Aussie companies offering perks including 6 extra long weekends to attract staff
It’s never been a better time to look for a job, with Aussie employers forced to offer insane perks to retain staff and hire new ones.
More than half of Australian organisations are having turnover issues, according to new research, with a skills shortage and thousands of job advertisements making the competition for staff fierce.
Almost one in five companies in Australia are feeling the pinch with people quitting work increasingly becoming a problem, the research from asset management firm Mercer found, while 43 per cent reported difficulty hiring or retaining certain employees.
It’s not only putting pressure on employers to cough up more money for salaries, but it means they are also having to look at work perks like extra leave for long weekends, paying home internet bills and heartbreak leave.
More than 93 per cent of Australian organisations are planning salary increases for their workforce in 2022 of 3 per cent, up 0.5 per cent from 2021, according to Mercer’s annual Total Remuneration Survey.
Chi Tran, head of market insights and data at Mercer’s workforce consulting practice, said the pandemic had spurred market conditions that had never been seen previously.
“Much has been made of the talent shortage, with hiring and retaining top talent more competitive than ever. It’s generating higher-than-market pay, sign-on bonuses and premiums to hire those with critical skills,” she said.
Nearly a third of Aussie organisations are planning to hire new staff next year, with some of the most in demand positions commanding huge pay rises.
Those with design experience in UXD could command salaries that are 10.5 per cent higher, entry level professionals in digital and internet marketing can expect a whopping 9.5 per cent increase, while experienced data science or big data mining workers will see an 8 per cent rise.
While IT also features prominently with the likes of security and applications development professionals expected to earn 8 per cent more, other sectors are also forecast to score big.
This includes up to 3 per cent for construction and media professionals, as well as those working in life sciences, and 2.8 per cent for people in consumer goods
“While we are still seeing steady growth in the high-tech industry from last year, demand for roles in logistics and consumer goods has also skyrocketed over the last year due to a permanent shift in preferences for online shopping,” Ms Tran noted.
More money isn’t enough
But Ms Tran added there was much that organisations could do beyond salary increases to attract and retain key talent.
“As the employment market shifts, organisations are finding that recruitment is about more than salary increases. Of course, it’s important to ensure pay structures are competitive to retain talent, but compensation alone won’t cut it,” she said.
“Employees are increasingly looking for a more personalised work experience – one that’s consistent with their personal values, provides greater flexibility and work-life balance, presents career development opportunities, and offers inspiring work.
“Organisations need to take this into account and ensure their benefits offering resonates with the needs and preferences of their people.”
Insane work perks
Financial technology company, Iress, has introduced more leave for staff, who will be able to take six long weekends every year, with no impact on their current annual leave balance or pay.
Iress CEO, Andrew Walsh, said whether people have been at the company for one week or 10 years, they’ll be able to access the long weekend during the year for extra time out to rest and recharge.
“Changing the way we work to include regular extended weekends provides us with the ability to stop, take a breather, clear our minds and come back to work with renewed energy and perspective,” he said.
The long weekend is the latest addition to Iress’ employee offering, which includes reduced hours at full pay when an Iress employee has a child starting primary school – to assist with the transition to school during the first term.
In addition, employees returning from parental leave, which is up to 17 weeks’ paid leave at full pay plus nine weeks’ paid leave at half pay, can elect to return to work on less hours for four weeks but still be paid their full salary.
Trying to beat The Great Resigation
Iress is just one of a number of businesses that are offering everything from heartbreak leave, time off for cultural celebrations, free cooking classes and shares in the company, with fears The Great Resignation could see millions of Aussies quit their jobs.
Meanwhile, online marketplace Envato has introduced a nine-day fortnight for the rest of 2021 for its 600 global team members, while employees will also receive monthly contributions to make working from home more seamless.
The new perks include lump-sum payments for home office set up and maintenance, as well as ongoing monthly payments to help cover internet and home-office related utilities.
Buy now, pay later provider Zip, which was founded by Sydney men Larry Diamond and Peter Gray, has gone from employing 300 people in Sydney and New Zealand to 1100 people in 13 countries in the past 18 months.
It is providing mental health training for staff and managers and has also introduced family and domestic violence leave, which offers relocation and financial support as well as 10 paid days leave which can be extended to unlimited leave if required for their staff.
It also provides a $299 stipend to support whatever matters to Zip staff and has hosted virtual activities including drag bingo, cooking classes, magic shows and a live band during lockdown.
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