News: Happy with your employee benefits? These workers are not

Compensation & Benefits

Happy with your employee benefits? These workers are not

Don't make the mistake of offering benefits that nobody wants.
Happy with your employee benefits? These workers are not

Are you truly happy with the perks you're getting at work?

In New Zealand, only one in every three workers would take their compensation and benefits package just as it is, according to new data from recruitment specialist HAYS.

Most workers surveyed believe their contribution to their employers' business – along with the overall market demand for their skills – is proof that they should be getting better compensation out of work. If your employees are dissatisfied with their pay package, then it may be time to revaluate what you're offering, the research suggests.

"With a salary expectation gap evident, offering the benefits that employees value can help reward and retain top talent in a competitive labour market," said HAYS Managing Director Adam Shapley.

In a tight job market, more than a third of employers in NZ (35%) have enhanced their benefits offerings just to attract quality candidates, based on data from HAYS Salary Guide 22/23.

The disconnect only shows that workers are still unhappy.

What workers in New Zealand really want

Benefit Percentage of Employers Who Offer the Benefits Percentage of Employees Who Desire the Benefit
Training (Internal or External) 81% 57%
More than 20 days of annual leave 23% 55%
Continuous L&D 57% 53%
Health and well-being initiatives 54% 38%
Formal career paths 20% 38%
Company car, transportation allowance, parking subsidy 39% 33%
Budget for home office setup and supplies 17% 33%
Financial support for professional study 43% 29%
Share incentives 14% 29%
Payment of professional membership fees 39% 28%

 

"For employers looking to modernise their benefits portfolio to attract, reward and retain staff, it’s important to reconcile your offering with what employees value," Shapley said, as quoted in Scoop.

"Training and additional annual leave are obvious improvement points. So is the provision of formal career paths, which 38% of employees want but only 20% of employers offer."

Another factor employers should consider is employees' changing views on flexible working. "After more than two years of hybrid working, it’s no longer considered a benefit that can attract and engage staff but rather a minimum ordinary entitlement," Shapley said.

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Topics: Compensation & Benefits

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