Popular non-monetary work perks
We talk to candidates and brands every single day. One thing that is VERY clear is that offering a great salary just doesn’t cut it these days. And in some cases, additional non-monetary perks can even make up for a slightly lower salary.
Before we list any new role we always ask the hiring manager… ‘‘why would someone choose your business to work for, over another?’. Answers range from ‘we’ve got a great culture’, to ‘career progression’, but the ones that do best in market have something little extra to offer.
Candidate needs and expectations are shifting. More than ever we see candidates prioritise career growth, work-life balance and overall happiness over ‘just a salary’.
Common non-monetary work perks being offered by employers:
Work-life balance
‘Work-life-balance’ is definitely a hot buzz word in the ecom world at the moment. With the success of the 4-day work week trials in the UK recently, more Aussie brands are starting to make the change. And it is a huge incentive for candidates. I mean, ecommerce doesn’t really lend itself to a ‘switch off from work when you get home’ kind of lifestyle, so a little extra planned time to unwind goes a long way. It’s still got a way to go before it’s fully embraced in Australia, but the brands offering 4 day work weeks or 9 day fortnights for the same salary are highly desirable.
Wellness
In the wellness space, brands are offering anything from gym memberships, yoga, summer Friday hours, a well stocked kitchen and more. There doesn’t seem to be a ‘one-size-fits-all’ solve out there, and there doesn’t need to be. The most successful non-monetary perks are customised to the team.
Common requested non-monetary perks from candidates:
Flexibility
It kind of doesn’t feel like a perk these days to ask for flexible working. But I’m sure you’ve seen plenty of talk on LinkedIn about brands mandating a ‘5 days in the office’ policy it is still one of our most requested perks from candidates. Flexibility comes in may forms. Some want hybrid or remote, others are after a completely bespoke working model. Candidates are apprehensive to interview with a brand that doesn't offer flexibility.
4-Day work week
Work-life balance is a huge incentive for candidates and a 4-day work week or 9-day fortnight is a great way to get it. Candidates are starting to ask for reduced hours for the same pay, or accepting a slightly lower salary for a reduction in hours.
Growth & Development
As always, ecommerce professionals prove that they are innately growth oriented and almost every candidate we speak to asks about development opportunities in a new role. Some ask for structured learning or mentorship opportunities. Some are keen to tackle new challenges or work on cool projects. Either way, if your business isn’t investing in their people, top talent will look elswhere.
Can non-monetary-perks make up for a lower salary?
Would you accept ‘it really depends’ as an answer? In our experience if a business really can’t afford ‘market-rate’ for a role the perks are going to have to be substantial to make up for it. That means pizza Fridays won’t cut it…
Where we’ve seen this work is with 100% remote work or 4-day work weeks. If a candidate has specific living arrangements that require a remote role they may be willing to take a slightly lower salary. Same goes for less hours, sometimes being ‘paid’ in time is more important that the actual salary.
Does that mean brands should lower salaries & increase perks?
Let’s not get it twisted, a market-rate or higher salary is always the best option (especially with the cost of livin’ these days). If you’re an employer, offering a great salary plus perks is a sure fire way to attract great people. And if you’re a candidate, we would only recommend lowering your salary expectations for the right role and if the benefits are substantial.
10 non-monetary perks to consider:
Flexible working
100% remote
Reduced hours, same pay
Learning & Development - work related
Learning & Development - non-work related
Transport or parking support
Extra paid leave
Wellness program
Childcare support
Summer Fridays & Winter Mondays