Top Corporate Perks Employees are Seeking in 2023
Australian employees are demanding a new range of corporate benefits including wellness packages, financial discounts and access to their wages on demand as the battle for top talent continues in 2023.
KPMG’s annual survey of Australian business leaders has found 77% of senior executives feel talent is the biggest challenge of 2023.
“Australia is currently experiencing its tightest labour market in nearly 50 years so employees currently have the upper hand in demanding extra benefits,” says Paytime CEO Steven Furman.
“Companies who don’t think ahead and outside the box when it comes to employee perks are going to get left behind in the battle for the best talent,” he says.
Mr Furman sets out the top 5 perks employees are looking for in 2023 -
- Flexible work hours
“Part of living in a pro-wellbeing society is employees want the freedom to create a working schedule that encourages balance,” says Mr Furman,
“They’re no longer interested in being restricted to a 9-5 routine and instead want to have the freedom to for example be able to attend to a personal matter in the middle of the day and make up the hours at night.”
“Offering flexibility can be a deciding factor in somebody accepting a job offer,” he says.
- Time in Lieu
“The ‘act your wage’ trend on social platforms has seen a total shift in the mindset when it comes to working overtime,” says Mr Furman.
“Previously, individuals felt they needed to work overtime in order to prove themselves as valuable employees or secure promotions. These days employees are balancing mental wellbeing and are no longer content in sacrificing their personal time in the hope of a potential future benefit.”
“Employees are seeking time in lieu as compensation for hours worked overtime so they better achieve that balance.”
- On-demand Pay or Earned Wage Access
“Financial wellbeing is equally as important to employees as their physical and mental wellbeing especially with the cost of living spiralling.”
“There are a number of financial wellness solutions companies can offer and on-demand pay is one of them - when an employer gives an employee the choice as to when they’re paid - allowing them to access their wages as they earn them,” says Mr Furman.
“Being able to access your wages when you want to is commonplace in the US and the UK now and it’s just a matter of time until Australian corporates catch up with the rest of the world,” he says.
“For many employees they’re too embarrassed to ask for a pay advance when they have an unexpected expense - having the security of knowing they can access their wages when they need them without their boss knowing is a big drawcard,” says Mr Furman.
“For companies, it’s a 2 to 4 week process that requires less than a few hours of payroll and HR’s time, as the provider does all the heavy lifting.”
- Wellness Packages
“A wellness package should focus on employee happiness, mental health and physical wellbeing. It’s about offering an array of health benefits that sets you apart from the competition.”
“Employees these days are looking for things like a gym membership, on-site complementary counsellor, mental health days, recreational activities, free healthcare check-ups etc” says Mr Furman.
“A happier workplace also leads to a more productive and motivated workforce,” he adds.
- Corporate Discounts
“It’s a tough time for many Australian workers at the moment and they’re seeking savings wherever they can. Consider how you can use this to your advantage when it comes to recruiting and retaining staff,” says Mr Furman.
“Consider investing in a free breakfast for staff, even if its once a week or complementary snacks in the kitchen - simple ways to boost morale”
“Employees are looking for corporate discounts across a range of industries such as health insurance, travel, and retail outlets. It’s about demonstrating a level of care for their lives outside of work as well”
About Paytime
Paytime provides businesses with a technology platform that allows employees the ability to access a portion of their earned wages at any time during the month. It plugs seamlessly into the company’s payroll and time & attendance software and accesses real-time information. Employees can typically access 50-70% of their earned pay and it is received within minutes into their bank account. Unlike payroll; CRM’s or ERP solutions, it can be up and running in a few weeks and it runs seamlessly in the background with no need to change payroll. There is also no effect on a company’s cash flow when staff access their pay, as Paytime funds these withdrawals on behalf of the company. Paytime is ISO27001 certified and complies with all personal data regulations and cybersecurity is front of mind.
