When it comes to rewarding and retaining staff, financial incentives and benefits can be highly effective - however they are not always an option for employers. Recent research from leading job board SEEK has identified the top 5 non-financial rewards to help encourage employees to stay in an organisation, if more money and financial incentives are not an option. SEEK surveyed employees across the country, to bring together their wish list of non-financial rewards – and the good news for employers is that most can be implemented quite easily. According to SEEK's research, here's what employees said would make them stay, if financial rewards were not an option:
Flexible working hours
It is no surprise that flexible working hours top the list in terms of desired non-financial benefits for employees. This is as now more than ever, employees are juggling multiple commitments – particularly around family and work life balance. Providing flexibility around working hours is something that most companies are able to do quite easily - with no disruption to their business. Flexible working hours may not be viable for some roles where employees need to be in the office at particular times; however employers can consider offering flexibility where work can be undertaken at flexible times.
Extra annual leave
Just over a third of the employees surveyed (34%) flagged that extra annual leave would be something that would entice them to stay in a role - with a further 19% stating having their birthday off would be a huge bonus. While it is generally not feasible to provide employees with an extensive amount of extra annual leave, allowing employees to have their birthday off work may be something that you may like to consider. Although it may seem like a small action to take, it is often these small gestures that can make a great impact on employee happiness.
Monthly Rostered Day Off (RDO)
A Rostered Day Off (RDO) is when an employee works extra hours that add up over a set period, which is taken as an RDO. 23% of employees surveyed, and also a number of candidates monitoring the job market stated that they are significantly more likely to be kept happy with a monthly RDO. An option for a RDO may be something that you might like to consider for your employees, particularly because to give employees a RDO, the hours have already been worked to make up for the day – so it could be a no brainer.
Training and professional development benefits
Getting ahead and learning new skills is important to many employees, with 21% of people surveyed stating training and professional development would help to keep them in a role. Being challenged and feeling like the company you work for is willing to invest in you can increase employee satisfaction and engagement – making employees want to stay longer in a role. Professional development may take the form of providing employees with mentors within the organisation to help them develop their career, encouraging employees to attend online webinars, or you may decide to look outside your organisation and invest in some external training and development.
Work from home opportunities
SEEK's research also uncovered that 21% of employees surveyed would value more work from home opportunities. According to the research, working from home is more likely to appeal to females (29%) than males (14%), and Gen X (23%) than Millennials (19%) and Baby Boomers (18%). With most companies now having the technology and infrastructure to facilitate work from home options, giving employees the opportunity to work from home is now a more viable option, and easy to be implemented.
How we can help
Paxus can help you put your best foot forward, and find you the best technology and digital talent in the market. We can also help you articulate your employee value proposition, including the financial and non-financial benefits you offer employees. Contact your local Paxus branch to talk about your next up and coming role, and how we can help connect you with the best technology and digital talent in the market.