When it comes to the job, it’s not just about the salary. So what are the most popular non-salary perks in Australian workplaces and how do yours stack up?
As an HR professional you may be in the frontline when it comes to offering job perks and employee benefits to entice potential employers to join and to maintain engagement with your organisation. As professionals look beyond salary as the primary measure of employment, a strong benefits and perks package is crucial for keeping your best people around – and recruiting more top talent to join your team.
A survey from recruitment agency Robert Half revealed the most popular workplace perks that are offered by Australian business to employees. And according to the results, a massive 62% of employees actually considered non-salary related benefits more important than base salary when it came to accepting a job!
- Flexible working conditions
COVID-19 situation aside, flexible working conditions such as the ability to work remotely or flexible working hours was the most popular non-salary related bonus at 84%. As a result of COVID-19, flexible working has become the new norm for Australian employees with many companies shifting to remote working.
There’s no doubt that once we fully emerge from COVID and the year that was 2020, the expectation of flexible working options from employees will rise, particularly if it has proven successful during lockdown. If the growing number of empty offices in CBDs is anything to go by, this looks likely.
- Wellbeing and health programs
Availability of wellbeing and health programs was ranked as the next most important at 60%. Once viewed as extravagant company perks, wellness programs have gained steam among workers in recent years. Whilst flu vaccinations, fruit bowls and gym memberships may have been priorities prior to COVID, now preventative mental health and financial wellbeing programs are gaining in importance.
In the US, sixty-five percent of employers said they offer financial wellness resources. Employee’s say financial wellness programs demonstrate that their employers care about them. According a Prudential workers survey, around 6 in 10 say they are more committed to their employer, and more productive at work, when their employer demonstrates this commitment. Offering financial wellbeing initiatives may also help you attract better staff. A survey undertaken by Barclays noted that 38% of employees said they would move to a company with a strong financial wellbeing initiative.
Bonuses is ranked almost alongside wellbeing and health at 60%. As COVID puts a squeeze on business cashflows, this may not be as available as the go-to option it once was.
- Paid leave options
Options such as paid parental leave, long service recognition and increased holiday allowances followed not far behind at 58%.
- Company paid mobile phone
Top 5 benefits are rounded out by the company paid mobile phone at 56%.
An earlier Glassdoor Employment confidence survey found that 79% of employees would prefer new or additional benefits to a pay increase. A higher percentage of women (82%) to men (76%) held this preference, with its popularity also higher among younger employees (89% aged 18-34 and 84% aged 35-44) compared to older (70% aged 45-54 and 66% aged 55-64).
According to a study undertaken by Limeade (employment engagement company), when you give employees a wage increase, this boosts engagement on average by 15%. Providing financial wellbeing benefits shows employees that the organization cares about them as individuals, inspiring loyalty and motivation, and increasing engagement by an average 38%.