Top 5 non-financial incentives to reward your workforce

How can businesses retain their employees if they can’t offer a pay increase?

We asked Australian employees what other benefits would encourage them to stay with an organisation if more money was not an option.

Flexible working hours
Aside from salary, flexible working hours is the top non-financial benefit (40%) that appeals to Australians. Conversely, a lack of work-life balance (flexible working hours, the ability to work part time and no overtime) is the top reason employees may leave their current role.

Extra annual leave
Extra annual leave appealed to just over a third of Australian employees (34%). In addition to extra leave, 19% of Australians would like a day off for their birthday each year.

Monthly rostered day off (RDO)
23% of Australians would value a monthly RDO. Also, candidates who are currently ‘monitoring’ the job market are significantly more likely to be kept happy with a monthly rostered day off (32%).

Paid training/professional development
Paid training/professional development would appeal to 21% of Australians. Females are also more likely to expect paid training or personal development opportunities (25%) compared to males (18%).

Work-from-home opportunities
21% of Australians would value more work-from-home opportunities. However, working from home is more likely to appeal to females (29%) than males (14%) while those in the Generation X demographic (23%) valued work-from-home opportunities more than their Millennial (19%) and Baby Boomer (18%) counterparts.

Source: Independent research conducted by Perspicacious on behalf of SEEK. Interviewing 4,800 Australians annually. Published in May 2018.

 

Written by SEEK Insights & Resources