Commission structures and high salaries are enticing benefits employers can offer to attract and retain top talent, however as an employer, there are times when you can't always offer competitive monetary incentives. While you might think this puts your organisation at a disadvantage, a recent survey by SEEK revealed that 24% of Australians say that in addition to salary, employee benefits play a large role when deciding on where they want to work. The SEEK survey identified the top benefits that employees find the most attractive:
Flexible working hours
Flexible working ranked #1 as the most desirable employee benefit. Offering employees flexible working hours can allow them to balance their career with commitments in their personal life -promoting a better sense of work-life balance, and leading to heightened employee job satisfaction, wellbeing and even retention rates. Flexible working can also help to create a more inclusive culture, casting a wider net to attract diverse talent and improve workplace performance outcomes.
Time in lieu
Time in lieu came in as the second most sought after non-monetary employee benefit. Time in lieu allows employees to gain back the additional hours they put in at work as time off, rather than not being recognised for the overtime they have put in (this obviously excludes paid overtime). Time in lieu rewards employees for their hard work, and provides more opportunity for work-life balance, allowing more time to spend with friends and family throughout the year.
Work from home
The opportunity to work from home is an attractive benefit to many employees, whether the arrangement is full-time, several times a week or only on occasion. Allowing employees to skip the dreaded commute (particularly if it is a long one) and work in their own environment, is proven to increase employee productivity, engagement and overall happiness.
Work from home arrangements can also reduce the amount of sick leave employees take, with many employees preferring to work from their home rather than take a day off when ill with less serious conditions like the common cold.
Health insurance
Discounts or access to health insurance was the fourth most popular non-monetary incentive identified by the survey. It is becoming more important than ever to invest in employee physical and mental health, and providing such initiatives can help to improve employee engagement. A well employee is a happy one – and discounts or access to health insurance can help to ensure just that, reducing absentee rates and increasing employee morale.
Upskilling support
Opportunities for upskilling, professional development and paid training came in next on the list. In fact, opportunities for professional development and training, or a lack thereof, can be a major driver in an employee's decision to stay with or join an organisation. A recent survey conducted by SEEK revealed that two-thirds of Australian employees are looking to upgrade their job skills in the next 12months. This was particularly important to millennials (72% saying they are likely to upgrade their skills this year) and Baby Boomers (39% stating they are looking to upgrade their skills over the coming year).
Upskilling or development training allows employees to learn and refine skills, keep up to date with industry trends, and focus on reaching their own specific career goals. Investing in these opportunities not only helps your employees to succeed but gives your organisation a competitive advantage by ensuring that your talent has the most cutting edge skills.
Interested in more employer advice?
At Paxus we have access to the best tech and digital talent in the market. Read our article on benefits that will help you keep your employees or contact us for a discussion about your workforce objectives.