EMPLOYEE INSIGHTS
2018 Australian
REPORT
2018 Australian Employee Insights Report 3
About the survey
The survey was conducted online among 1000 Australian employees (who are not self-employed) aged over 18 years by YouGov Galaxy on behalf of Sunsuper This is a representative sample with a maximum margin of error of +ndash 3 The generations in this report are defined as Millennials 18-34 years Generation X 35-49 years and Baby Boomers 50-64 years
sunsupercomauemployeeinsightsreport
Foreword from Scott Hartley Sunsuper CEO 3
Part one Building the employee experience 5
Part two Improving company culture 9
Part three Valuing workplace diversity 13
Part four Preparing for emerging technologies 17
Part five Adopting new technology 21
Part six Encouraging employee resilience 25
Part seven Supporting financial wellbeing 29
Tips Using the insights in your business 32
Snapshot Australiarsquos view of super and retirement 34
Sunsuper Growing your business by growing your people 36
Welcome to the Sunsuper 2018 Australian Employee insights report
At the heart of everything we do at Sunsuper is our commitment to helping our members reach their retirement
with adequate superannuation savings We also want them to enjoy their retirement dreams once they get there This is why we provide a range of services to help our employer clients support their employeesrsquondash our membersrsquondashfinancial physical and mental wellbeing We know these services have the potential to strengthen an employerrsquos employee value proposition (EVP) just as much as they improve each employeersquos individual wellbeing
The findings in this the fourth annual Sunsuper Australian Employee insights report reinforce that In particular this yearrsquos report highlights Australian workersrsquo views on
how new technology is undeniably changing the nature of work As well our insights show pressures both at and outside
of work are leading Australian employees to increasingly expect their employer to offer flexibility and support in dealing with stress
At Sunsuper we are committed to walking the talk when it comes to employee wellbeing Key planks of our journey towards customer centricity and a high-performance culture are providing a clear strong and compelling workplace culture and an employee experience that supports our people to deal with stress both within and outside of work Whether that is through our recent ldquowellbeing weekrdquo that offered our employees development sessions and activities to help put the focus on all aspects of their physical mental social and financial wellbeing Or celebrating our successes with social gatherings that encourage our people to stop and appreciate the results their hard work has achieved On these results I am proud to say our clear focus on becoming a high-performance organisation has led us to cementing our place as the 9th largest Australian super fund with $55 billion in funds under management and being recognised as the best of the best when it comes to super ndash winning five fund of the year awards in a single year
I hope you find this yearrsquos Sunsuper Employee insights report as informative and useful as I have in helping to understand employeesrsquo experiences and their needs from todayrsquos evolving workplace And if you would like more information on the services Sunsuper can offer employers to build their EVP and support their employeesrsquo wellbeing as well as make managing super obligations as easy as possible please get in touch with us wersquod love to speak with you
Scott Hartley Chief Executive Officer
FOREWORDCONTENTS
Building the employee experience
While an employee value proposition (EVP) encompasses the services and benefits employers offer to give people a compelling reason to work for them the rdquoemployee experiencerdquo is how employees engage with the elements of the EVP
The employee experience is becoming an increasingly important area of focus for employers as todayrsquos employees demand greater workplace flexibility a culture that aligns with their values and increasingly advanced digital solutions in order to best do their job
EXPERIENCEONE
Australian workers of all ages genders household incomes and employment types say creating a positive culture is the top way their employer can make their employee experience great
54
6 2018 Australian Employee Insights Report 2018 Australian Employee Insights Report 7
The majority (79) of Australian workers say their employer could do more to make their experience at work great highlighting employers may need a greater focus on improving the employee experience in order to retain and engage their staff
How a great employee experience benefits business
Best way to make a great employee experience 18 of Australian workers rate a positive culture as the single best way their employer could make their employee experience great ahead of 12 who believe additional financial benefits and 11 who say flexible working arrangements would be the biggest contributor to a great employee experience
PART 1
Improve employee productivity
Impr
ove
empl
oyee
pro
duct
ivit
y
Keep the best employees
Keep
the
bes
t em
ploy
ees
Ach
ieve
bet
ter b
usin
ess
resu
lts
Keep
up
wit
h co
mpe
tito
rs
Rec
ruit
the
bes
t em
ploy
ees
Impr
ove
empl
oyee
wor
k-lif
e ba
lanc
e
Opportunities to advance my career
46
Additional financial benefits
42
Flexible working arrangements
38
Clear goals and expectations for my role
32
Additional financial benefits
44
Flexible working arrangements
42
Opportunities to advance my career
39
Clear goals and expectations for my role
29
Clear goals and expectations for my role
40
Additional financial benefits
35
Flexible working arrangements
30
Opportunities to advance my career
28
0
20
40
60
80
0
20
40
60
80
0
20
40
60
80
0
20
40
60
80
Millennials Gen X Baby Boomers
lt20 employees
20-499employees
gt500employees
lt20 employees
20-499employees
gt500employees
Millennials Gen X Baby Boomers
53 5358
66
5562 62
5258 61
65 64
A positive culture
Additional financial benefits
Flexible working arrangements
Recognition and rewards
Great leaders
Opportunities to advance my career
Training and development opportunities
Clear goals and expectations from my role
Regular feedback on my performance
Latest tools and equiptment for my role
Donrsquot know
Fair and inclusive employment policies
Other wellbeing benefits
Great workplace facilities
18
12
11
109
7
6
5
5
5
53
3 1
Millennials Generation X Baby Boomers
When considering the ways their company could make a great employee experience aside from a positive culture different generations are focused on different things Older workers value clear goals and expectations higher than their younger peers Gen X is more focused than other generations on additional financial benefits and flexible working arrangements And Millennials are more motivated by career opportunities
Workers with higher household incomes and in larger organisations are most likely to say their employer could do more to make their experience at work great (83 for those earning more than $150k pa 85 for those in companies with more than 500 employees) Older workers and workers in large companies also believe a great experience at work is more likely to improve productivity and help a company keep the best employees
60 of workers say their productivity would improve if their experience at work was great Workers also say a great employee experience would enable businesses to keep the best employees (58) and achieve better results (45)
Employees have high expectations of their employer to provide a great experience at work yet they still rank customers as the most important stakeholder group to company success (39) with staffemployees in second place (29)
Building the employee experienceONE
Opportunities to advance my career
46
Additional financial benefits
42
Flexible working arrangements
38
Clear goals and expectations for my role
32
Additional financial benefits
44
Flexible working arrangements
42
Opportunities to advance my career
39
Clear goals and expectations for my role
29
Clear goals and expectations for my role
40
Additional financial benefits
35
Flexible working arrangements
30
Opportunities to advance my career
28
Millennials Generation X Baby Boomers
Improves employee productivity Keeps the best employees
0
20
40
60
80
0
20
40
60
80
0
20
40
60
80
0
20
40
60
80
53 5358
66
5562 62
5258 61
65 64
Impr
oves
em
ploy
ee p
rodu
ctiv
ity
Keep
s th
e be
st e
mpl
oyee
s
Ach
ieve
s be
tter
bus
ines
s re
sult
s
Keep
s up
wit
h co
mpe
tito
rs
Rec
ruit
s th
e be
st e
mpl
oyee
s
Impr
oves
em
ploy
ee w
orkndashlif
e ba
lanc
e
A companyrsquos culture is its personality and an important factor in its success or otherwise as an organisation It is unsurprising that Australian workers rate a positive culture as the single best way their employer could make their employee experience great given it defines the environment in which they work provides the parameters for their behaviour and decision making and can help a business attract engage and retain the right people to achieve results
IMPROVING COMPANY CULTURE
CultureTWO
Less than one in ten (9) Australian workers say their companyrsquos culture is great how it is
98
10 2018 Australian Employee Insights Report 2018 Australian Employee Insights Report 11
According to Australian workers embedding culture isnrsquot the sole responsibility of employers with 63 saying consulting with and involving employees more would improve their companyrsquos culture
How company culture could be improvedAustralian workers want their company culture to support their wellbeing with 70 of employees saying their workplace culture could be improved through better workndashlife balance or their employer offering more employee benefits
Ability to describe company cultureOverall close to two thirds (61) of Australian workers can describe their companyrsquos culture Millennials employees in smaller organisations and interestingly casual and contract employees can most easily describe their companyrsquos culture
Employees in the finance and IT industries are most likely (70) to be able to describe their companyrsquos culture Those in the healthcare social services and arts and media industries are the least likely (55)
Millennials and Gen X are more focused on workndashlife balance and employee benefits to improve company culture than their older peers While Baby Boomers are twice as likely than younger employees to say their company culture is great how it is
How company culture is primarily communicated Australian workers say the primary way culture is communicated in their company is through open conversation (18) however 16 say communications in their company donrsquot make it clear what the company culture is and 12 say they donrsquot know how the culture is communicated
IMPROVING COMPANY CULTURETWO
0
20
40
60
80
0
20
40
60
80
Millennials Gen X Baby Boomers
lt20 employees
20-499employees
500+employees
64 61 58
0
20
40
60
80
Casual Project Contract
Permanent
6772
595764 61
Could describe the company culture
Improving workndashlife balance
Offering more employee benefits
Involving employees more in decisions
Consulting with employees on improving productivity
Providing more team-building activities
Removing underperforming employees
Focusing more on achieving business results
Donrsquot knowother
Doing nothing ndash the culture is great how it is
35
35
3231
25
23
15
10 9
Improving workndashlife balance
