Flare's National Employee
Benefits Index
WAVE 3 - Benefits decline dilemma
In April 2023, Flare broke new ground by releasing the National Employee Benefits Index, the first-ever continuous review of employee benefits in Australia voiced by over 3,000 Australians from all industries, tenures and demographics.
The initial discoveries in Waves 1 and 2 of the national employee benefits index highlighted financial strain as the major stress factors for Australian employees, with 1 in 4 considering leaving their jobs due to compensation concerns, which shaped workplace morale, and attitudes in Australian workplaces.
In our latest edition, the power has swung back to employers but the real question is are employee benefits losing out in 2024?
Key Insights
- Employee benefits are seeing a decline, hitting a new low in what’s on offer by employers. Some are scaling back and others are struggling to execute existing programs.
- Employees are clearly demanding benefits – they’re not just nice-to-haves, they’re lifelines that can boost retention by a whopping 33%.
- Over 50% of Aussie businesses anticipate a recession yet smart benefits could be a key factor in employee retention during tough times.
- 40% of employees are thinking about leaving their current jobs, indicating a pressing need for better benefits and support.
The Clear & Consistent Power of Benefits
In our journey through three waves of research, engaging thousands of Aussie employees over 18 months, a powerful narrative has emerged. It’s a story that speaks to the heart of what makes workplaces not just function, but flourish. Employee benefits stand out not merely as perks, but as pillars of a vibrant, engaged and loyal workforce.
When businesses embrace benefits as more than mere additions to a contract, they can become the lifeblood of a thriving corporate culture, a means of support and recognition that empowers individuals to not only show up but to shine.
