Australia’s unemployment rate is still sitting at record lows. Thus, we’re working in a candidate rich market and it’s the candidate who has the most control.

In the old days…

Long gone are the days where people work for the same company their entire lives, or even stay in the same industry! We are moving into a work environment where 70% of the staff will be millennials. We’ve all seen the articles, millennials this and millennials that. However, the reality is that millennials do want different things to that of previous generations. Organisations will therefore need to understand what they want and adjust accordingly if they want to keep good staff.

Its those millennials again!

Studies show that the millennial generation is less motivated by salary and stability. Instead, they want benefits, and it’s no wonder why. Candidates have more choice than ever when it comes to where they can work, so why would they go for the mundane 9-5 job when they could have beer on tap, free gym membership, and nap pods?

That may sound rather trivial to the traditional employer, however employee benefits such as these can also vastly improve the work environment overall. Workplaces that have benefits generally have greater employee satisfaction, productivity, and retention.

So, who are the benefits actually benefitting? The company or the employee?

I say that it’s both! And Sir Richard Branson agrees with me.



Branson has long been an advocate of well-being and employee happiness, and the launch of Virgin Pulse in 2004 only further proves his dedication. VirginPulse designs technology that helps businesses cultivate good lifestyle habits for employees. A direct quote from their website sums up the benefits of benefits perfectly:

Recognising and rewarding employees for their hard work will encourage them to continue that hard work, as they will feel acknowledged and appreciated. An organisation willing to invest in their employees will find that their employees are more likely to invest in them too.



Get recognising before it’s too late

As a recruiter, I can confirm that the cost of recruiting and hiring a candidate is substantial, and it’s even more so if you lose them within the first 12 months. However, I’ve also seen firsthand how that potential for staff loss decreases when the company has unique benefits and recognitions schemes in place. Talented people will stick around longer with these in place. Trust me.

The market doesn’t look likely to shift any time soon, so it’s more important than ever that companies begin adjusting and focus on employee benefits.

Those who don’t will be left behind, losing their top staff over and over again.