Capitalize on Work Style Benefits to Attract Employees
Corporate Responsibility/ESG16 Feb, 2022
The Big Idea
Mental health and well-being benefits are front and center in Australia. At SAP ANZ, flexibility in virtual and in-person offices is critical; managers encourage employees to pursue workstyles that promote happiness and health. The Australian unemployment rate fell under 5% by the end of 2021, giving workers more power to pick programs that most resonate with their needs. Businesses are under scrutiny from their employees to deliver a mentally healthy workplace or risk losing talent in a tight labor market.
The RepTrak Perspective
Companies that do not take stock of employee sentiments face retention challenges. RepTrak found that "Mental Health" was the most prominent concern among Australians over the past four quarters. Prioritizing employee's well-being is critical to uplift stakeholder support, especially as only one-quarter of Australians are advocates in Willingness to Work for.
The Big Idea
Where do Workplace perceptions in Australia stand?
The public has a positive outlook for Australia's work environment. Workplace held strong and consistent country-wide in 2021, with a 70.8 Workplace Driver score in Q4. Low unemployment rates and a shallow labor pool allow little room for error. Standing out to new, advanced talent means Australian companies must capitalize on their work style benefits.
In Q4 2021, the only Workplace Factor to dip into the average range (<70) was "Concerned for the health and well-being of employees" at 69.1.
Why is this important?
Australians' concerns have shifted drastically over the past year and a half. In Q4 2020, "Job security and unemployment" was the second most prominent concern among Australians, behind worries over a long-term financial recession. In 2021, businesses expanded alongside the pandemic, leaving thousands of job vacancies by the end of the year. LinkedIn totaled over 3000 professional positions listed among the top 20 companies in Australia.
While companies rebuild their employee headcount, they must closely consider the Australian public's work motivation. Pre-pandemic agents driving employees' desire to work for a company in Australia were centered around perceptions of the company's product delivery. In 2021, a well-rounded work environment was drawing in new talent.
"Concerned for the health and well-being of employees" ranked 3rd and "Rewards employees fairly" ranked 8th in the Factors driving the business outcome Willingness to Work.
How is your company innovating the employee experience to tackle mental health and well-being concerns? Are these changes sustainable for hybrid work lifestyles?
What steps are you taking to train managers and educate employees on how to navigate a healthy workplace environment?