38
Offering more employee benefits
38
Involving employees more in decisions
37
Consulting on improving productivity
30
Do nothing ndash the culture is great how it is
7
Millennials
Improving workndashlife balance
34
Offering more employee benefits
34
Consulting on improving productivity
31
Involving employees more in decisions
28
Do nothing ndash the culture is great how it is
8
Consulting on improving productivity
34
Involving employees more in decisions
31
Improving workndashlife balance
31
Offering more employee benefits
29
Do nothing ndash the culture is great how it is
15
Generation X Baby Boomers
1 18 The culture is spoken about openly within my company
2 16 Communications in my company donrsquot make it clear what the company culture is
3 15 The culture is discussed in performance reviews and team meetings
4 12 Donrsquot know how the culture is communicated
5 11 The culture is communicated in corporate communications
6 10 Managers live the culture every day and employees follow by example
7 9 Culture is linked to goals and KPIs
8 9 Employees are called out if they arenrsquot living the culture
Valuing workplace diversity
DIVERSITYTHREE
82 of Australian workers say diversity in leadership in their company is important
A gender-balanced workforce with employees of all ages cultural backgrounds and physical abilities introduces a broad range of perspectives and can help increase a companyrsquos innovation productivity and results
Employees are also more likely to feel comfortable and better able to manage workplace stress in an inclusive workplace environment that is flexible and understanding of different employeesrsquo needs and approaches
1312
14 2018 Australian Employee Insights Report 2018 Australian Employee Insights Report 15
More than half (55) of Australian employees say their company clearly values diversity among employees and only 8 believe their company doesnrsquot value diversity
Areas of diversity that can most benefit companies The majority (88) of Australian workers say embracing diversity in the workplace can benefit business They see diversity in age as the area that can most benefit companies (47) closely followed by diversity in cultural background (45) and gender (43)
Valuing diversity in the workplaceMillennials (59) and those who work for large employers (61) are most likely to say their company clearly values diversity Across industries government workers are most likely (65) to be clear their employer values diversity workers in the mining and farming industries are least likely (45)
Outcomes of embracing diversityAustralian employees say a better understanding of different viewpoints and approaches (48) and introducing more creative and innovative thinking (41) are the two biggest outcomes to companies of embracing diversity
Of all the potential outcomes of embracing diversity workers rate two negatives as the least likely to eventuate
Most valued employer benefits to increase workplace flexibilityCreating a flexible workplace is one way companies can ensure they treat employees of diverse ages genders and backgrounds equally and as individuals 72 of Australian employees consider their workplace to be flexible with Millennial workers valuing additional leave and job sharing more than their older peers
VALUING WORKPLACE DIVERSITYTHREE
My company clearlyvalues diversity
among employees
My company maybe values diversityitrsquos not clear
My company doesnrsquot value diversity
55 37 8
39 of Baby Boomers say embracing diversity makes an employer more attractive to work for compared with just 28 of Millennials
Varied startfinish times
47
Additional leave
33
Ability to work from home
29
9-day fortnights
20
Job sharing
20
Millennials
Varied startfinish times
54
Additional leave
29
Ability to work from home
29
9-day fortnights
27
Job sharing
16
Varied startfinish times
38
9-day fortnights
25
None
24
Ability to work from home
22
Additional leave
16
Generation X Baby Boomers
None
10
None
12
Job sharing
15
1 48 Better understanding of different viewpoints and approaches
2 41 Introducing more creative and innovative thinking
3 32 More balanced and better decisions
4 32 Becoming a more attractive employer to work for
5 25 Being ldquoseenrdquo to be doing the right thing
6 17 Achieving better bottom-line results
7 16 Achieving competitive advantages
8 13 Introducing reverse discrimination
9 11 Making it more difficult to communicate
1 47 Diversity in age
2 45 Diversity in cultural background
3 43 Diversity in gender
4 41 Diversity in education and experience
5 41 Diversity in personality type
6 40 Diversity in opinions
7 25 Diversity in other traitscharacteristics
8 12 None businesses donrsquot benefit significatly from diversity
As emerging technologies such as artificial intelligence (AI) robotics and cognitive computers continue to advance and proliferate there is increasing debate as to the changes these technologies will have in the workplace
AI and robotics have the potential to reinvent workersrsquo roles and companies will need to consider how theyrsquoll design job roles organise work and train and re-train their employees in the future
Preparing for emerging technologies
futurefour
44 of Australian workers say they are concerned about emerging technologies coming into their workplace
1716
18 2018 Australian Employee Insights Report 2018 Australian Employee Insights Report 19
Employers should be aware that employeesrsquo feelings towards emerging technologies coming into the workplace are divided Half (51) of Australian employees arenrsquot concerned about emerging technologies coming into their work and 5 are quite looking forward to it but the remainder are not so sure
Concern about emerging technologies coming into the workplace Millennials are more concerned than older generations about emerging technologies coming into their workplace with more than half (55) of Millennials concerned compared with just 30 of Baby Boomers
Biggest workplace changes from emerging technologiesAustralian workers are also divided when it comes to predicting the biggest changes emerging technologies could have in their industry with 25 saying the biggest change will be time andor cost savings but another 24 saying there will be no change
When emerging technologies might start replacing jobsOverall only one third (36) of Australian workers say emerging technologies will start replacing jobs within the next few years Millennials (48) are most likely to say emerging technologies will start replacing jobs within the next few years
0
20
40
60
80
40
Veryconcerned
A littleconcerned
Notconcerned
Lookingforward to it
Millennials
Generation X
Baby Boomers
68
55
preparing for emerging technologiesFOUR
Workers in the finance and IT industries (57) are most likely to see robots and AI impacting jobs in their industry within a few years Workers in the healthcare social services and arts and media (29) and education (27) industries are most likely to say emerging technologies wonrsquot ever replace jobs in their industry
25 of workers in the finance and IT industries say emerging technologies will mean there wonrsquot be many jobs for humans in their industries compared with just 10 in the education mining and farming industries
62 of Millennials are concerned about finding a new job if emerging technologies replace their current job compared with just 46 of Baby Boomers
Within a few years
48
Not during my career
36
Never it wont happen
16
Not during my career
48
Within a few years
33
Never it wont happen
19
Not during my career
55
Never it wont happen
30
Within a few years
15
Millennials Generation X Baby Boomers
1 25 Save time or cost by automating boring processes and tasks
2 24 No change AIrobotics wonrsquot replace humans in my industry
3 20 I havenrsquot thought about itdonrsquot know
4 19 Will mean Irsquoll need retraining
5 17 Create opportunities to do more interesting work
6 17 There wont be many jobs for humans in my industry
7 15 Increase the pace and pressure of work
0
20
40
60
Emerging technologies will start replacing jobs within a few years
FinanceIT Construction Engineering
Healthcare ArtsMedia
Hospitality Personal Services
Retail Wholesale
distribution
Mining Farming
Government Education
57
4035 33 32 31 29 26 25
Aside from emerging technologies such as AI and robotics technology in general seems to be evolving at ever-increasing rates and it is impacting the ways we live and work
Companies need to balance the need to adapt to new technology quickly enough to remain competitive with ensuring employees build the skills to adopt new technologies All without allowing the expectation to be always connected to adversely impact their general wellbeing and life outside of work
ADOPTING NEW technology
TECHNOLOGYFIVE
12 of workers see the ability to always be connected as the biggest positive impact to workplaces of the increasing speed of new technology A slightly higher 16 see this same always-on connectivity as the biggest negative impact
20 21
22 2018 Australian Employee Insights Report 2018 Australian Employee Insights Report 23
As companies strive to keep abreast of the increasing speed of new technology in their industries itrsquos good to know Australian workers are generally positive about the potential impacts in their workplace with 38 saying it is making work more efficient and 50 saying their company adopts new technology quickly enough to stay competitive
Impact of increasing speed of new technology in the workplaceWorkers believe the biggest positive impact of the increasing speed of technology is that it is making work more efficient (38) On the flipside however they say the biggest negative impact is that it is increasing their workload (21)
Adopting new technology to stay competitiveClose to 60 of workers say their company is adopting new technology quickly enough to stay well ahead of or competitive with others Millennials (13) are almost three times as likely as Baby Boomers (5) to say their organisation is ahead of others in adopting new technology
Company policies for using technology at work Companies seem to have their policies around technology use at work about right with 57 of workers saying their companyrsquos rules around using social media the internet and personal mobile phones at work are appropriate
Impact of technology at work on broader lifeTwo thirds (67) of employees believe technology at work has impacted their broader life Baby Boomers (56) say they are less impacted than their Millennial peers (75) Millennials are more likely than older generations to say they are able to work less hours and more flexibly but also that they have learned to be more careful using social media
ADOPTING NEW TECHNOLOGYFIVE
We are well aheadof others
We are competivite with others
We may be alittle behind others
We are well behind others
9 50 30 11
Workers in the construction and engineering (25) and retail and wholesale distribution (24) industries are most concerned about the increasing speed of new technology resulting in redundancies Government workers (10) are the least concerned
Top 3 positive impacts
Top 3 negative impacts
Resulting in redundancies
Pressure to keep up with new tools and processes
Adding to my workload
Making work more efficient
38
Making work more rewarding
15
Allowing me to always be connected
12
21
18
17
Appropriate
NA there are no rules
Personally constraining but understandable at work
Can make performing my role difficult
Excessive
16
57
