Employee Benefits, What Staff Want & What Workplaces Can Offer
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Following on from our previous article regarding the importance of workplace culture, in this blog, we take a closer look at Employee Value Propositions, and how employee benefits are a critical component of that.
Employee Value Proposition (EVP)
A company’s EVP often consists of components such as salary, career growth prospects, workplace culture and additional workplace perks or benefits. An EVP serves as a selling point for talent acquisition and aids in the retention of current staff. Moreover, it serves to increase engagement levels and productivity amongst the team aswell.
Employee Benefits
Understanding what employees want
As we’ve previously discussed, a positive team culture is an important consideration and motivator for employees, but what else are people looking for when it comes to employee benefits?
In an Australia-wide study conducted by YouGov Galaxy, employees were asked what benefits they’d most like for their workplace to provide.
This list is as follows:
working
Discounts
Mails
discounts
When we collate this data with other survey results we see clear trends in what is important to employees when it comes to company benefits and these can be broken down into four main themes. Let’s take a closer look at these trends, and find out what initiatives you, as a leader, can implement to add value to your employees.
What can you offer?
Flexibility – Flexible work arrangements have become the norm for Australian employees and it is one of the most sought-after benefits staff are looking for and expecting from their workplace. This includes remote working options and flexibility in working hours, which is now often seen as a minimum expectation as we move through 2024.
Remuneration and Rewards – On top of salary, we see that discounts and lifestyle benefits are of clear importance to employees. This could include things such as:
- Subsidised childcare
- Product discounts
- Additional Super contributions
- Purchased leave options or tenure-based bonus leave
- Free parking
- Access to complimentary further education resources
- Offering a profit share scheme
Wellbeing & Wellness – Supporting your employee’s mental and physical health is certainly becoming more and more prevalent in the current times. Providing access to services and initiatives such as:
- An Employee Assistance Program (EAP)
- An onsite gym, online wellness classes or a subsidised gym membership
- Providing complimentary healthy breakfasts or lunch options on-site
- Offering stand-up desks in the office
- Running in-house wellness sessions (yoga, meditation, breathwork, mindfulness etc)
- Providing formal and informal networking opportunities (both with the direct team, wider business and outside of the company)
- Promoting social events and corporate retreats for the team
- Engaging in team bonding activities
- What are the ones that you already have?
- What are the benefits that can be implemented quickly and easily?
- What issues do you and the team have at the moment?
- What do your team members want?
Team Bonding is renowned for creating and managing fun, unique and customised team building events. We facilitate rewarding and laughter filled activities for corporate and private groups across Australia.
- 1300 GO TEAM (1300 468 326)
- director@teambonding.com.au
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