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New research has revealed the three workplace benefits most sought after by Australian workers this year, with a surprise innovation sneaking its way onto the podium.
As many businesses admit expectations that 2023 will bring difficulty in staff retention and attraction due to the nation’s low unemployment rate — 3.5 per cent in February, the second lowest in a decade — and high employee mobility, new data suggests employers offering additional paid leave, four-day work weeks, and international work-related travel, will improve their standing with prospective and current employees.
Seeking additional time away from work is a growing trend among modern Australian workers, with the 41 per cent of survey respondents claiming they want additional paid leave, slightly trumping those requesting a four-day work week or an earlier Friday finish (37 per cent).
Wrangling third place on the list of perks most desired by Australian workers are employers offering work-related travel or coverage of commuting costs, which costs on average $4,924 per year, and which 27 per cent of the over 1,000 survey participants listed as a priority.
Tom Walley, global managing director at Corporate Traveller, said the results revealed an increased yearning for greater work/life balance “through more leave, shorter weeks, and more travel.”
Having experienced an enhanced international stature in recent months following successful trials in Canada, the UK, Belgium, and Japan, with Microsoft in the latter nation reporting a 40 per cent increase in productivity and a rise in employee satisfaction, it seems a matter of “if”, not “when”, the four-day working week becomes a permanent fixture in the Australian working diaspora.
Mr Walley also considered it encouraging to discover that travel is also highly valued.
“Not only are 27 per cent keen to travel for their work, but 21 per cent are also interested in having access to working holiday opportunities in their job.”
With work-related travel ranking in the top three for Australian employees, he suggested businesses where travel isn’t a core component of their organisation should look at alternative methods to inspire their workers.
“Employers could seek industry events and conferences or training programs — whereby staff can network, seek new business prospects, and learn new skills — as an effective tactic to retain travel-hungry employees.”
On the flip side, for workplaces with constantly travelling employees, the report suggests workers would prefer their commute, including petrol and public transport, covered.
There is a disparity between different age groups’ desires for different perks with 49 per cent of employees under 30 and 48 per cent of 31-to-50-year-olds expressing a desire for additional paid leave, compared to 30 per cent of their over-50 counterparts.
Shorter working days or weeks were popular with 38 per cent of respondents under 30, while 28 per cent of those over 50 answered similarly.
“Businesses could consider offering new perks to remain competitive and attract and retain valuable employees,” Mr Walley said.
He concluded, “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.”
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