Good talent is more valuable than ever as employers around the country offer incredible perks to keep good staff on the payroll and lure in new star workers.
Rent, food, getaways, free gym memberships, and generous remuneration are some ways Australian companies incentivise talent to stay with them.
According to an industry survey by KPMG, attracting and retaining talent will be the most significant issue worrying senior Australian executives in 2023, with 77 per cent of industry leaders ranking it above other concerns like cyber risks, digital transformation, regulation and flexible workplaces.
Paytime CEO Steven Furman, who offers flexible financial solutions, including on-demand pay services, says Australia is experiencing its tightest labour market in almost 50 years, meaning workers have the upper hand in demanding extra benefits.
“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 said.
According to Mr Furman, five key perks employees are seeking are flexible work hours, time in lieu, on-demand pay or earned wage access, wellness packages and corporate discounts.
“Offering flexibility can be a deciding factor in somebody accepting a job offer,” he said.
“Employees are seeking time in lieu as compensation for hours worked overtime so they better achieve that balance.”