12
11
4
I can work more flexibly (hours practices)
29
Work technology means Irsquom always connected
27
It hasnrsquot impacted my broader life
25
The pace of life has increased significantly
23
Irsquom more careful using social media
21
Millennials
It hasnrsquot impacted my broader life
34
Work technology means Irsquom always connected
28
The pace of life has increased significantly
25
I can work more flexibly (hours practices)
20
Irsquom more careful using social media
20
It hasnrsquot impacted my broader life
44
Work technology means Irsquom always connected
30
The pace of life has increased significantly
22
Irsquom working more hours
17
I can work more flexibly (hours practices)
15
Generation X
Irsquom working more hours
18
Irsquom working less hours
16
Irsquom working less hours
7
Irsquom working less hours
5
Irsquom working more hours
15
Irsquom more careful using social media
11
Baby Boomers
Encouraging employee resilience
ResilienceSIX
Stressed employees can take more unplanned leave and be less engaged at work Their physical and emotional wellbeing is also likely to be lower than employees who are relaxed and focused
Encouraging and helping to build employee resilience is one way to reduce stress in the workplace and contribute to more mentally healthy and productive employees
More than half (54) of Australian workers say they feel stressed at work every week
2524
26 2018 Australian Employee Insights Report 2018 Australian Employee Insights Report 27
Resilience is the ability to adjust to adversity and hold on to some sense of control over your environment It is concerning that more than two thirds (68) of Australian workers donrsquot regularly feel a sense of control over their environment at work
Feeling a sense of control at work Feeling a sense of control at work can be the first step to reducing workplace stress and building resilience Overall just one third (32) of workers say they regularly feel a sense of control at work Interestingly Baby Boomers (13) are almost three times as likely as their Millennial peers (5) to always feel a sense of control at work
Feeling stressed at workNot feeling a sense of control and workplace stress seem to go hand in hand and can result in employees who find it challenging to adapt to change and deal with difficult situations So it is concerning that almost one in five (17) employees feel stressed at work daily
Cause of most stress at workThe cause of the most stress at work according to Australian workers is workload pressure including excessive workload and unrealistic expectations (34) followed by personal issues with managers or workmates (16) and lack of workndashlife balance including dealing with issues outside of work (15) Just 8 of employees say they donrsquot get stressed at work
Ways companies can ease stress at workThe good news is workers say there are positive steps their employer can take to ease workplace stress Almost half (47) of employees say a positive workplace including confident managers and good teamwork would help to prevent workplace stress and support employees who are stressed
Encouraging employee resilienceSIX Millennials (25) are more than three times more
likely than Baby Boomers (7) to be stressed at work due to financial stress outside of work
Perhaps unsurprisingly part-time casual and contract employees feel more stressed about job security (23) than their permanently employed colleagues (15) and Baby Boomers feel more stressed about keeping up with technology (13) than their Millennial peers (8)
Millennials are more likely to want their company to offer financial wellbeing benefits (28) and mental health services such as counselling (25) than their Baby Boomer peers (12 and 16 respectively)
Millennials are significantly more likely to feel stressed at work than their older peers Those working in government are the most likely (60) to feel stressed at least weekly and those in the mining and agriculture sectors the least likely (42)
0
20
40
60
Millennials
Generation X
Baby Boomers
47
37
2929
34
1615
8
8
8
11
Workload pressure
Issues with colleagues
Lack of work-life balance
Lack of job security
I donrsquot get stressed at work
Too much change at work
Other
At least weekly
60
Every few weeks to months
28
Rarelynever
12
At least weekly
53
Every few weeks to months
29
Rarelynever
18
At least weekly
46
Rarelynever
35
Every few weeks to months
19
Millennials Generation X Baby Boomers
A p
osit
ive
workplace
Clea
r goa
ls a
nd re
ason
able
workload
Flex
ible
working arr
ange
men
ts
Trai
ning
to
deal
wit
h ne
w t
echn
olog
y
Fina
ncia
l wel
lbei
ng b
enef
its
Stre
ss a
nd c
ompa
ssio
nate
leav
e
47
41 34
24 23 23
Phys
ical
wel
lbei
ng b
enef
its
Men
tal h
ealt
h se
rvic
es
22
18
Wellbeing39 of Australian workers say they feel financial stress at least weekly
Offering employees wellbeing services that focus on improving physical mental and financial health and a sense of community belonging can be central to a companyrsquos EVP and employee experience and help employees cope with stress
In particular with money-related issues causing Australian workers significant stress employee demand for their company to provide financial wellbeing benefits is increasing
Supporting financial wellbeingSEVEN
2928
30 2018 Australian Employee Insights Report 2018 Australian Employee Insights Report 31
More than a quarter (28) of Australian workers define ldquofinancial wellbeingrdquo as not being stressed about their finances And it seems employers can do more to support their employeesrsquo financial wellbeing with workers saying they would most value additional super contributions (40) and financial advice and education (31) from their employer
Causes of stressAustralian workers rank lack of financial security managing household finances and lack of savings for retirement as the factors causing them the most stress
Main reason for feeling financial stressJuggling the general cost of living is the main reason Australian workers feel financial stress across all household incomes genders and employment types Unsurprisingly not having enough super or savings for retirement (29) overtakes the general cost of living (17) as the main reason Baby Boomers feel financial stress
The meaning of financial wellbeing While employees are most likely (28) to equate not feeling stressed about their finances with financial wellbeing they also associate having enough savings to cover unexpected expenses (21) and being able to retire comfortably at a time they choose (19) with being financially ldquowellrdquo
Biggest concern about retiringGiven 19 of Australian workers say they equate financial wellbeing with being able to retire comfortably when they want it is concerning that 42 of workers say their biggest concern about retiring is not having enough money
Employer services to support financial wellbeingEmployees say they would most value additional super contributions (40) and financial advice and education (31) from their employer to support their financial wellbeing
Supporting financial wellbeingSEVEN
Additional supercontributions
Financial adviceand education
Discounts oneveryday items
Budgetingguidance
40 31 21 8
Lack o
f fi
nanc
ial s
ecur
ity
Managing household finances and bills
Lack o
f sa
ving
s fo
r ret
irem
ent
Phys
ical
hea
lth
conc
erns
Fam
ily o
r rel
atio
nshi
p co
ncer
ns
Conc
ern
abou
t jo
b se
curit
y
40
35
29 28 27 26
Millennials (46) and Gen X (40) are twice as likely as Baby Boomers (21) to feel financial stress at least weekly
Only one third (36) of workers believe their company cares about their financial wellbeing
28
2119
16
12
4 7
42
14
12
10
8
7
Not being stressed about my finances
Having enough savings to cover unexpected expenses
Being able to retire comfortably when I want
Being debt free or on top of my debts
Being able to meet day-to-day living expenses
Donrsquot knowother
Not having enough money
Irsquom not concerned
Losing my health
Being bored
Losing my mental sharpness
Losing my purpose
Losing my social connectionshaving to spend more time with my spouse
Juggling the general cost of living
23
Not being able to afford what I want to do now
18
Not enough savings for the unexpected
15
Not having enough super or savings when I retire
7
Fear of losing my job
12
Millennials
Juggling the general cost of living
34
Fear of losing my job
14
Not enough savings for the unexpected
13
Not having enough super or savings when I retire
10
Not being able to afford what I want to do now
12
Juggling the general cost of living
17
Not enough savings for the unexpected
14
Not having enough super or savings when I retire
29
Fear of losing my job
13
Not being able to afford what I want to do now
10
Generation X
Difficulty managing debt
9
Having to provide for my children
8
Not leaving enough for my kids in my will
5
Other
3
Other
3
Not leaving enough for my kids in my will
2
Other
4
Having to provide for my children
2
Having to provide for my children
3
Not leaving enough for my kids in my will
4
Difficulty managing debt
9
Difficulty managing debt
7
Baby Boomers
The insights in this report show that Australian workersrsquo expectations of their employer are increasing Are you doing enough to build an employee experience that your employees value enough to stay with your company and go the extra mile when you need them to And are you offering the support and benefits that will help your employees manage stress adopt new technology and deliver results for your organisation Here are some tips to get you started
New technologyOur insights show that Australian employees believe workplaces that adopt and adapt to new technology can make their work more efficient To realise these efficiencies employees may need training and other support
Are you doing enough to help your employees prepare for the speed of new technology and the impact of emerging technologies At the same time has your company recognised the importance of non-technical skills such as adapting to change open communication and problem solving
Employee resilienceTherersquos a good chance a number of your employees are currently feeling stressed due to the pace and demands of work or issues they are dealing with outside of work
In light of our insights consider whether you are setting clear goals for your teams and individual employees monitoring workloads and ensuring they are manageable encouraging and supporting employeesrsquo physical wellbeing offering financial wellbeing services and providing flexible working arrangements
Financial wellbeingA significant proportion of Australian employeesrsquo stress is caused by money worries Offering support and resources to help employees manage their finances can ease this stress and free up their energy and focus to be more productive at work This could be the most challenging wellbeing deliverable of them all however requiring solutions that cover household budgeting debt management financial hardship and retirement planning
Consider offering tangible financial assistance to employees through additional superannuation contributions financial advice and education services and access to everyday rewards programs
Donrsquot forget that Sunsuper offers our members a range of benefits including financial education and superannuation advice often at no additional cost
The employee experienceJust as businesses need to walk in the shoes of their customer creating a compelling employee experience involves seeing the world through employeesrsquo eyes and focusing on what they most value
