What benefits are most valued by employees?

New whitepaper sheds light on where organisations might best refocus their wellbeing efforts

What benefits are most valued by employees?

Amid talk of a mass talent exodus, new research from Gallagher’s Benefits and HR Consulting Division sheds valuable light on where organisations might best refocus their wellbeing efforts.

What benefits are most valued by employees, and what is currently being offered?

  1. Flexible working
  2. Superannuation top ups
  3. Career development programs

It’s unsurprising that flexible working was the most highly valued employee benefit but there is a trend away from superficial perks such as shopping discounts towards more ‘whole of employee’ options like career development.

Dr James Allen of Gallagher’s Benefits and HR consulting division told HRD, “too often speaking with clients we hear of wellbeing or benefit strategies that are implemented with the best intentions and at significant cost but fail to be utilised by employees. Engaging with your workforce to understand what is important to them can provide compelling and practical suggestions around where you can focus discretionary spend or, equally identify benefits that are currently offered that the workforce just isn’t seeing as important.”

As the competition for talent continues to strengthen, a more dynamic and targeted approach is called for to ensure organisations remain attractive to both current and prospective employees. 

The impact of wellbeing

The core outcome metric of the report is wellbeing, and the data reveals an opportunity for employers to step up their efforts – 25% of survey respondents said they had unfavourable wellbeing programs and employees with more positive wellbeing programs showed stronger engagement, lower absenteeism, and higher intentions to stay.

A third of employees have taken time off to tend to wellbeing in the last month but half of the survey respondents said they hadn’t taken wellbeing time off when they should have.

“People are continuing to work when they are not as productive, or even fit for work, which raises risks for the individual and the organisation,” said Allen.

Remote workers are engaged, but…

Remote employees rated their engagement higher than their onsite counterparts. The implications though, are more nuanced than ‘remote is the way to go’ especially since remote working is difficult in face-to-face industries.

The strongest drivers of engagement are centred on leadership support, the organisations wellbeing program, and connection to the values of an organisation. While remote working is the main driver for employees, leaders must give consideration to the support and connection of remote workers. 

Your people care that you care

The survey found a strong link between engagement and wellbeing and the frequency an organisation sought feedback from their employees.

“This emphasises the importance of regular check-ins with your employees,” said Allen.

The data also revealed that employees are more confident with changes made as a result of the surveys.

“This tells us that asking employees for feedback around their wellbeing – even in an ad hoc way – has a positive impact on the employee experience. Organisations need to listen to employees, show an interest, ask these questions, and take action, because if they don’t, there’s likely to be quite an impact on people’s experience at work.”

“A real focus for organisations is what do we need to do to attract, retain and keep employees motivated and engaged?” said Allen. “This research provides a great foundation to assist organisations to first understand and then address those challenges.”

Read the full whitepaper here

Recent articles & video

Size matters: FWC considers employee count in unfair redundancy claim

'Not required on site': Worker claims constructive dismissal

Australia urged to tax businesses replacing workers with AI

One in 10 Australians juggling multiple jobs: report

Most Read Articles

'I will not be performance managed again': Worker tears up PIP in front of HR partner

Misconduct discovered post-dismissal: Can it affect redeployment decisions?

Nearly 4 in 10 Australians working onsite full-time: report