Australian employees are demanding a new range of employee perks 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.
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.
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.”