Our insights indicate Australian workers are most focused on a positive culture financial and other rewards and flexible working arrangements
Start by involving your employees in focus groups to validate their priorities and then workshop how each could be addressed and improved in your organisation
Company cultureYour culture is shaped by the words and actions of your organisationrsquos leaders and how they make decisions Your culture is also influenced by how your employees are rewarded and how everyone in your organisation interacts with your customers and with each other
Given our insights show a large proportion of Australian employees canrsquot easily describe their companyrsquos culture start by asking yourself if you are doing enough at all levels of your organisation to clearly communicate and engage your employees with your culture
Diversity and flexibilityThe majority of Australian employees believe embracing workplace diversity is good for business In particular a flexible workplace is one way to help ensure you treat employees of diverse ages genders and backgrounds equally and as individuals
Workers say they most value varied work hours additional leave options and the ability to work from home when it comes to improving workplace flexibility
Are you already or is it possible for your organisation to adopt strategies to deliver these benefits
ONE TWO THREE FOUR FIVE SIX
USING THE INSIGHTS IN YOUR BUSINESSTIPS
32 2018 Australian Employee Insights Report 2018 Australian Employee Insights Report 33
34 2018 Australian Employee Insights Report 2018 Australian Employee Insights Report 35
AUSTRALIArsquoS VIEW OF SUPER AND RETIREMENTSNAPSHOT
Understanding of superOverall 56 of workers say they fully understand and are on top of their super Baby Boomers (70) are more likely to feel on top of their super than their Millennial peers (53)
Financial confidence for retirementClose to two thirds (62) of employees arenrsquot confident or donrsquot know if they will have enough super when they retire
Employer services to help workers understand superAustralian workers say they would value a range of services offered by their employer to help them feel more on top of their super and retirement
56
47
24
15
14
44
Obstacles to seeking financial adviceThe right financial advice can help in managing financial stress yet workers say they see a number of obstacles to seeking financial advice
41 I think itrsquos expensive 33
I donrsquot know who to trust
29Itrsquos difficult to know where to go
Mill
enni
als
Gen
erat
ion X
Bab
y Bo
omersTrust in employerrsquos choice of super fundThe majority (70) of Australian employees trust or support their employerrsquos choice of super fund Older workers trust their employerrsquos choice of super fund more than their younger peers
61 72 87
Our annual snapshot of Australiarsquos view of super and retirement highlights that close to half (44) of Australian workers donrsquot fully understand or feel on top of their super
28 of employees donrsquot know or havenrsquot thought about whether they will need to rely on the government age pension in retirement
37 of Australian workers say they will need the same or a higher annual income than what they are earning now to fund their lifestyle when they retire
Planned retirement ageMore than a quarter (27) of Australian workers plan to retire before age 60 Those with no children are more likely (31) to plan to retire before age 60 than those who donrsquot have kids (23)
Acc
ess
to f
ree
fina
ncia
l adv
ice
Make
supe
r sim
ple
Hel
p to
pla
n fo
r ret
irem
ent
Acc
ess
to v
iew
my
bala
nce
Acc
ess
to talk
to s
omeo
ne
Acc
ess
to f
ree
supe
r edu
cati
on
39
32 29 2622 21
Those with higher annual incomes are also more likely to understand their super
Again those with higher annual incomes are more financially confident about retiring
No
Yes
Donrsquot know
Irsquoll use other savings
Yes
No
0
20
40
60
49
67
0
20
40
60
55
30
0
20
40
35
lt50 yrs 51-55 yrs 56-60 yrs 61-67 yrs 68+ yrs I donrsquot plan on retiring
I donrsquot think Irsquoll be able to retire
36 2018 Australian Employee Insights Report 2018 Australian Employee Insights Report 37
Sunsuper offers benefits and member services that can help you support your employeesrsquo wellbeing and build an employee experience that will engage and retain your people These include
bull A track record of delivering strong investment returns to members
bull Low fees
bull A range of financial advice options on the phone and face-to-face often at no additional cost1
bull Financial education complimentary seminars and events including in your workplace
bull The ability to manage super on the go through the Sunsuper app
bull Online information education and inspiration start exploring the Dream Project sunsupercomauthedreamproject
bull Everyday discounts from retailers across Australia our Dream Rewards program sunsupercomaudream-rewards can help your employees save money today
bull Opportunities to support and give back to the community through our Dreams for a Better World grants program dreamsforabetterworldcomau
Sunsuper is also committed to help make managing your super obligations as easy as possible and we provide a range of other services for employersrsquo businesses including dedicated support teams research and insights customised reporting and professional development opportunities for leaders and staff
GROWING YOUR BUSINESS BY GROWING YOUR PEOPLE
SUNSUPERIs it time to talk to Sunsuper
Naturally wersquod like you to think so Curiosity can be good for business and at the very least wersquore confident a conversation with Sunsuper will leave you better informed about the right questions to ask for your company to optimise your employee superannuation arrangements It could also lead to understanding what ldquocompetitiverdquo looks like in todayrsquos ever-changing superannuation marketplace and how we could help you to support your employee experience and wellbeing initiatives
Want some help on the right questions to ask to optimise your employeesrsquo super Download our factsheet at sunsupercomaugrowyourbusiness
Join us on the wave of success
With five major award wins in one year Sunsuper has been recognised as the best of the best when it comes to super
At Sunsuper we donrsquot just want our members to have adequate savings for their retirement We also want to help them get to retirement in excellent financial physical and mental health After all what good is reaching retirement if you canrsquot enjoy it
Super Fund of the Year 2017
38 2018 Australian Employee Insights Report 2018 Australian Employee Insights Report 39
Our purpose is to inspire and empower Australians to fulfil their retirement dreams
Copyright 2018 Sunsuper Pty Ltd 2208 (0818)
1 Our qualified financial advisers provide simple advice about your Sunsuper account at no additional cost More comprehensive advice may incur a fee Sunsuper employees provide advice as representatives of Sunsuper Financial Services Pty Ltd (ABN 50 087 154 818 AFSL No 227867) (SFS) wholly owned by the Sunsuper Superannuation Fund
For ratings and awards information refer to sunsupercomauratingsagencies
This publication has been prepared and issued by Sunsuper Pty Ltd (ABN 88 010 720 840) (AFSL 228975) (lsquoSunsuperrsquo) the trustee and issuer of the Sunsuper Superannuation Fund (ABN 98 503 137 921) While it has been prepared with all reasonable care no responsibility or liability is accepted for any errors or omissions or misstatement however caused All forecasts and estimates are based on certain assumptions which may change If those assumptions change our forecasts and estimates may also change
This document has been prepared for general information purposes only and not as specific advice to any particular person Any advice contained in this document does not take into account any particular personrsquos objectives financial situation or needs Accordingly you should consider how appropriate the advice is to your own particular objectives financial circumstances or needs before acting on any advice You should consider the relevant Product Disclosure Statement before acquiring any financial product
40 2018 Australian Employee Insights Report
13 11 84 (+61 7 3121 0700 when overseas)
GPO Box 2924 Brisbane QLD 4001
sunsupercomau
twittercomsunsuper
facebookcomsunsuper
linkedincomcompanysunsuper
Sunsuper Pty Ltd Sunsuper Superannuation FundABN 88 010 720 840 ABN 98 503 137 921 AFSL No 228975 SPIN SSR 0100 AU
Find out how we can help you and your business in our Growing your business by
growing your people publication To start the conversation
please call us on 13 11 84
sunsupercomauemployeeinsightsreport
2018 Australian Employee Insights Report 3
About the survey
The survey was conducted online among 1000 Australian employees (who are not self-employed) aged over 18 years by YouGov Galaxy on behalf of Sunsuper This is a representative sample with a maximum margin of error of +ndash 3 The generations in this report are defined as Millennials 18-34 years Generation X 35-49 years and Baby Boomers 50-64 years
sunsupercomauemployeeinsightsreport
Foreword from Scott Hartley Sunsuper CEO 3
Part one Building the employee experience 5
Part two Improving company culture 9
Part three Valuing workplace diversity 13
Part four Preparing for emerging technologies 17
Part five Adopting new technology 21
Part six Encouraging employee resilience 25
Part seven Supporting financial wellbeing 29
Tips Using the insights in your business 32
Snapshot Australiarsquos view of super and retirement 34
Sunsuper Growing your business by growing your people 36
Welcome to the Sunsuper 2018 Australian Employee insights report
At the heart of everything we do at Sunsuper is our commitment to helping our members reach their retirement
with adequate superannuation savings We also want them to enjoy their retirement dreams once they get there This is why we provide a range of services to help our employer clients support their employeesrsquondash our membersrsquondashfinancial physical and mental wellbeing We know these services have the potential to strengthen an employerrsquos employee value proposition (EVP) just as much as they improve each employeersquos individual wellbeing
The findings in this the fourth annual Sunsuper Australian Employee insights report reinforce that In particular this yearrsquos report highlights Australian workersrsquo views on
how new technology is undeniably changing the nature of work As well our insights show pressures both at and outside
of work are leading Australian employees to increasingly expect their employer to offer flexibility and support in dealing with stress
At Sunsuper we are committed to walking the talk when it comes to employee wellbeing Key planks of our journey towards customer centricity and a high-performance culture are providing a clear strong and compelling workplace culture and an employee experience that supports our people to deal with stress both within and outside of work Whether that is through our recent ldquowellbeing weekrdquo that offered our employees development sessions and activities to help put the focus on all aspects of their physical mental social and financial wellbeing Or celebrating our successes with social gatherings that encourage our people to stop and appreciate the results their hard work has achieved On these results I am proud to say our clear focus on becoming a high-performance organisation has led us to cementing our place as the 9th largest Australian super fund with $55 billion in funds under management and being recognised as the best of the best when it comes to super ndash winning five fund of the year awards in a single year
