JP Morgan and PwC are looking at flexible work arrangements and/or permanent arrangements where employees can work from anywhere – not in a physical office.

For Gen Zers, the most tempting trade-off involves “a stronger chance to grow in the role.” Forty percent of them were willing to sacrifice some pay for such opportunities, well ahead of other generations’ 20% to 32% showings.

For employers still considering how to lure workers in a tight labor market, non-cash benefits and strong work/life balance options might be the way to go.

Read more: 

• Employees want more benefits to improve work-life balance
• Attract and retain talent through increased employee benefits engagement
• Flexibility, remote work still top priorities for workers