If your company is relying on salary alone as the deal maker during your recruitment process, then it’s likely that you’re being grouped in the ‘majority’, not the minority that’s standing out in today’s job market. While salary is undoubtedly a pivotal factor in a person’s decision to accept a new role, many employers are missing the opportunity to make their offer more attractive by adding attractive employee benefits, which are currently being given a large weight due to the value they can add for employees – from greater flexibility in everyday life to further reduced financial strain amidst high-interest costs.
Specifically, surveys have shown that 70% of workers find the benefits offered extremely important when making decisions about their employment, and consider them carefully. This shift to focusing on benefits as a pivotal consideration during an employment offer has been driven by several key factors:
An Elevated Cost Of Living
The cost of living in Australia and New Zealand is soaring to record highs. To make ends meet, workers not only need a good salary but also benefits that can help alleviate their day-to-day financial strain. As such, employees have a greater interest in roles and employers who understand the economic challenges currently being faced and offer benefits that ease the financial burden in a simple and effective way.
A Competitive Job Market
It’s still a tight and competitive job market out there. Job seekers, armed with negotiating power and, for many, a range of employment opportunities, are more likely to switch jobs if they feel undervalued or dissatisfied with their remuneration and benefits package – especially when they hear what is currently offered in similar positions at other companies. As such, the ability to retain workers is incredibly vital for employers.
In a post-pandemic world where a large number of people have enjoyed the benefits of working from home, work-life balance has become a paramount consideration for job seekers. Employers who offer flexible work arrangements and other ’emotional salary’ benefits that support their personal lives, as opposed to benefits that only enhance their career, will be carefully considered and appreciated. A supportive work culture and a sense of belonging have become critical aspects of the employee experience.
The Most Valued Benefits In 2023
There’s no doubt that employees have diverse preferences when it comes to remuneration and benefits. While salary tops the list for most workers, others prioritise certain benefits based on their unique needs and circumstances. Employers are encouraged to understand the varied preferences of their employees and tailor their compensation and benefits packages accordingly.
In general, the most valued remuneration and benefits include:
- Salary: undoubtedly, this is the most crucial factor for most workers. They seek fair compensation for their work to maintain a decent standard of living.
- Performance bonuses: bonuses serve as rewards for employees’ achievements and performance. They can significantly boost income and motivate employees to excel.
- Flexible working arrangements: the demand for flexible work schedules is on the rise. Employees appreciate the control it gives them over their work-life balance, especially those with family responsibilities.
- Health and wellbeing: benefits related to health and wellbeing, health contributions or insurance, gym memberships, additional paid sick leave and the like have gained prominence. These benefits offer financial security in times of illness and contribute to peace of mind.
- Learning and development: career development through training and skill enhancement is a win-win for both employees and employers. Employees seek opportunities to improve their skills, while employers aim to develop a skilled workforce and boost productivity.
- Culture: company culture plays a vital role in attracting and retaining employees. A positive work culture, offering perks like free lunches, employee discounts, and stock options, can enhance job satisfaction.
HealthNow: A Breakthrough In Employee Well-Being
Knowing what employees want is one thing, and addressing these employee preferences is another essential. This is where HealthNow, an innovative health contribution solution, comes into play. HealthNow offers annual fund contributions for employees from their employers to use exclusively for health and medical services. These funds come without excesses, stand-down periods, or annual cost increases, providing financial security for employees. The way the funds are distributed and are able to be used autonomously is also well appreciated by employees, empowering them to take control of their health and well-being in the way that best suits them, including preventive care. This, in turn, has the potential to have massive benefits for an employer, including helping reduce absenteeism and presenteeism, and promoting overall well-being.
Employees are able to choose the healthcare providers and services they want within the approved categories, meaning staff can access healthcare when and where they need it without blockades. With HealthNow funds, employers also contribute to employees’ financial stability and peace of mind while sending a strong message about a company’s values – specifically, commitment to employee health and well-being, fostering a positive company culture.
You can read more about the meaningful employee benefits available in today’s job market that can help differentiate you as an employer of choice by reading our comprehensive 2023 Employer Market Report here.