I hope you find this yearrsquos Sunsuper Employee insights report as informative and useful as I have in helping to understand employeesrsquo experiences and their needs from todayrsquos evolving workplace And if you would like more information on the services Sunsuper can offer employers to build their EVP and support their employeesrsquo wellbeing as well as make managing super obligations as easy as possible please get in touch with us wersquod love to speak with you
Scott Hartley Chief Executive Officer
FOREWORDCONTENTS
Building the employee experience
While an employee value proposition (EVP) encompasses the services and benefits employers offer to give people a compelling reason to work for them the rdquoemployee experiencerdquo is how employees engage with the elements of the EVP
The employee experience is becoming an increasingly important area of focus for employers as todayrsquos employees demand greater workplace flexibility a culture that aligns with their values and increasingly advanced digital solutions in order to best do their job
EXPERIENCEONE
Australian workers of all ages genders household incomes and employment types say creating a positive culture is the top way their employer can make their employee experience great
54
6 2018 Australian Employee Insights Report 2018 Australian Employee Insights Report 7
The majority (79) of Australian workers say their employer could do more to make their experience at work great highlighting employers may need a greater focus on improving the employee experience in order to retain and engage their staff
How a great employee experience benefits business
Best way to make a great employee experience 18 of Australian workers rate a positive culture as the single best way their employer could make their employee experience great ahead of 12 who believe additional financial benefits and 11 who say flexible working arrangements would be the biggest contributor to a great employee experience
PART 1
Improve employee productivity
Impr
ove
empl
oyee
pro
duct
ivit
y
Keep the best employees
Keep
the
bes
t em
ploy
ees
Ach
ieve
bet
ter b
usin
ess
resu
lts
Keep
up
wit
h co
mpe
tito
rs
Rec
ruit
the
bes
t em
ploy
ees
Impr
ove
empl
oyee
wor
k-lif
e ba
lanc
e
Opportunities to advance my career
46
Additional financial benefits
42
Flexible working arrangements
38
Clear goals and expectations for my role
32
Additional financial benefits
44
Flexible working arrangements
42
Opportunities to advance my career
39
Clear goals and expectations for my role
29
Clear goals and expectations for my role
40
Additional financial benefits
35
Flexible working arrangements
30
Opportunities to advance my career
28
0
20
40
60
80
0
20
40
60
80
0
20
40
60
80
0
20
40
60
80
Millennials Gen X Baby Boomers
lt20 employees
20-499employees
gt500employees
lt20 employees
20-499employees
gt500employees
Millennials Gen X Baby Boomers
53 5358
66
5562 62
5258 61
65 64
A positive culture
Additional financial benefits
Flexible working arrangements
Recognition and rewards
Great leaders
Opportunities to advance my career
Training and development opportunities
Clear goals and expectations from my role
Regular feedback on my performance
Latest tools and equiptment for my role
Donrsquot know
Fair and inclusive employment policies
Other wellbeing benefits
Great workplace facilities
18
12
11
109
7
6
5
5
5
53
3 1
Millennials Generation X Baby Boomers
When considering the ways their company could make a great employee experience aside from a positive culture different generations are focused on different things Older workers value clear goals and expectations higher than their younger peers Gen X is more focused than other generations on additional financial benefits and flexible working arrangements And Millennials are more motivated by career opportunities
Workers with higher household incomes and in larger organisations are most likely to say their employer could do more to make their experience at work great (83 for those earning more than $150k pa 85 for those in companies with more than 500 employees) Older workers and workers in large companies also believe a great experience at work is more likely to improve productivity and help a company keep the best employees
60 of workers say their productivity would improve if their experience at work was great Workers also say a great employee experience would enable businesses to keep the best employees (58) and achieve better results (45)
Employees have high expectations of their employer to provide a great experience at work yet they still rank customers as the most important stakeholder group to company success (39) with staffemployees in second place (29)
Building the employee experienceONE
Opportunities to advance my career
46
Additional financial benefits
42
Flexible working arrangements
38
Clear goals and expectations for my role
32
Additional financial benefits
44
Flexible working arrangements
42
Opportunities to advance my career
39
Clear goals and expectations for my role
29
Clear goals and expectations for my role
40
Additional financial benefits
35
Flexible working arrangements
30
Opportunities to advance my career
28
Millennials Generation X Baby Boomers
Improves employee productivity Keeps the best employees
0
20
40
60
80
0
20
40
60
80
0
20
40
60
80
0
20
40
60
80
53 5358
66
5562 62
5258 61
65 64
Impr
oves
em
ploy
ee p
rodu
ctiv
ity
Keep
s th
e be
st e
mpl
oyee
s
Ach
ieve
s be
tter
bus
ines
s re
sult
s
Keep
s up
wit
h co
mpe
tito
rs
Rec
ruit
s th
e be
st e
mpl
oyee
s
Impr
oves
em
ploy
ee w
orkndashlif
e ba
lanc
e
A companyrsquos culture is its personality and an important factor in its success or otherwise as an organisation It is unsurprising that Australian workers rate a positive culture as the single best way their employer could make their employee experience great given it defines the environment in which they work provides the parameters for their behaviour and decision making and can help a business attract engage and retain the right people to achieve results
IMPROVING COMPANY CULTURE
CultureTWO
Less than one in ten (9) Australian workers say their companyrsquos culture is great how it is
98
10 2018 Australian Employee Insights Report 2018 Australian Employee Insights Report 11
According to Australian workers embedding culture isnrsquot the sole responsibility of employers with 63 saying consulting with and involving employees more would improve their companyrsquos culture
How company culture could be improvedAustralian workers want their company culture to support their wellbeing with 70 of employees saying their workplace culture could be improved through better workndashlife balance or their employer offering more employee benefits
Ability to describe company cultureOverall close to two thirds (61) of Australian workers can describe their companyrsquos culture Millennials employees in smaller organisations and interestingly casual and contract employees can most easily describe their companyrsquos culture
Employees in the finance and IT industries are most likely (70) to be able to describe their companyrsquos culture Those in the healthcare social services and arts and media industries are the least likely (55)
Millennials and Gen X are more focused on workndashlife balance and employee benefits to improve company culture than their older peers While Baby Boomers are twice as likely than younger employees to say their company culture is great how it is
How company culture is primarily communicated Australian workers say the primary way culture is communicated in their company is through open conversation (18) however 16 say communications in their company donrsquot make it clear what the company culture is and 12 say they donrsquot know how the culture is communicated
IMPROVING COMPANY CULTURETWO
0
20
40
60
80
0
20
40
60
80
Millennials Gen X Baby Boomers
lt20 employees
20-499employees
500+employees
64 61 58
0
20
40
60
80
Casual Project Contract
Permanent
6772
595764 61
Could describe the company culture
Improving workndashlife balance
Offering more employee benefits
Involving employees more in decisions
Consulting with employees on improving productivity
Providing more team-building activities
Removing underperforming employees
Focusing more on achieving business results
Donrsquot knowother
Doing nothing ndash the culture is great how it is
35
35
3231
25
23
15
10 9
Improving workndashlife balance
38
Offering more employee benefits
38
Involving employees more in decisions
37
Consulting on improving productivity
30
Do nothing ndash the culture is great how it is
7
Millennials
Improving workndashlife balance
34
Offering more employee benefits
34
Consulting on improving productivity
31
Involving employees more in decisions
28
Do nothing ndash the culture is great how it is
8
Consulting on improving productivity
34
Involving employees more in decisions
31
Improving workndashlife balance
31
Offering more employee benefits
29
Do nothing ndash the culture is great how it is
15
Generation X Baby Boomers
1 18 The culture is spoken about openly within my company
2 16 Communications in my company donrsquot make it clear what the company culture is
3 15 The culture is discussed in performance reviews and team meetings
4 12 Donrsquot know how the culture is communicated
5 11 The culture is communicated in corporate communications
6 10 Managers live the culture every day and employees follow by example
7 9 Culture is linked to goals and KPIs
8 9 Employees are called out if they arenrsquot living the culture
Valuing workplace diversity
DIVERSITYTHREE
82 of Australian workers say diversity in leadership in their company is important
A gender-balanced workforce with employees of all ages cultural backgrounds and physical abilities introduces a broad range of perspectives and can help increase a companyrsquos innovation productivity and results
Employees are also more likely to feel comfortable and better able to manage workplace stress in an inclusive workplace environment that is flexible and understanding of different employeesrsquo needs and approaches
1312
14 2018 Australian Employee Insights Report 2018 Australian Employee Insights Report 15
More than half (55) of Australian employees say their company clearly values diversity among employees and only 8 believe their company doesnrsquot value diversity
Areas of diversity that can most benefit companies The majority (88) of Australian workers say embracing diversity in the workplace can benefit business They see diversity in age as the area that can most benefit companies (47) closely followed by diversity in cultural background (45) and gender (43)
Valuing diversity in the workplaceMillennials (59) and those who work for large employers (61) are most likely to say their company clearly values diversity Across industries government workers are most likely (65) to be clear their employer values diversity workers in the mining and farming industries are least likely (45)
Outcomes of embracing diversityAustralian employees say a better understanding of different viewpoints and approaches (48) and introducing more creative and innovative thinking (41) are the two biggest outcomes to companies of embracing diversity
