Bonuses, flexibility high on employees' list of demands
More than half of employees across Australia revealed that they are willing to accept alternatives to salary increases when they get a promotion - but they're not really straying far from seeking financial rewards, according to findings from Robert Half.
Its survey among 1,000 Australian workers found that 59% would accept a promotion that includes a bonus or revenue sharing.
Work-life balance is also in demand, with another 59% saying they would accept a promotion that comes with more flexibility on working hours. Other benefits that employees would accept as an alternative include:
- More holidays (58%)
- Hybrid and/or expanded remote working (49%)
- Paid sabbaticals (48%)
"While financial reward still tops the list, at a time when more employers expect their employees to work in the office more often, flexibility is seen as a bargaining chip that may be just as highly valued by employees as financial rewards," said Nicole Gorton, director at Robert Half, in a statement.
Upskilling as a benefit
Meanwhile, more than half of employers (56%) agreed on offering a promotion with extra flexibility when it comes to working hours.
But another 57% said they would rather offer further training and development in lieu of a salary increase - an option that some employees may not agree with.
Older employees, such as Baby Boomers and Gen X, are less likely to prioritise upskilling at this stage in their careers, according to Robert Half.
On the other hand, Gen Z and Millennial employees are willing to take advantage of such benefits as they eye future career progression.
"Young professionals especially recognise the need to continuously learn and adapt to stay competitive in the market as they grow their career. With employers also benefitting from offering further training and development, it's a win-win situation," Gorton said.
The findings come as companies are forced to be more creative when promoting employees amid tight compensation budgets.
According to Gorton, it is important for employers to have open communication with employees if they are unable to offer a financial incentive when promoting them.
"By engaging in transparent discussions about alternative rewards, employers can demonstrate their commitment to employees' long-term success and job satisfaction, reducing the risk of losing talented individuals over compensation concerns," Gorton said.
