Top 3 benefits that employees want
A recent study on online searches for workplace benefits has revealed some interesting findings on the top trending employee benefits over the past five years, providing key insights into what workers want.
With many businesses struggling to attract and retain workers and management fears in relation to employee’s re-evaluating their work/life balance, these trends in what employees are looking for provide some ideas for businesses to consider.
So, what are the top trending employee benefits? And why are they so appealing to workers?
What’s trending?
1. Menopause leave
Lensa’s study on global workplace demands found that menopause leave was the top trending employee benefit over the past five years, with a year-on-year increase of 1300 percent in online searches.
This is perhaps unsurprising, considering the significant impact menopause can have on workers. It has been suggested that “one in five members of the workforce are affected by menopause that could lead to productivity losses of more than $150 billion globally.”
Further highlighting the seriousness of this issue, a recent British study found that among women experiencing menopause or premenopausal symptoms, 18 percent were seeking to leave their current job due to their symptoms.
Whilst a growing number of companies are introducing paid menopause (and menstrual) leave to support affected workers, such policies are not the norm.
2. Hybrid work
Hybrid work (an arrangement which includes both in-office and from-home work) was also found to be a popular benefit, seeing an 820 percent year-on-year increase in online searches.
While menopause leave was the top-trending search relating to in-demand employee benefits, remote work remains the most-searched employee benefit overall, with a global search volume of almost 1.5 million.
The existing popularity of remote working has likely been fuelled by many businesses implementing such arrangements at the height of the COVID-19 pandemic – and it appears that many workers have grown accustomed to working from home at least part-time.
Some research suggests that a significant number of workers now expect to work from home at least several days a week, and it has been reported that as many as one in two workers would not return to a job that did not allow for hybrid working arrangements.
3. Four-day working week
The Four-Day Work week rounded out the Top 3 trending employee benefits, seeing an 809 percent year-on-year increase in searches. While four-day working weeks have been trialled in a number of countries, such workplace arrangements have yet to see widespread application.
Why should businesses take notice
With many businesses struggling to attract and retain the right people for their organisation, understanding what workers want in relation to employee benefits is incredibly important.
Human Resources Director suggests that many workers either thinking about changing jobs, or actively searching for a new position.
Identifying and then investing in the perks and benefits that workers want may assist in staff retention and recruitment.
While some benefits (e.g. hybrid working) may not be feasible for all companies, investing in certain employee perks can help to both support the wellbeing and satisfaction of workers and to make a business more appealing as a workplace.
Specific benefits or perks that employees of a business desire may vary significantly and will be dependent on a range of factors (e.g. the nature of the business and an employee’s particular position).
Employee engagement surveys, such as Akyra’s HR SnapShot, can help businesses to not only gauge employee engagement. The findings can provide valuable insight into the specific wants and needs of employees – including on issues such as employee benefits.
‘Clients who have conducted employee engagement surveys and who act on the findings for areas of improvement see the engagement of their workforce increase year on year… this increased engagement improves both productivity and customer satisfaction,’ said Margaret Goody, Managing Director of Akyra Strategy and Development.
Akyra’s key takeaways
- Recent research has found that menopause leave, hybrid work and the 4-day work week are the top trending employee benefits globally
- Remote work remains the most searched employee benefit globally
- Investing in benefits that are valued by employees may assist business attract and retain workers
NEED MORE INFORMATION?
Akyra can help your business to assist and support all your questions and concerns related to employee benefits. Please contact Akyra on 07 3204 8830 or book a free 30-minute consultation for an obligation-free conversation.
Disclaimer – Reliance on Content
The material distributed is general information only. The information supplied is not intended to be legal or other professional advice, nor should it be relied upon as such. You should seek legal or professional advice in relation to your specific situation.
Sources:
https://www.hcamag.com/au/specialisation/benefits/this-is-the-top-trending-employee-benefit-of-2022/417853, https://www.hcamag.com/au/specialisation/recruitment/cant-hold-on-to-your-talent-its-time-to-invest-in-these-most-wanted-perks/418164, https://lensa.com/insights/2022-workplace-demands/, https://www.hcamag.com/ca/news/general/menopause-leave-should-hr-consider-it/254295, https://www.hcamag.com/au/specialisation/employment-law/maven-clinic-offers-new-menopause-benefit/417171