Of all the potential outcomes of embracing diversity workers rate two negatives as the least likely to eventuate
Most valued employer benefits to increase workplace flexibilityCreating a flexible workplace is one way companies can ensure they treat employees of diverse ages genders and backgrounds equally and as individuals 72 of Australian employees consider their workplace to be flexible with Millennial workers valuing additional leave and job sharing more than their older peers
VALUING WORKPLACE DIVERSITYTHREE
My company clearlyvalues diversity
among employees
My company maybe values diversityitrsquos not clear
My company doesnrsquot value diversity
55 37 8
39 of Baby Boomers say embracing diversity makes an employer more attractive to work for compared with just 28 of Millennials
Varied startfinish times
47
Additional leave
33
Ability to work from home
29
9-day fortnights
20
Job sharing
20
Millennials
Varied startfinish times
54
Additional leave
29
Ability to work from home
29
9-day fortnights
27
Job sharing
16
Varied startfinish times
38
9-day fortnights
25
None
24
Ability to work from home
22
Additional leave
16
Generation X Baby Boomers
None
10
None
12
Job sharing
15
1 48 Better understanding of different viewpoints and approaches
2 41 Introducing more creative and innovative thinking
3 32 More balanced and better decisions
4 32 Becoming a more attractive employer to work for
5 25 Being ldquoseenrdquo to be doing the right thing
6 17 Achieving better bottom-line results
7 16 Achieving competitive advantages
8 13 Introducing reverse discrimination
9 11 Making it more difficult to communicate
1 47 Diversity in age
2 45 Diversity in cultural background
3 43 Diversity in gender
4 41 Diversity in education and experience
5 41 Diversity in personality type
6 40 Diversity in opinions
7 25 Diversity in other traitscharacteristics
8 12 None businesses donrsquot benefit significatly from diversity
As emerging technologies such as artificial intelligence (AI) robotics and cognitive computers continue to advance and proliferate there is increasing debate as to the changes these technologies will have in the workplace
AI and robotics have the potential to reinvent workersrsquo roles and companies will need to consider how theyrsquoll design job roles organise work and train and re-train their employees in the future
Preparing for emerging technologies
futurefour
44 of Australian workers say they are concerned about emerging technologies coming into their workplace
1716
18 2018 Australian Employee Insights Report 2018 Australian Employee Insights Report 19
Employers should be aware that employeesrsquo feelings towards emerging technologies coming into the workplace are divided Half (51) of Australian employees arenrsquot concerned about emerging technologies coming into their work and 5 are quite looking forward to it but the remainder are not so sure
Concern about emerging technologies coming into the workplace Millennials are more concerned than older generations about emerging technologies coming into their workplace with more than half (55) of Millennials concerned compared with just 30 of Baby Boomers
Biggest workplace changes from emerging technologiesAustralian workers are also divided when it comes to predicting the biggest changes emerging technologies could have in their industry with 25 saying the biggest change will be time andor cost savings but another 24 saying there will be no change
When emerging technologies might start replacing jobsOverall only one third (36) of Australian workers say emerging technologies will start replacing jobs within the next few years Millennials (48) are most likely to say emerging technologies will start replacing jobs within the next few years
0
20
40
60
80
40
Veryconcerned
A littleconcerned
Notconcerned
Lookingforward to it
Millennials
Generation X
Baby Boomers
68
55
preparing for emerging technologiesFOUR
Workers in the finance and IT industries (57) are most likely to see robots and AI impacting jobs in their industry within a few years Workers in the healthcare social services and arts and media (29) and education (27) industries are most likely to say emerging technologies wonrsquot ever replace jobs in their industry
25 of workers in the finance and IT industries say emerging technologies will mean there wonrsquot be many jobs for humans in their industries compared with just 10 in the education mining and farming industries
62 of Millennials are concerned about finding a new job if emerging technologies replace their current job compared with just 46 of Baby Boomers
Within a few years
48
Not during my career
36
Never it wont happen
16
Not during my career
48
Within a few years
33
Never it wont happen
19
Not during my career
55
Never it wont happen
30
Within a few years
15
Millennials Generation X Baby Boomers
1 25 Save time or cost by automating boring processes and tasks
2 24 No change AIrobotics wonrsquot replace humans in my industry
3 20 I havenrsquot thought about itdonrsquot know
4 19 Will mean Irsquoll need retraining
5 17 Create opportunities to do more interesting work
6 17 There wont be many jobs for humans in my industry
7 15 Increase the pace and pressure of work
0
20
40
60
Emerging technologies will start replacing jobs within a few years
FinanceIT Construction Engineering
Healthcare ArtsMedia
Hospitality Personal Services
Retail Wholesale
distribution
Mining Farming
Government Education
57
4035 33 32 31 29 26 25
Aside from emerging technologies such as AI and robotics technology in general seems to be evolving at ever-increasing rates and it is impacting the ways we live and work
Companies need to balance the need to adapt to new technology quickly enough to remain competitive with ensuring employees build the skills to adopt new technologies All without allowing the expectation to be always connected to adversely impact their general wellbeing and life outside of work
ADOPTING NEW technology
TECHNOLOGYFIVE
12 of workers see the ability to always be connected as the biggest positive impact to workplaces of the increasing speed of new technology A slightly higher 16 see this same always-on connectivity as the biggest negative impact
20 21
22 2018 Australian Employee Insights Report 2018 Australian Employee Insights Report 23
As companies strive to keep abreast of the increasing speed of new technology in their industries itrsquos good to know Australian workers are generally positive about the potential impacts in their workplace with 38 saying it is making work more efficient and 50 saying their company adopts new technology quickly enough to stay competitive
Impact of increasing speed of new technology in the workplaceWorkers believe the biggest positive impact of the increasing speed of technology is that it is making work more efficient (38) On the flipside however they say the biggest negative impact is that it is increasing their workload (21)
Adopting new technology to stay competitiveClose to 60 of workers say their company is adopting new technology quickly enough to stay well ahead of or competitive with others Millennials (13) are almost three times as likely as Baby Boomers (5) to say their organisation is ahead of others in adopting new technology
Company policies for using technology at work Companies seem to have their policies around technology use at work about right with 57 of workers saying their companyrsquos rules around using social media the internet and personal mobile phones at work are appropriate
Impact of technology at work on broader lifeTwo thirds (67) of employees believe technology at work has impacted their broader life Baby Boomers (56) say they are less impacted than their Millennial peers (75) Millennials are more likely than older generations to say they are able to work less hours and more flexibly but also that they have learned to be more careful using social media
ADOPTING NEW TECHNOLOGYFIVE
We are well aheadof others
We are competivite with others
We may be alittle behind others
We are well behind others
9 50 30 11
Workers in the construction and engineering (25) and retail and wholesale distribution (24) industries are most concerned about the increasing speed of new technology resulting in redundancies Government workers (10) are the least concerned
Top 3 positive impacts
Top 3 negative impacts
Resulting in redundancies
Pressure to keep up with new tools and processes
Adding to my workload
Making work more efficient
38
Making work more rewarding
15
Allowing me to always be connected
12
21
18
17
Appropriate
NA there are no rules
Personally constraining but understandable at work
Can make performing my role difficult
Excessive
16
57
12
11
4
I can work more flexibly (hours practices)
29
Work technology means Irsquom always connected
27
It hasnrsquot impacted my broader life
25
The pace of life has increased significantly
23
Irsquom more careful using social media
21
Millennials
It hasnrsquot impacted my broader life
34
Work technology means Irsquom always connected
28
The pace of life has increased significantly
25
I can work more flexibly (hours practices)
20
Irsquom more careful using social media
20
It hasnrsquot impacted my broader life
44
Work technology means Irsquom always connected
30
The pace of life has increased significantly
22
Irsquom working more hours
17
I can work more flexibly (hours practices)
15
Generation X
Irsquom working more hours
18
Irsquom working less hours
16
Irsquom working less hours
7
Irsquom working less hours
5
Irsquom working more hours
15
Irsquom more careful using social media
11
Baby Boomers
Encouraging employee resilience
ResilienceSIX
Stressed employees can take more unplanned leave and be less engaged at work Their physical and emotional wellbeing is also likely to be lower than employees who are relaxed and focused
Encouraging and helping to build employee resilience is one way to reduce stress in the workplace and contribute to more mentally healthy and productive employees
More than half (54) of Australian workers say they feel stressed at work every week
2524
26 2018 Australian Employee Insights Report 2018 Australian Employee Insights Report 27
Resilience is the ability to adjust to adversity and hold on to some sense of control over your environment It is concerning that more than two thirds (68) of Australian workers donrsquot regularly feel a sense of control over their environment at work
Feeling a sense of control at work Feeling a sense of control at work can be the first step to reducing workplace stress and building resilience Overall just one third (32) of workers say they regularly feel a sense of control at work Interestingly Baby Boomers (13) are almost three times as likely as their Millennial peers (5) to always feel a sense of control at work
Feeling stressed at workNot feeling a sense of control and workplace stress seem to go hand in hand and can result in employees who find it challenging to adapt to change and deal with difficult situations So it is concerning that almost one in five (17) employees feel stressed at work daily
Cause of most stress at workThe cause of the most stress at work according to Australian workers is workload pressure including excessive workload and unrealistic expectations (34) followed by personal issues with managers or workmates (16) and lack of workndashlife balance including dealing with issues outside of work (15) Just 8 of employees say they donrsquot get stressed at work
