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Non-salaried perks have seemingly sky-rocketed in employees’ priority lists, with a number of workers hoping to boost their pay packet with financially satisfying perks.
Although the recent real wage growth highlights an increase of money entering the pockets of workers across Australia, a number of employees still have their eyes set on boosting their overall pay packet by way of financial job perks.
Randstad’s Workmonitor research, which surveyed 27,000 workers in 34 markets, found two in five (39 per cent) Australian workers stated they wouldn’t take a job if it didn’t provide the benefits they want. In particular, they say annual leave (83 per cent), healthcare (48 per cent), and parental/carer leave (52 per cent) are important to them.
As job mobility stalls and the skills gap continues to be a major concern for Aussie organisations, having incentives such as benefits that can lure talented workers or retain valuable employees should be an utmost priority. Yet, in reality, benefits have only improved for one in four (26 per cent) Australians in the last six months.
“Our research reveals Australian workers have moved beyond superficial perks like snack bowls or the occasional pub outing. They want benefits that help improve their work/life balance and supplement their pay packet,” said David Owens, founder and managing director of HR Partners by Randstad.
Some organisations are already making strides in this space in an effort to retain and attract talented workers.
Webjet recently introduced salary packaging for tools of trade and novated leasing, which lets employees pay for a new or used car and its running costs from their pre-tax salary. It also offered its employees different perks, such as free annual travel insurance, a $250 Webjet e-gift card to use for holidays or share with family, and discounts on flights, hotels, and car hire.
Another organisation that is stepping up its employee benefits game is Google, which offers financial reimbursements for family-building expenses, paid baby bonding leave of 18 weeks to all parents regardless of gender and 20 days of subsidised backup care per year for the days when Google’s regular childcare falls through.
From extended leave to comprehensive healthcare and free lunches, employees increasingly expect holistic packages that directly improve their day-to-day experience, and many are unwilling to accept roles without the right offer.
“This shift in expectations should send a strong message to businesses struggling with recruitment and retention, especially in a tight job market with skill shortages. To stay competitive, employers must thoughtfully redesign their benefits packages by consulting employees and tailoring offerings to meet their specific needs – ensuring these benefits have real impact,” said Owens.
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Benefits include any additional incentives that encourage working a little bit more to obtain outcomes, foster a feeling of teamwork, or increase satisfaction at work. Small incentives may have a big impact on motivation. The advantages build on financial rewards to promote your business as a desirable employer.
Kace O'Neill
Kace O'Neill is a Graduate Journalist for HR Leader. Kace studied Media Communications and Maori studies at the University of Otago, he has a passion for sports and storytelling.
