Gaining and retaining employees in competitive industries has led to businesses looking for motivators that may be of slightly more monetary value than simple experience and the satisfaction of a job well done.

As an employer, FBT planning may incentivise you towards certain benefits to provide your employees. For some employers, certain benefits may be out of reach financially or logistically (ie. electric cars for every employee, travel allowances, etc.).

So what might employees be looking for from their employers in terms of benefits??

According to an Australian-wide study, the top 10 benefits employees are looking for in a position include:

• Flexible working
• Discounts on electricity, gas and water
• Continued education options
• Petrol discounts
• Free meals
• Supermarket discounts
• Mental wellness initiatives
• Subsidised massages, yoga, and gym memberships
• Special company deals on loans, mortgages, health insurance
• Discounts on mobile phones and data services

Many of these benefits are difficult to arrange and may be costly. However, the top benefit desired by employees is flexible working, which small businesses can also adopt easily (if it suits their business’s working model).

Due to the change in how business is conducted, flexible working has become more normalised than ever, with many more resources available to facilitate flexible working.

Offering flexible working will make your workplace more attractive to potential employees and increase the loyalty of current employees as they can work according to times that suit them. If your business can facilitate this perk, it’s a bonus. If not, you can discuss other possibilities with them or negotiate the conditions after their trial period.

Employers should also consider providing other benefits that are accessible to them – this will improve employee satisfaction and inevitably contribute to productivity in the workplace.

Competitive salaries are also a driving force behind prospective employees applying for positions, so if it is possible to do so, matching those salary ranges can be a boon. Candidates are reassured that the pay matches the work, and your business is more likely to attract high-quality prospects.

When attracting prospective employees to open positions within your business or company, bear in mind their current wants and needs. For assistance with FBT planning or payroll, you can consult with us, your professional advisers in business & tax.