Ways companies can ease stress at workThe good news is workers say there are positive steps their employer can take to ease workplace stress Almost half (47) of employees say a positive workplace including confident managers and good teamwork would help to prevent workplace stress and support employees who are stressed
Encouraging employee resilienceSIX Millennials (25) are more than three times more
likely than Baby Boomers (7) to be stressed at work due to financial stress outside of work
Perhaps unsurprisingly part-time casual and contract employees feel more stressed about job security (23) than their permanently employed colleagues (15) and Baby Boomers feel more stressed about keeping up with technology (13) than their Millennial peers (8)
Millennials are more likely to want their company to offer financial wellbeing benefits (28) and mental health services such as counselling (25) than their Baby Boomer peers (12 and 16 respectively)
Millennials are significantly more likely to feel stressed at work than their older peers Those working in government are the most likely (60) to feel stressed at least weekly and those in the mining and agriculture sectors the least likely (42)
0
20
40
60
Millennials
Generation X
Baby Boomers
47
37
2929
34
1615
8
8
8
11
Workload pressure
Issues with colleagues
Lack of work-life balance
Lack of job security
I donrsquot get stressed at work
Too much change at work
Other
At least weekly
60
Every few weeks to months
28
Rarelynever
12
At least weekly
53
Every few weeks to months
29
Rarelynever
18
At least weekly
46
Rarelynever
35
Every few weeks to months
19
Millennials Generation X Baby Boomers
A p
osit
ive
workplace
Clea
r goa
ls a
nd re
ason
able
workload
Flex
ible
working arr
ange
men
ts
Trai
ning
to
deal
wit
h ne
w t
echn
olog
y
Fina
ncia
l wel
lbei
ng b
enef
its
Stre
ss a
nd c
ompa
ssio
nate
leav
e
47
41 34
24 23 23
Phys
ical
wel
lbei
ng b
enef
its
Men
tal h
ealt
h se
rvic
es
22
18
Wellbeing39 of Australian workers say they feel financial stress at least weekly
Offering employees wellbeing services that focus on improving physical mental and financial health and a sense of community belonging can be central to a companyrsquos EVP and employee experience and help employees cope with stress
In particular with money-related issues causing Australian workers significant stress employee demand for their company to provide financial wellbeing benefits is increasing
Supporting financial wellbeingSEVEN
2928
30 2018 Australian Employee Insights Report 2018 Australian Employee Insights Report 31
More than a quarter (28) of Australian workers define ldquofinancial wellbeingrdquo as not being stressed about their finances And it seems employers can do more to support their employeesrsquo financial wellbeing with workers saying they would most value additional super contributions (40) and financial advice and education (31) from their employer
Causes of stressAustralian workers rank lack of financial security managing household finances and lack of savings for retirement as the factors causing them the most stress
Main reason for feeling financial stressJuggling the general cost of living is the main reason Australian workers feel financial stress across all household incomes genders and employment types Unsurprisingly not having enough super or savings for retirement (29) overtakes the general cost of living (17) as the main reason Baby Boomers feel financial stress
The meaning of financial wellbeing While employees are most likely (28) to equate not feeling stressed about their finances with financial wellbeing they also associate having enough savings to cover unexpected expenses (21) and being able to retire comfortably at a time they choose (19) with being financially ldquowellrdquo
Biggest concern about retiringGiven 19 of Australian workers say they equate financial wellbeing with being able to retire comfortably when they want it is concerning that 42 of workers say their biggest concern about retiring is not having enough money
Employer services to support financial wellbeingEmployees say they would most value additional super contributions (40) and financial advice and education (31) from their employer to support their financial wellbeing
Supporting financial wellbeingSEVEN
Additional supercontributions
Financial adviceand education
Discounts oneveryday items
Budgetingguidance
40 31 21 8
Lack o
f fi
nanc
ial s
ecur
ity
Managing household finances and bills
Lack o
f sa
ving
s fo
r ret
irem
ent
Phys
ical
hea
lth
conc
erns
Fam
ily o
r rel
atio
nshi
p co
ncer
ns
Conc
ern
abou
t jo
b se
curit
y
40
35
29 28 27 26
Millennials (46) and Gen X (40) are twice as likely as Baby Boomers (21) to feel financial stress at least weekly
Only one third (36) of workers believe their company cares about their financial wellbeing
28
2119
16
12
4 7
42
14
12
10
8
7
Not being stressed about my finances
Having enough savings to cover unexpected expenses
Being able to retire comfortably when I want
Being debt free or on top of my debts
Being able to meet day-to-day living expenses
Donrsquot knowother
Not having enough money
Irsquom not concerned
Losing my health
Being bored
Losing my mental sharpness
Losing my purpose
Losing my social connectionshaving to spend more time with my spouse
Juggling the general cost of living
23
Not being able to afford what I want to do now
18
Not enough savings for the unexpected
15
Not having enough super or savings when I retire
7
Fear of losing my job
12
Millennials
Juggling the general cost of living
34
Fear of losing my job
14
Not enough savings for the unexpected
13
Not having enough super or savings when I retire
10
Not being able to afford what I want to do now
12
Juggling the general cost of living
17
Not enough savings for the unexpected
14
Not having enough super or savings when I retire
29
Fear of losing my job
13
Not being able to afford what I want to do now
10
Generation X
Difficulty managing debt
9
Having to provide for my children
8
Not leaving enough for my kids in my will
5
Other
3
Other
3
Not leaving enough for my kids in my will
2
Other
4
Having to provide for my children
2
Having to provide for my children
3
Not leaving enough for my kids in my will
4
Difficulty managing debt
9
Difficulty managing debt
7
Baby Boomers
The insights in this report show that Australian workersrsquo expectations of their employer are increasing Are you doing enough to build an employee experience that your employees value enough to stay with your company and go the extra mile when you need them to And are you offering the support and benefits that will help your employees manage stress adopt new technology and deliver results for your organisation Here are some tips to get you started
New technologyOur insights show that Australian employees believe workplaces that adopt and adapt to new technology can make their work more efficient To realise these efficiencies employees may need training and other support
Are you doing enough to help your employees prepare for the speed of new technology and the impact of emerging technologies At the same time has your company recognised the importance of non-technical skills such as adapting to change open communication and problem solving
Employee resilienceTherersquos a good chance a number of your employees are currently feeling stressed due to the pace and demands of work or issues they are dealing with outside of work
In light of our insights consider whether you are setting clear goals for your teams and individual employees monitoring workloads and ensuring they are manageable encouraging and supporting employeesrsquo physical wellbeing offering financial wellbeing services and providing flexible working arrangements
Financial wellbeingA significant proportion of Australian employeesrsquo stress is caused by money worries Offering support and resources to help employees manage their finances can ease this stress and free up their energy and focus to be more productive at work This could be the most challenging wellbeing deliverable of them all however requiring solutions that cover household budgeting debt management financial hardship and retirement planning
Consider offering tangible financial assistance to employees through additional superannuation contributions financial advice and education services and access to everyday rewards programs
Donrsquot forget that Sunsuper offers our members a range of benefits including financial education and superannuation advice often at no additional cost
The employee experienceJust as businesses need to walk in the shoes of their customer creating a compelling employee experience involves seeing the world through employeesrsquo eyes and focusing on what they most value
Our insights indicate Australian workers are most focused on a positive culture financial and other rewards and flexible working arrangements
Start by involving your employees in focus groups to validate their priorities and then workshop how each could be addressed and improved in your organisation
Company cultureYour culture is shaped by the words and actions of your organisationrsquos leaders and how they make decisions Your culture is also influenced by how your employees are rewarded and how everyone in your organisation interacts with your customers and with each other
Given our insights show a large proportion of Australian employees canrsquot easily describe their companyrsquos culture start by asking yourself if you are doing enough at all levels of your organisation to clearly communicate and engage your employees with your culture
Diversity and flexibilityThe majority of Australian employees believe embracing workplace diversity is good for business In particular a flexible workplace is one way to help ensure you treat employees of diverse ages genders and backgrounds equally and as individuals
Workers say they most value varied work hours additional leave options and the ability to work from home when it comes to improving workplace flexibility
Are you already or is it possible for your organisation to adopt strategies to deliver these benefits
ONE TWO THREE FOUR FIVE SIX
USING THE INSIGHTS IN YOUR BUSINESSTIPS
32 2018 Australian Employee Insights Report 2018 Australian Employee Insights Report 33
34 2018 Australian Employee Insights Report 2018 Australian Employee Insights Report 35
AUSTRALIArsquoS VIEW OF SUPER AND RETIREMENTSNAPSHOT
Understanding of superOverall 56 of workers say they fully understand and are on top of their super Baby Boomers (70) are more likely to feel on top of their super than their Millennial peers (53)
Financial confidence for retirementClose to two thirds (62) of employees arenrsquot confident or donrsquot know if they will have enough super when they retire
Employer services to help workers understand superAustralian workers say they would value a range of services offered by their employer to help them feel more on top of their super and retirement
56
47
24
15
14
44
Obstacles to seeking financial adviceThe right financial advice can help in managing financial stress yet workers say they see a number of obstacles to seeking financial advice
41 I think itrsquos expensive 33
I donrsquot know who to trust
29Itrsquos difficult to know where to go
Mill
enni
als
Gen
erat
ion X
Bab
y Bo
omersTrust in employerrsquos choice of super fundThe majority (70) of Australian employees trust or support their employerrsquos choice of super fund Older workers trust their employerrsquos choice of super fund more than their younger peers
