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Top 3 work perks that attract and retain staff

Research identifies the entitlements that might help you retain talented staff in the midst of Australia's staffing crisis

New research from a leading travel management company found the top three work entitlements that attract Aussies are: additional paid leave, a four-day working week, and international travel for work.

Now, in the midst of a global staffing crisis, many businesses (especially tourism and hospitality businesses) are finding it a challenge to attract and retain staff.

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Australia has a very tight labour market, with a low 3.5 percent unemployment rate and high employee mobility. With data also showing three in five Australians could switch jobs this year, this may be the perfect time to consider what incentives your business can afford to offer your staff.

The findings of the research commissioned by Corporate Traveller, derived from a survey of an independent panel of 1,001 Australians, reveal the most important perks to consider offering to help your business remain competitive.

The survey respondents were presented with a list of 11 perks and were asked to select the top three they would most want their company to offer them this year. The entitlements appealed to the majority (86 percent).

Corporate Traveller presented these 11 entitlements to 1,001 Australian respondents:

  1. Travel, including international travel
  2. ‘Working holidays,’ whereby I am permitted to work remotely at a holiday location
  3. Gym membership
  4. Additional paid leave days, such as birthday leave
  5. Covering some or all of the costs of my work commute, including car allowance
  6. A permanent hybrid or remote working arrangement
  7. Company shares
  8. Early finishes on a Friday or a four-day work week
  9. Charity programs whereby employees do volunteer work on paid working days
  10. Access to company car
  11. Company-paid meals and snacks at work
AdobeStock-By-rh2010

Employees want more time away from the workplace

It seems that workers are seeking more time away from work. Forty-one (41) percent want additional paid leave days, 37 percent would like to finish early on a Friday or work four days a week, and an equal 27 percent would value travel (including international travel) or have their commuting costs covered.

Tom Walley, the Australian-based Global Managing Director at Corporate Traveller, said: “Our survey results show that Aussies may be seeking a better work-life balance through more leave, shorter weeks, and more travel.”

The four-day work week has gained steam in the last couple of years, with companies across countries such as Canada, the UK, Belgium, and Japan testing its viability. Microsoft in Japan, for instance, reported a 40 percent increase in productivity, along with more efficient meetings and happier employees, after trialing the four-day work week.

“Closer to home, Unilever New Zealand reported increased engagement among employees, improved work-life balance, reduced stress, and a 34 percent drop in absenteeism, following their trial program.

Tom added: “It’s encouraging to discover that travel is also highly valued by our survey respondents. Not only are 27 percent keen to travel for their work, but 21 percent are also interested in having access to working holiday opportunities in their job.

“Travelling for meetings and events offers numerous opportunities to connect with peers in the industry, make new contacts that are valuable to the business, and source new business leads. I’m a firm believer that face-to-face communication is essential for creating deeper connections with stakeholders and prospects. The variety that travel provides in an employee’s career also helps keep them motivated and engaged.

“If travel isn’t a key component of the organisation, employers could seek industry events and conferences or training programs – whereby staff can network, seek new business prospects and learn new skills, all of which can contribute to business success – as an effective tactic to retaining travel-hungry employees.”

Adobe Stock By adrian_ilie825

Employers covering personal and work-related costs are less valued 

The desire for employees to have the cost of their commute covered by their workplace was also a high priority for 27 percent of Corporate Traveller’s survey respondents.

Research shows that the average Australian spends around $112 per week commuting, equivalent to approximately $4,924 a year, including petrol costs, and while public transport costs can vary, employees can still be thousands of dollars out-of-pocket a year.

Nearly a quarter (23 percent) of respondents would like to be offered company-paid meals and snacks at work, while one in five (19 percent) would love a permanent hybrid or remote working arrangement.

A gym membership (chosen by 17 percent), access to a company car (16 percent), company shares (15 percent), and charity programs allowing employees to do volunteer work on paid working days (six percent) were less popular entitlements.

Most valued work perks by age groups

  • A higher proportion of younger Australians are interested in additional paid leave, with 49 percent of under-30s and 48 percent of 31-50-year-olds choosing it as a valued perk
  • 30 percent of over-50s would like additional paid leave
  • Travel came out as the second most sought-after perk for under-30s (at 40 percent)
  • 31-50-year-olds preference shorter workdays or work weeks
  • This perk was the third top choice for under-30s, chosen by 38 percent, and the second top choice for over-50s, chosen by 28 percent
  • 22 percent of over-50s were attracted to having the costs of their work commute covered, a perk that was also identified as the third top choice for 30 percent of 31-50-year-olds.

Tom added: “Our survey results offer valuable insight into the benefits that employees desire the most and will be seeking out this year. Businesses could consider offering new perks to remain competitive and attract and retain valuable employees.

“In particular, conducting similar trials of a four-day work week, exploring travel opportunities, and offering valued leave entitlements could be key to onboarding good talent this year.”

 

The perks Australians want their company to offer this year, ranked.

Respondents 

Additional paid leave days

41%

Early finishes on a Friday or a four-day work week

37%

Travel, including international travel

27%

Covering some or all of the costs of my commute

27%

Company-paid meals and snacks at work

23%

‘Working holidays,’ whereby I am permitted to work remotely at a holiday location

21%

A permanent hybrid or remote working arrangement

19%

Gym membership

17%

Access to company car

16%

Company shares

15%

Charity programs whereby employees do volunteer work on paid working days

6%

 

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Stephen West
1 year ago

Mandy, a very concise summary of the wish list in benefits. At Interline Travel, we offer employees in the Industry, discounted vacation travel so they can take their family and sometimes friends on hotels, flight and accommodation that is 60-90% off currently advertised rates. Membership is free to all and includes management rights staff, hotel staff, travel agents and associated travel industry companies. What a great benefit!

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