Non-financial work benefits tightening for employees

The number of employers offering the non-financial benefits employees want has fallen, in tandem with a reduction in the value of salary increases year on year.

The most popular of these benefits to take a hit include flexible work practices, career progression opportunities and ongoing learning and development.

In addition to these benefits, offering financial support for study and payment of employees’ own device usage charges at work have also fallen, according to the Hays salary guide for the 2019/20 financial year.

Only three non-financial benefits were offered by more employers this year compared to last: health and wellness programs, over 20 days’ annual leave and a day off for staff’s birthday.

The overall drop in the number of employers offering the top benefits adds to candidate attraction and retention challenges, which are already heightened in response to subdued wage growth, Hays managing director in Australia and New Zealand, Nick Deligiannis said.

More than half (53 per cent) of 4.7 million employees surveyed are, in fact looking or planning to look for a new job in the next 12 months due to a lack of promotional opportunities.

Other drivers of these job searches are a lack of new challenges (42 per cent), an uncompetitive salary (41 per cent), poor training and development (27 per cent) and poor work-life balance (27 per cent).

“With flexibility now seen as standard, employers must think beyond compressed working weeks or staggered start and finish times to stand out and attract and retain the top talent,” Deligiannis said.

“Think about what other genuine work-life balance solutions you can offer to appeal to a wider range of candidates.”