Survey shows 'importance for companies to promote the monetary and non-monetary incentives, benefits and perks they offer'
Expensive birthday presents, additional leave, mental health support and generous corporate hospitality opportunities and events are some just of the additional benefits employers must throw in to keep staff happy and loyal.
A recent Robert Half survey revealed that approximately two-thirds of candidates (63%) are accepting employers job offers due to the additional benefits that they offer.
“We offer our employees competitive salaries, birthday leave, $150 birthday presents, generous paid parental leave, mental health support, good work rewards and generous corporate hospitality opportunities and events,” Andrew Branson, CEO of More and Tangerine, said.
“If our employees are happier, they will be better performers on the job.
“This is in addition to hybrid working, including having fully remote employees based around Australia.”
Flexible work popular
The Robert Half survey revealed that flexible work (60%) was the most popular benefit offered followed by mental health programs (55%), remote work options (52%), extra paid parental leave (50%) and wellness programs (48%).
“While salary is essential to candidates given rising costs and inflation, jobseekers evaluate the entire compensation package, highlighting the importance for companies to promote the monetary and non-monetary incentives, benefits and perks they offer to attract (and retain) top talent,” Andrew Brushfield, Director at Robert Half, said.
“Offerings that help employees enhance their quality of life and work-life balance, as well as achieve long-term career development (such as wellness initiatives and training opportunities), commonly get people through the door and can bridge the salary gap.”
More benefits on the way
Employers interviewed stated that benefits were here to stay, with 70% indicating that they plan to increase their benefits package in 2023 to attract and retain talent — with an early afternoon finish (30%) and a compressed working week (29%) being the two most popular benefits being planned.
“We offer flexible working within a hybrid model, sick leave, time in lieu and customisable working weeks such as a Tuesday to Saturday schedule if it suits our employees better,” David Madigan, co-founder of Naturally Elevated said. “This is along with staff discounts, allowances and benefits and immersive training sessions and team days where we come together to spark ideas and learn collectively.
“We encourage our employees to make the most of their paid annual leave as they see fit, whether that’s some longer weekends here and there or all at once, and naturally this is a popular benefit.”
Employee benefits will only increase with time as a new era of work is upon us including momentum gathering for a four-day working week. Employees are not looking backwards, just forwards with innovative plans to help them undertake core work, while also finding time to participate in family and fun activities.
“Perks and benefits are expected to remain an integral part of a remuneration package — and many employers are expanding their offerings to bolster employee recruitment and retention. Salaries will not rise as much or as rapidly as they did in the past 18 months, so employers are turning their attention to providing more robust and inclusive perks and benefits, alongside competitive compensation,” Brushfield said.
“Businesses are increasing their focus on employee wellness and offering financial, mental and physical health benefits. While health coverage has always been an in-demand benefit, businesses are investing more resources in providing employees with access to counselling services, family and caregiver support, self-care, and more.”
The Robert Half Survey also revealed that some Australian employers are planning to extend the provision of commonplace leave entitlements, such as extra paid annual leave (27%), paid parental leave (27%) and a leave of absence or sabbatical (25%), while others intend on offering paid domestic violence leave (27%) and paid menopause leave (25%) to employees.
The future of work is here and employers need to think of innovative benefits to keep employees happy, motivated and keen to stay.
