'Employees who are satisfied with their flexible work conditions are significantly more likely to stay with their employers'
Employers across New Zealand are falling behind on the benefits that employees really want, such as hybrid work and medical and health insurance, according to a new report.
The 2024 Workplace Wellbeing survey from the Employers and Manufacturers Association (EMA) and nib New Zealand revealed a wide disconnect between the benefits employees want and the ones that employers will be investing in.
The gap is glaring when it comes to hybrid work, where 76% of respondents said support for this arrangement is critical when considering a new job.
Flexible work popular benefit
This comes as 83% of the respondents desire flexible work conditions, with those who are happy with their current flexibility unlikely to leave their current role (71%) and likely to feel satisfied at work (70%).
However, the survey found that only 27% of employers intend to invest in flexible or hybrid work.
Alan McDonald, Head of Advocacy at the EMA, said employers need to consider how to introduce flexible working and what their policy on it will be.
"For many employees, flexible working is not just a perk, it's a necessity. Employees who are satisfied with their flexible work conditions are significantly more likely to stay with their employers, and this is a key factor in maintaining a motivated and productive team," McDonald said in a statement.
The 2024 Workplace Wellbeing survey polled 1,229 employees and employers between May 1 and 22 this year.
Medical, health insurance benefits desired
Meanwhile, medical and health insurance also emerged as a strong factor for employees (64%) when considering a new job, according to the report.
In addition, employees consider as important other types of insurance, such as income protection (48%), life insurance (43%), and serious illness trauma insurance (42%).
Among the benefits cited by the respondents for offering subsidised medical/health insurance were:
- Demonstrating value in their people (67%)
- Attracting and retaining staff (66%)
- Improving the overall health and wellbeing of employees (58%)
- Increasing employee satisfaction (53%)
Despite the demand, the report found that only 29% of HR leaders are planning to invest in medical and health insurance in the coming year, down from 34% in 2022.
Rob Hennin, chief executive of nib New Zealand, told employers that offering comprehensive health insurance isn't just about meeting employee expectations.
"It's about proactively fostering a healthier, more productive workforce," Hennin said in a statement. "Employers who invest in their employees' health may see the benefits such as reduced absenteeism and higher job satisfaction."
