Employee Benefits in Australia: What Aussies Want
A 2023 LinkedIn survey showed that Australian employees are 1.1x more likely to switch to a different company over internal career progression. This push and pull of the labor market beg the question: What employee benefits in Australia are most likely to attract and keep talents in your organisation?
Recent Insights on the Aussie Workforce
Trading Economics said the employment rate was 64.40% in November 2024, and the recruitment rate hovers around 43%. The Australian Government’s recent report also mentioned that recruitment difficulty is at 50%.
These current market analyses showed a good mix of challenges and opportunities in the Australian employment landscape. As recruiters, you need to know the expectations Aussie talents have when joining a new company. This will help improve your recruitment efforts and attract more talent.
Top Desirable Employee Benefits in Australia
Flexible Working Arrangements
One of the most sought-after benefits is flexible working arrangements. The traditional 9-to-5 workday is gradually becoming a thing of the past as employees seek more control over their work-life balance. A LinkedIn survey showed that 51% want flexible work arrangements, and 38% would not consider a job opportunity that did not provide this.
Benefits of Working From Home for Employers
Allowing employees to have flexibility in working arrangements also helps the company. Global Workplace Analytics found that companies can save up to $11,000 (A$17,300) per remote employee. Want a deeper dive into the pros and cons of the three main work models? You can check out our Start-up Guide blog.
Health and Wellness Programs
Private health care is also a popular benefit, with the Australian government applying a Medicare Levy surcharge to individuals without appropriate private patient hospital cover (income dependent).
Australians are also very health conscious, and they enjoy active lifestyles. Giving health and wellness programs as one of your employee benefits in Australia is a must. Perks like gym memberships, fitness classes, and health screenings are popular. These show that you care about the employees’ well-being, contributing to a healthier and more productive workforce.
Another benefit is mental wellness initiatives. A study by TNS shows that 75% of Australian employees believe that employers should provide support for those experiencing depression or anxiety in the workplace.
Professional Development Opportunities
Australian employees also seek career growth in job opportunities. Career progression and opportunities are driving factors (30%) for candidates in deciding whether they would accept a job or not. Companies that provide training and mentorship programs are more likely to attract ambitious individuals who are eager to advance their careers.
Supporting employees’ pursuit of higher education is another powerful retention tool. Programs like tuition reimbursement and study leave options work as employee benefits in Australia as they inspire employees to continue their education with less financial burden.
Generous Leave Policies
Leave policies are critical components of any benefits package, and Australian employees are particularly interested in generous leave options. Some employee benefits in Australia include parental leave, annual leave, and personal leave. Above-average leave entitlements are also more likely to attract employees.
Competitive Compensation Packages
Offering attractive salary packages, performance bonuses, and profit-sharing options can help companies draw and retain top talent. A survey by PwC Australia found that 25% of employees stay in an organisation for the incentives and performance rewards they receive.
Performance bonuses inspire employees to reach targets, and profit-sharing options help them see their importance to the company’s identity and success. Employees want to feel that their hard work is rewarded and recognised, and a competitive compensation package is a clear way to demonstrate this.
Call for Growth
As the Australian labour market evolves, companies must also adjust their employee benefits in Australia to meet the needs and expectations of their present and future employees. Employers should establish a win-win ratio for both the company and the talents.
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