Key Findings and Methodology

More than half (55%) of employees feel stressed at work. Personal finances tops the list as the main source of stress, followed by work and health (themselves/their family). Of the top five sources of financial stress, three relate to retirement.

Nearly three-quarters (71%) of employees see themselves as happy. The research revealed that happy employees are more productive, engaged, satisfied and demonstrate greater loyalty towards their employer. Having balance between work and home life identified as the main driver.

There is a disconnect between employers and employees when it comes to intangibles driving a sense of belonging in the workplace, such as the ability to speak out without fear of retribution and the role of diversity and inclusion programs, particularly for younger aged cohorts.

Nearly all (93%) employees consider purpose as a must have or nice to have, yet only two thirds (68%) feel a strong sense of purpose when working. Employees who feel a sense of purpose are more likely to feel productive, engaged and successful.

Purpose for employees means different things according to demographics. For some it might be a sense of achieving their day-to-day tasks and employers can do more to help create this sense of achievement.

By acknowledging the value employees bring to organisations, employers can foster a deep sense of purpose. However, employers need to bridge a gap between what they think they are doing to make sure employees know they are appreciated, and how employees actually feel.

Flexible working arrangements (including hours, location, roles) identified as the key ‘must have’ employee benefit, followed by training and development, and additional paid time off/annual leave. Life insurances such as Total and Permanent Disability (TPD), Income Protection (IP) also rated as key benefits, however only 6 in 10 employees understand how they work.

Support for financial wellness is rising in importance, particularly for younger aged cohorts, however many employers are not seeing how a few benefit strategies can make a big difference in an employees life. 72% of employees want access to financial planning workshops or tools but only 31% of employers are currently offering this as a benefit.

The best way for employers to educate their employees would be to outline what benefits are available to them via one-on-one consultations (both when onboarded and ongoing), supported by a handbook.