-1.jpg)
We first published this piece back in 2018, which is ages ago to most people. For most employers, 2023 is a quite different place to do business. But what we know hasn't changed is the value of skilled, loyal employees.
They are integral to the success of any organisation, because they know and understand your objectives and operations, work hard to contribute, and can help identify and pounce on new opportunities.
So it makes good business sense to do all you can to attract talented people and to keep them.
Having attractive employee benefits and perks as part of your employment packages is a great way to demonstrate that your people and their wellbeing matter, and that the company is invested in their success.
This gives your team members more reason to perform, boosting productivity, and improving employee retention and overall morale. The business will also be more attractive to other highly-skilled workers.
So what are the 5 best benefits and perks to offer your people?
1. Pay increases and performance bonuses
The popularity of various perks changes over time, but salary increases and performance bonuses remain the most effective benefits Australian employers can offer to attract, reward, and retain employees.
Of course, being in the financial position to be able to offer a pay raise or bonus to your best workers may not be a given (and there’s no legal requirement to give a pay increase unless you’re paying your employee less than the minimum wage!). But the conversation should still be on the table.
You might need to be creative and look at things like incentive plans that pay in shares in the company. This not only provides a great chance for employees to share in the company's success, it also gives them a lasting reason to help build it.
If you can’t afford raises or incentives, be honest. People will usually understand if the business has been doing it tough, and may well be fine revisiting the discussion at some later stage.
But if you muck them around or deny them a bonus on false pretences, don’t be surprised if your employee’s performance takes a dive and they start looking for new opportunities elsewhere.
2. Work-life balance
Maintaining a healthy balance between working life and other personal activities has become a top priority for most workers.
People have got used to working remotely and balancing work and personal responsibilities, and that change is here to stay.
Smart employers realise that every employee’s idea of what work-life balance means is different and that certain measures work better for some roles more than others, so it pays to provide a range of options to choose from.
It may be flexibility in working hours and location, part-time contracts, or the ability for workers to scale their hours up or down when they become parents, get older, or want to further their studies.
It does take some faith, flexibility, and commitment as an employer. But offering options that improve your employee's work-life balance shows you trust them and in return, you can expect increased performance and productivity, higher job satisfaction, and reduced absenteeism.
The good news is that Australia is in the top 5 countries on the global life-work balance index, by international employment and hiring company, Remote.
2.5. Employee wellbeing
Putting some extra effort into supporting employee wellbeing is a really important consideration. Employees expect their employer to take their physical and mental health seriously, whether they are working on-site or remotely.
Look to create a culture that is safe and inclusive and be open with your people about the company's situation, plans, and goals. Provide benefits that boost resilience and mental health, such as extra days off, health insurance, healthcare subsidies or health checks, and personal wellness programmes and education.
Having an Employee Assistance Program (EAP) that provides free, confidential counselling and support can really help employees deal with stress and problems, whether they are work or personal issues.
EAP services are also good to have in place if you’re considering making changes to the business that will affect team members.
3. Professional development
In our modern working lives, people need to be able to develop their skills and career, and employees increasingly expect the company they work for to provide an environment that encourages learning and progression.
Recent research by recruitment company, Hays, found that training, career progression opportunities, and ongoing learning and development were 3 of the top 4 benefits employees wanted in their employment packages. A lack of promotional opportunities was cause for 60% of employees to look for a new role.
By working with your team members on development plans, you provide a clear path for them to grow with the company. Remember to offer this to everyone in the company, not just managers and star performers.
Offering various options works best, as it will enable your employees to select the things that inspire them. For some, it may be gaining formal qualifications or completing online training. For others, it may be mentorship and coaching, attending workshops, or hearing from inspirational speakers.
4. Increased leave
Beyond the paid leave that all permanent workers are legally entitled to, many companies now give their staff more than the minimum and provide other leave options.
Giving extra days of paid leave for staying with the company for a predetermined period improves long-term employee retention. Offering longer periods of paid or unpaid parental leave encourages parents to return to the company. Giving people time off to recharge or pursue volunteer work shows you support their values and the wider community.
It's about demonstrating to your employees that they matter. By showing them you are willing to go above and beyond, they will be much more likely to reciprocate.
5. Discounts and freebies
This is a broad category and could cover anything from discounts on electricity, water, phone and internet services, or gym memberships to providing free healthy food, snacks, and drinks at work.
Travel expenses – especially if your business is in a city – can be a major cost for your people, so providing lease vehicles, public transport subsidies, parking (for bikes and cars), or electric vehicle charging can be a big plus.
Many companies offer their own products at little or no cost. It may not cost much to the business, but it may mean a lot to your workers. It will also give them first-hand knowledge of the products or services the company provides to its customers.
Other popular benefits to consider
- Financial literacy and retirement planning.
- Social perks, such as organised events and outings, Friday drinks, and regular lunches.
- Child care assistance.
- Pet-friendly workplace.
Provide options and stay relevant
Your workplace doesn't have to employ an in-house masseuse or have slides for getting between office levels, but you should ensure the benefits and perks you offer are of value to your people.
Understanding your workforce and providing a menu of benefits that people can customise will enable you to better enhance their working lives.
The type and popularity of benefits change over time too, so keep checking with employees to see if you are able to offer what they expect.
But make sure you can afford any benefits and perks in the long-run. Offering something but then failing to follow through could leave your employees feeling short-changed and resentful, which will ruin their commitment.
Be clear and fair
Doing right by your team members is always the right thing to do.
If you are proud of the way you treat your people, let others know of the benefits of working for your company. It will help attract potential employees.
But remember: all the perks and benefits in the world won't count for much if your workers don't feel you value them, treat them well, or they don't have any direction in the job.
