Businesses of all sizes are facing difficulties when it comes to recruiting new staff, with 66% of large businesses and 62% of medium businesses struggling to find the right staff to fill their vacant positions. The result? Significant skills shortages that are having an impact on companies’ day-to-day operations – and their bottom line. Of all the reasons that were hindering the companies’ abilities to find staff, research showed that 79% of employers noted a lack of applicants as the key factor, reinforcing the effects that our current low unemployment rates are still having. So what else should we know about the job market and how we can leverage the current preferences of job seekers?
Understanding What Job Seekers Want
First thing first: at present, with the skills shortage and low unemployment rates, many job seekers have a wide range of options and notable negotiating power – and they’re placing an unprecedented emphasis on benefits when choosing their next employer to enhance their quality of life. This shift in priorities is driven by several key factors:
- Our elevated cost of living: the average cost of living increased by 7.7% in the 12 months to March 2023, according to Stats NZ – and up to 8.7% for high-spending households. A big driver here is food, which increased by 12% on average across households. Add our high-interest costs for mortgage holders, and it’s no surprise that employees are seeking employers who offer benefits that clearly alleviate financial strain. This means that aside from salary, providing support for health and well-being is no longer just a perk, but a necessity and very serious consideration for many when choosing a new place of employment.
- Work-life balance: having just gone through the intense lockdowns that the pandemic brought, the experience many employees had during this time has reshaped the way they perceive work – and what they believe is possible and realistic for their role. As such, they are looking for employers who are happy to offer flexible work arrangements and support their work-life balance in some ways. Beyond financial compensation, they seek a supportive work culture that fosters a sense of belonging.
- It’s a competitive market: due to the state of the job market, and knowing about the packages that may be on offer at other companies or to former colleagues, if employees feel undervalued or unsatisfied with their overall package including their benefits, it’s fairly simple for them to explore other opportunities.
Unlocking The Power Of Benefits
A big mindset shift is occurring for employers as they figure out how to successfully navigate this new employment landscape: and that’s that benefits as part of an overall package for an employee can’t just be an afterthought, but must be a pivotal element in attracting and retaining top talent. To leverage benefits to become an employer of choice:
- Take the time to understand the unique preferences and needs of your employees. Tailor your compensation and benefits packages to cater to today’s current needs, and ideally individual requirements. HealthNow, as a customisable solution, aligns perfectly with this approach by allowing employees to take control of their health and well-being in the way that suits them most – actively or preventatively.
- Review your health and wellbeing benefits, including monetary health aids, private health insurance, gym memberships, life insurance, kiwisaver contributions, paid sick leave and more. These benefits not only provide employees with financial security but also peace of mind, making them feel valued and supported.
- Review what is possible in terms of offering flexible work arrangements, which are currently highly coveted. Many prospective employees are seeking hybrid working conditions that offer them greater control over their work schedules. HealthNow complements this trend by enabling employees to access health services when and where they need them, across both New Zealand and Australia.
- Career development through training, courses, and qualifications is still a win-win for both employees and employers – and employees understand that greater skills and qualifications support pay increases in the future. For employers, it fosters a skilled workforce and boosts productivity. Employees are more likely to stay with employers who offer formal learning programs. HealthNow can be a part of this holistic approach, emphasising employee development and well-being.
Why HealthNow Is An Asset In Today’s Job Market
HealthNow is not just a health benefit; we see it as a transformative solution that empowers employees to take control of their health and well-being by promoting healthcare autonomy. By offering HealthNow as a part of your benefits package, you can position your organisation as an employer of choice in the 2023 job market. Here’s how HealthNow aligns with what employees value most:
- HealthNow empowers employees to proactively manage their health and well-being. It offers financial support for health needs, ensuring that employees have peace of mind, even in uncertain times.
- HealthNow allows employees to choose healthcare providers and services within approved categories. This flexibility aligns perfectly with the demand for flexible work arrangements, giving employees control over their health decisions.
- HealthNow complements learning and development initiatives by prioritising employee well-being. As employees feel supported in their health journey, they are more motivated and engaged in their work.
- Offering HealthNow also sends a powerful message about your company’s values. You care about and invest in employee health and well-being, fostering a positive work culture that resonates with today’s workforce.
Getting Started With HealthNow
Getting started with HealthNow for your organisation is made incredibly simple by our team. We set your employees up according to your needs and budget, with one-on-one support anytime you need it. HealthNow is purposefully designed to also save you time and administrative hassle compared to other health benefit options. You’re in control of the service categories to approve, and you aren’t charged for any unused funds within a calendar year. Get started with HealthNow here, or you can request a demo by filling in the same form.
You can also read more about the meaningful employee benefits in today’s job market that can help differentiate you as an employer of choice by reading our comprehensive 2023 Employer Market Report here.