Benefits, perks with high usage 'don't translate to driving employee loyalty,' report says
Providing company-wide benefits is crucial to employee retention, according to a new white paper, especially in the wake of many Australians eyeing a new job this year.
Recent findings from Gallup revealed that 44% of Australians are watching for or actively seeking a new job amid low levels of engagement.
But a recent white paper from Flare suggests that benefits could be the solution to widespread plans of departure and disengagement in the workforce.
Flare's National Employee Benefits Index revealed that only three per cent of employees with access to benefits feel disengaged at work. Those with access to benefits platform are also 20% more likely to enjoy their day-to-day work, according to the report.
"Offering company-wide benefits has a significant impact on retention, with employees who have access to benefits stating they're nearly 50% less likely to consider leaving their employer," the report said.
Top benefits for retention
It noted, however, that there are certain benefits that specifically enhance employee loyalty.
More than two in three employers are already offering free coffee and/or snacks in the workplace, according to the report, while the most-used benefit or perk for employees is having social gatherings outside of work (52%).
But it pointed out that none of these perks really fuel retention as much as these workplace benefits do:
- Flexible schedule options (47%)
- Support for reasonable work hours (34%)
- Career development and leadership development programmes (31%)
- Subsidies and support for physical health (29%)
- Virtual working options (27%)
"This research shows that benefits or perks with high usage don't translate to driving employee loyalty," the report read. "However, particular benefits that would instil the most loyalty also vary amongst cohorts of employees."
Read more on the impact of benefits and what makes them more meaningful in this free whitepaper.
