Top Workplace Benefits: Survey Insights and Their Role in Attracting Top Talent
Workplace wellbeing is a pivotal factor in creating a thriving and competitive work environment. In this blog post, we'll delve into the significance of workplace wellbeing benefits, their impact on employees, and their role in attracting and retaining top talent. Our recent survey asked participants to choose a single workplace benefit, but in reality, modern workplaces are increasingly offering a holistic array of benefits that enhance overall employee wellbeing.
Workplace wellbeing is more than just a buzzword; it's a critical factor in creating a thriving and competitive work environment.
The Power of Workplace Benefits:
Workplace benefits are not merely extras; they are integral components of workplace wellbeing. They can be the deciding factor for top candidates when evaluating multiple job opportunities. Workplace wellbeing encompasses its influence on individuals across seven critical dimensions: emotional, physical, economic, social, community, professional, and purpose.
How Enhanced Benefits Contribute to Better Teams:
Elevated benefits have far-reaching implications for both employees and organisations. Here's how enhanced benefits foster better teams:
- Greater Job Satisfaction: When employees have access to attractive benefits, job satisfaction levels tend to rise.
- Reduced Workplace Stress: Benefits supporting mental health and work-life balance play a pivotal role in reducing stress among employees.
- Lower Absenteeism: Well-supported employees are less likely to take unnecessary sick days.
- Enhanced Productivity: Happier and healthier employees often translate into increased productivity.
- Attraction of Top Talent: Competitive benefits packages are magnets for top-tier candidates in the job market.
- Improved Retention: Employees tend to stay with organisations that prioritise their wellbeing.
- Decreased Burnout Rates: Adequate support reduces the risk of employee burnout.
- Enhanced Company Culture: Offering meaningful benefits contributes to a positive company culture.
- Fostering Trust-Based Environments: When employees feel supported, trust and collaboration thrive within the organisation.
Survey Insights on Workplace Benefits:
Our survey results provide valuable insights into the workplace benefits that professionals value most. We asked our LinkedIn network to select one benefit from a list, and the responses were telling:
- Flexible Working Arrangements: 61%
- Generous Leave Entitlements: 26%
- Increased Learning & Development Budget: 10%
- Health & Wellness Programs: 3%
๏ปฟ
Attracting Top Talent with Workplace Benefits:
In today's competitive job market, attracting top talent goes beyond offering a competitive salary. Job seekers are increasingly prioritising workplace benefits as a deciding factor in their job choices. Let's explore how these benefits contribute to attracting and retaining top talent:
Flexible Working Arrangements (61%):
Over half of our survey respondents expressed a strong desire for flexible working arrangements. The parameters of these arrangements can vary, including options such as compressed workweeks, flexible start and finish times, and the ability to work from home. For instance, Netflix is renowned for its Unlimited Flexible Working Policy, allowing employees to set their own work hours, as long as they meet their responsibilities.
Generous Leave Entitlements (26%):
A significant portion of survey participants prioritised more time off for better work-life balance. This can take various forms, such as additional annual leave, parental leave benefits, compassionate leave, wellbeing leave, menstrual leave, volunteer leave, and study/exam leave. Some forward-thinking companies like Asana, Virgin Group, Netflix, LinkedIn, GitHub and HubSpot even offer unlimited leave, combining various types of paid time off into a single, flexible policy.
Increased Learning & Development Budget (10%):
Ten percent of our survey participants expressed a strong desire for higher investments in learning and development. Companies are responding by expanding budgets for mentorship programs, online learning systems, peer-to-peer training, and other initiatives aimed at future-proofing and developing their team members.
Health & Wellness Programs (3%):
While a smaller percentage of survey participants prioritise health and wellness programs, companies are taking significant steps to provide a wide range of options. These include corporate fitness programs, comprehensive health insurance packages, nutritious meals and snacks, counseling services, onsite gyms, yoga and meditation workshops, and even dedicated nap spaces for employee rejuvenation.
Workplace wellbeing benefits are pivotal in creating an environment where both employees and organisations thrive. Understanding employees' primary preferences and offering meaningful benefits can contribute to a healthier, more productive, and happier workforce. This, in turn, fosters a culture of trust and innovation, making companies more appealing to top talent in today's fiercely competitive job market.
