Benefits are an elusive term here in Australia. They can mean anything from a fancy coffee machine to discounted or even subsidised health insurance. It can therefore be frustrating for employers to constantly read that employee benefits are on the rise without a clear indication of what benefits are coveted by employees.
We get it. In a recent Australia-wide study conducted by YouGov Galaxy for Employment Hero, we asked employees what benefits they’d most like their employers to provide and from the findings created a top ten list.
The most popular benefit? Flexible work, which won by a landslide! Our data reveals that flexible work is a key consideration for employees in all aspects of their work life. Indeed, in this case 59% of employees said they would like their employers to offer flexible work.
The good news is businesses of any size can easily adopt flexible work policies, a move that will likely make them immensely more attractive to potential candidates and increase the loyalty of current employees.
Other top ranking benefits demonstrated financial value for employees ( discounts on electricity and water) or spoke to some aspect of wellness and personal improvement (continued education options). Overall, it can be seen that the benefits employees most desire are those that improve work-life balance, offer financial savings and promote personal growth and wellness. There you have it, not a ping pong table in sight (although we must confess we do have a ping pong table at Employment Hero HQ and it is fun).
The Top 10 Benefits Employees Would Like Their Companies To Provide
- Flexible working 59%
- Discounts on electricity, gas and water 32%
- Continued education options 30%
- Petrol discounts 29%
- Free meals 27%
- Supermarket discounts 26%
- Mental wellness initiatives 26%
- Subsidised massages, yoga and gym memberships 25%
- Special company deals on loans, mortgages, health insurance 23%
- Discounts on mobile phone and data services 22%
Here’s a chart with the results you can save for your future reference:
A demographic breakdown of our data showed that flexible working conditions are especially important to female employees (62%) and part-time workers (63%). It also found that those on lower incomes (64%) found flexible work to be more desirable than those on higher incomes (54%). This echoes data that shows those on lower incomes are more likely to take flexible work into serious consideration before accepting a job offer, whereas those on higher incomes are more likely to place more value on remuneration.
High Vs Low Income Workers
Flexible working is a point of difference between high and low income workers but other than this, desires align between both groups when it comes to employee benefits.
Intrigued by these stats? Click here to read the full report.
Want to learn more about how you can fit employee benefits into your work culture? Register for our complimentary HR Resolutions webinar on Wednesday November 28th at 2pm (AEDT).
Download our guide to engaging employees to learn more about how you can attract, engage and retain your staff.