Here's how the promotion of work-life balance can be the key differentiator for your organisation to attract and retain the very best.
With low unemployment rates and jobs on the rise, the pressure is on for employers to engage with top talent across Australia. Here's how the promotion of work-life balance can be the key differentiator for your organisation to attract and retain the very best.
According to recent data from the Australian Bureau of Statistics (ABS), the unemployment rate has slightly dropped to 5.2 percent as of November 2019. At the same time, the ABS also noted that the Australian economy has added 266,000 full-time jobs over the last twelve months. This means that workers across Australia with in-demand skills are spoiled for choice when it comes to vacant roles and appealing job offers.
Are non-salary benefits the key to promoting and supporting work-life balance?
For employers, however, this means that it is going to take more than just a competitive remuneration package to stand out in today's increasingly strong job market. Further stats from the 2019 Robert Half Salary Guide revealed that:
84 percent of Australian employees would take a lower salary base for flexible hours and / or the option to work from home / remote working;
60 percent would accept a lower salary for access to health and wellbeing programs; and
58 percent would take a lower salary base for paid parental leave and / or increased holiday allowance.
All of these benefits that Australian employees would prefer to have access to over a higher salary - flex and remote work, health and wellbeing incentives, parental and annual leave - they all have one thing in common. Each of these benefits allows individual employees to achieve the work-life balance that works for them and their unique situation.
Promoting work-life balance for a multi-generational workforce
The terms 'individual' and 'unique' are used because with so many different generations currently making up our global and local workforce, each comes with different preferences and needs in terms of their work and what all they are balancing in their home lives.
And with the Australian workforce evolving quicker than one might realise - according to the ABS, the Australian working-age population grew by over 207,000 people in 2019 alone - now is a critical time for organisations to offer the right benefits and strategic employee incentives that can be applicable to all phases of one's career, and therefore directly support workers no matter what stage of life they are in. For your organisation, this could include:
Providing employees with access to multiple types of flexible/remote work and flexible working arrangements;
Providing employees with access to important health information and a range of health programs for all ages;
Offering programs that give workers the ability to earn more time off for travel, time with kids, time with friends or time to sit back and read a book; and
Recognising hard-earned work with personalised and meaningful rewards.
When your organisation not only promotes work-life balance, but also provides the important benefits and incentives that support that balance for your employees - you are telling your current and future workforce that their work, health and personal lives are protected and prioritised.
Give the gift of a mental break
These days, with mobile phones and technology constantly in the palm of our hands, it can often be difficult to truly shut off and take a break from work. Offer your employees travel incentives and rewards to give them the most relaxed way to achieve work-life balance while taking a mental break - a holiday. For more information, request a demo or contact the Power2Motivate team today.