Flexible work practices, career progression opportunities and ongoing learning & development are the top three non-financial benefits New Zealand employees want when looking for a new job, according to recruiting experts Hays.
This follows news that the value of salary increases is reducing year-on-year, resulting in a ‘tug of war’ between employers and employees.
“Non-financial benefits can help bridge the salary expectation gap, allowing employers to reward staff when they don’t have the salary budget to do so,” says Adam Shapley, Managing Director of Hays in New Zealand.
According to the 2019/20 Hays Salary Guide, 75% of employers now offer flexible work practices. 74% offer ongoing learning & development and 68% provide career progression opportunities. The offering of financial support for study (55%) and health and wellness programmes (52%) are also common.
Meanwhile, of the employees Hays surveyed, 77% say flexible work practices are important when looking for a new job. Also valued are career progression opportunities (60%), ongoing learning & development (58%) and over 20 days’ annual leave (41%). Less popular with jobseekers are health and wellness programmes (22%) and financial support for study (10%).
Yet 50% of employees who are currently looking or planning to look for a new job in the next 12 months say a lack of promotional opportunities is one reason behind their job search.
Moreover, just 43% of professionals are ‘very satisfied’ or ‘extremely satisfied’ with their current level of work-life balance.
Adam suggests this could be because employers need to think outside the box when deciding on the flexible benefits they can offer. “With flexibility now seen as standard, employers must think beyond compressed working weeks or staggered start and finish times to stand out and attract and retain the top talent. Think about what other genuine work-life balance solutions you can offer to appeal to a wider range of candidates.
“For instance, part-time employment, flex-place, such as working from home or an alternative location, flexible leave options, such as purchased leave, job sharing, career breaks and phased retirements.”
The FY 2019/20 Hays Salary Guide is based on a survey of close to 900 employers in New Zealand, representing over 259,000 employees, in addition to a survey of over 250 New Zealanders.
Get your copy of the Hays Salary Guide by visiting www.hays.net.nz/salary-guide or contacting your local Hays office.