Should you Sacrifice your Salary for Benefits?

This new research published in the 2018 Robert Half Salary Guide highlights the shift and increasing value that Australians are placing on benefits such as flexible working arrangements.

At the top of list is flexibility, with almost half (47%) willing to accept a lower salary in return for flexible working hours. Other preferred benefits include the option to work from home (40%), increased holiday allowance (37%), medical benefits (36%) and travel allowances such as company cars and fuel expenses (31%).

Andrew Brushfield, Director of Robert Half Australia said: “While salary is a prime motivator and the main incentive of a remuneration package, it is one component. Flexibility is increasingly becoming one of the most in-demand workplace benefits and Australians are actively seeking out job opportunities that not only satisfy their monetary ambitions but also their lifestyle needs, such as flexible working hours, the ability to work from home or additional holidays.”

Top 5 benefits for which Australian workers would be willing to accept a lower salary*

  • Flexible working hours
  • Option to work from home
  • Increased holiday allowance
  • Travel allowance
  • Medical benefits

“In a market characterised by slow wage growth, Australian companies might not be in a position to award pay rises or higher starting salaries,” said Brushfield. “In such cases, employees should consider negotiating for benefits other than more pay, such as training and professional development opportunities or more leave.”

“Employers are fast realising these non-monetary benefits help to build a satisfied, motivated, productive and loyal workforce. In a candidate-short employment market, Australian companies benefit from diversifying their incentives offerings beyond the purely financial aspect in order to attract and retain high-calibre professionals,” concluded Brushfield.

While salaries are often perceived to be the most important element in the remuneration package, hiring managers would be wise to remember that a competitive and attractive remuneration policy consists of more than just pay.

With relatively slow wage growth in Australia, non-monetary incentives such as flexibility and recognition are important initiatives to consider, particularly in a competitive recruitment market where staff turnover can prove to be costly to the company bottom line.

*Source: Independent survey commissioned by Robert Half among 160 CIOs in Australia

 

Disclaimer: This post is intended to provide general information and does not constitute legal advice and should not be relied upon as such. Formal advice should be sought in particular matters to make certain your legal interpretation and decisions are correct for your location. This information is for guidance, ideas, and assistance only.

Enjoy the Benefits of Getting Friendly in the Work...
How to be a Successful Entrepreneur in 3 Easy Ways
 

Comments

No comments made yet. Be the first to submit a comment
Guest
Monday, 21 January 2019
  • All
  • Annual Leave
  • Employee Engagement
  • Hr Small Business Consulting
  • Karen Gately
  • Leadership
  • Management Skills
  • Mental Health Week
  • Small Business Advice
  • Video
  • Default
  • Title
  • Date
  • Random
load more articles hold SHIFT key to load all load all
hr handbook sidebar shop now
hr handbook sidebar shop now

 

Keep Up To Date

SUBSCRIBE TO OUR BLOG
____


 
 

PLEASE DO NOT SUBSCRIBE!

No way do you want us bothering you
with FREE resources, updates and
other cool things from time to time.

Or do you...?

 
 

Refund Policy

Since #HR - hashtaghr.com.au is offering non-tangible irrevocable goods we do not issue refunds once the order is accomplished and the product is sent. As a customer you are responsible for understanding this upon purchasing any item at our site.

However, we realise that exceptional circumstance can take place with regard to the character of the product we supply.

Therefore, we DO honor requests for the refund on the following reasons:

Our Technical Support Team is always eager to assist you and deliver highly professional support in a timely manner. Thank you for purchasing our products.

Contact Us

Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

Please give it 12-24 hours for our Support Team to get back to you on the problem.

Requests for a refund are accepted to This email address is being protected from spambots. You need JavaScript enabled to view it. within the period of 2 days after the order is placed. You should accompany this request with detailed and grounded reasons why you apply for a refund. Please make sure your request does not contradict our Terms and Conditions.
A refund is issued to you upon receipt of a Waiver of Copyright signed by you.