61 72 87
Our annual snapshot of Australiarsquos view of super and retirement highlights that close to half (44) of Australian workers donrsquot fully understand or feel on top of their super
28 of employees donrsquot know or havenrsquot thought about whether they will need to rely on the government age pension in retirement
37 of Australian workers say they will need the same or a higher annual income than what they are earning now to fund their lifestyle when they retire
Planned retirement ageMore than a quarter (27) of Australian workers plan to retire before age 60 Those with no children are more likely (31) to plan to retire before age 60 than those who donrsquot have kids (23)
Acc
ess
to f
ree
fina
ncia
l adv
ice
Make
supe
r sim
ple
Hel
p to
pla
n fo
r ret
irem
ent
Acc
ess
to v
iew
my
bala
nce
Acc
ess
to talk
to s
omeo
ne
Acc
ess
to f
ree
supe
r edu
cati
on
39
32 29 2622 21
Those with higher annual incomes are also more likely to understand their super
Again those with higher annual incomes are more financially confident about retiring
No
Yes
Donrsquot know
Irsquoll use other savings
Yes
No
0
20
40
60
49
67
0
20
40
60
55
30
0
20
40
35
lt50 yrs 51-55 yrs 56-60 yrs 61-67 yrs 68+ yrs I donrsquot plan on retiring
I donrsquot think Irsquoll be able to retire
36 2018 Australian Employee Insights Report 2018 Australian Employee Insights Report 37
Sunsuper offers benefits and member services that can help you support your employeesrsquo wellbeing and build an employee experience that will engage and retain your people These include
bull A track record of delivering strong investment returns to members
bull Low fees
bull A range of financial advice options on the phone and face-to-face often at no additional cost1
bull Financial education complimentary seminars and events including in your workplace
bull The ability to manage super on the go through the Sunsuper app
bull Online information education and inspiration start exploring the Dream Project sunsupercomauthedreamproject
bull Everyday discounts from retailers across Australia our Dream Rewards program sunsupercomaudream-rewards can help your employees save money today
bull Opportunities to support and give back to the community through our Dreams for a Better World grants program dreamsforabetterworldcomau
Sunsuper is also committed to help make managing your super obligations as easy as possible and we provide a range of other services for employersrsquo businesses including dedicated support teams research and insights customised reporting and professional development opportunities for leaders and staff
GROWING YOUR BUSINESS BY GROWING YOUR PEOPLE
SUNSUPERIs it time to talk to Sunsuper
Naturally wersquod like you to think so Curiosity can be good for business and at the very least wersquore confident a conversation with Sunsuper will leave you better informed about the right questions to ask for your company to optimise your employee superannuation arrangements It could also lead to understanding what ldquocompetitiverdquo looks like in todayrsquos ever-changing superannuation marketplace and how we could help you to support your employee experience and wellbeing initiatives
Want some help on the right questions to ask to optimise your employeesrsquo super Download our factsheet at sunsupercomaugrowyourbusiness
Join us on the wave of success
With five major award wins in one year Sunsuper has been recognised as the best of the best when it comes to super
At Sunsuper we donrsquot just want our members to have adequate savings for their retirement We also want to help them get to retirement in excellent financial physical and mental health After all what good is reaching retirement if you canrsquot enjoy it
Super Fund of the Year 2017
38 2018 Australian Employee Insights Report 2018 Australian Employee Insights Report 39
Our purpose is to inspire and empower Australians to fulfil their retirement dreams
Copyright 2018 Sunsuper Pty Ltd 2208 (0818)
1 Our qualified financial advisers provide simple advice about your Sunsuper account at no additional cost More comprehensive advice may incur a fee Sunsuper employees provide advice as representatives of Sunsuper Financial Services Pty Ltd (ABN 50 087 154 818 AFSL No 227867) (SFS) wholly owned by the Sunsuper Superannuation Fund
For ratings and awards information refer to sunsupercomauratingsagencies
This publication has been prepared and issued by Sunsuper Pty Ltd (ABN 88 010 720 840) (AFSL 228975) (lsquoSunsuperrsquo) the trustee and issuer of the Sunsuper Superannuation Fund (ABN 98 503 137 921) While it has been prepared with all reasonable care no responsibility or liability is accepted for any errors or omissions or misstatement however caused All forecasts and estimates are based on certain assumptions which may change If those assumptions change our forecasts and estimates may also change
This document has been prepared for general information purposes only and not as specific advice to any particular person Any advice contained in this document does not take into account any particular personrsquos objectives financial situation or needs Accordingly you should consider how appropriate the advice is to your own particular objectives financial circumstances or needs before acting on any advice You should consider the relevant Product Disclosure Statement before acquiring any financial product
40 2018 Australian Employee Insights Report
13 11 84 (+61 7 3121 0700 when overseas)
GPO Box 2924 Brisbane QLD 4001
sunsupercomau
twittercomsunsuper
facebookcomsunsuper
linkedincomcompanysunsuper
Sunsuper Pty Ltd Sunsuper Superannuation FundABN 88 010 720 840 ABN 98 503 137 921 AFSL No 228975 SPIN SSR 0100 AU
Find out how we can help you and your business in our Growing your business by
growing your people publication To start the conversation
please call us on 13 11 84
sunsupercomauemployeeinsightsreport
Building the employee experience
While an employee value proposition (EVP) encompasses the services and benefits employers offer to give people a compelling reason to work for them the rdquoemployee experiencerdquo is how employees engage with the elements of the EVP
The employee experience is becoming an increasingly important area of focus for employers as todayrsquos employees demand greater workplace flexibility a culture that aligns with their values and increasingly advanced digital solutions in order to best do their job
EXPERIENCEONE
Australian workers of all ages genders household incomes and employment types say creating a positive culture is the top way their employer can make their employee experience great
54
6 2018 Australian Employee Insights Report 2018 Australian Employee Insights Report 7
The majority (79) of Australian workers say their employer could do more to make their experience at work great highlighting employers may need a greater focus on improving the employee experience in order to retain and engage their staff
How a great employee experience benefits business
Best way to make a great employee experience 18 of Australian workers rate a positive culture as the single best way their employer could make their employee experience great ahead of 12 who believe additional financial benefits and 11 who say flexible working arrangements would be the biggest contributor to a great employee experience
PART 1
Improve employee productivity
Impr
ove
empl
oyee
pro
duct
ivit
y
Keep the best employees
Keep
the
bes
t em
ploy
ees
Ach
ieve
bet
ter b
usin
ess
resu
lts
Keep
up
wit
h co
mpe
tito
rs
Rec
ruit
the
bes
t em
ploy
ees
Impr
ove
empl
oyee
wor
k-lif
e ba
lanc
e
Opportunities to advance my career
46
Additional financial benefits
42
Flexible working arrangements
38
Clear goals and expectations for my role
32
Additional financial benefits
44
Flexible working arrangements
42
Opportunities to advance my career
39
Clear goals and expectations for my role
29
Clear goals and expectations for my role
40
Additional financial benefits
35
Flexible working arrangements
30
Opportunities to advance my career
28
0
20
40
60
80
0
20
40
60
80
0
20
40
60
80
0
20
40
60
80
Millennials Gen X Baby Boomers
lt20 employees
20-499employees
gt500employees
lt20 employees
20-499employees
gt500employees
Millennials Gen X Baby Boomers
53 5358
66
5562 62
5258 61
65 64
A positive culture
Additional financial benefits
Flexible working arrangements
Recognition and rewards
Great leaders
Opportunities to advance my career
Training and development opportunities
Clear goals and expectations from my role
Regular feedback on my performance
Latest tools and equiptment for my role
Donrsquot know
Fair and inclusive employment policies
Other wellbeing benefits
Great workplace facilities
18
12
11
109
7
6
5
5
5
53
3 1
Millennials Generation X Baby Boomers
When considering the ways their company could make a great employee experience aside from a positive culture different generations are focused on different things Older workers value clear goals and expectations higher than their younger peers Gen X is more focused than other generations on additional financial benefits and flexible working arrangements And Millennials are more motivated by career opportunities
Workers with higher household incomes and in larger organisations are most likely to say their employer could do more to make their experience at work great (83 for those earning more than $150k pa 85 for those in companies with more than 500 employees) Older workers and workers in large companies also believe a great experience at work is more likely to improve productivity and help a company keep the best employees
60 of workers say their productivity would improve if their experience at work was great Workers also say a great employee experience would enable businesses to keep the best employees (58) and achieve better results (45)
Employees have high expectations of their employer to provide a great experience at work yet they still rank customers as the most important stakeholder group to company success (39) with staffemployees in second place (29)
Building the employee experienceONE
Opportunities to advance my career
46
Additional financial benefits
42
Flexible working arrangements
38
Clear goals and expectations for my role
32
Additional financial benefits
44
Flexible working arrangements
42
Opportunities to advance my career
39
Clear goals and expectations for my role
29
Clear goals and expectations for my role
40
Additional financial benefits
35
Flexible working arrangements
30
Opportunities to advance my career
28
Millennials Generation X Baby Boomers
Improves employee productivity Keeps the best employees
0
20
40
60
80
0
20
40
60
80
0
20
40
60
80
0
20
40
60
80
53 5358
66
5562 62
5258 61
65 64
Impr
oves
em
ploy
ee p
rodu
ctiv
ity
Keep
s th
e be
st e
mpl
oyee
s
Ach
ieve
s be
tter
bus
ines
s re
sult
s
Keep
s up
wit
h co
mpe
tito
rs
Rec
ruit
s th
e be
st e
mpl
oyee
s
Impr
oves
em
ploy
ee w
orkndashlif
e ba
lanc
e
A companyrsquos culture is its personality and an important factor in its success or otherwise as an organisation It is unsurprising that Australian workers rate a positive culture as the single best way their employer could make their employee experience great given it defines the environment in which they work provides the parameters for their behaviour and decision making and can help a business attract engage and retain the right people to achieve results
IMPROVING COMPANY CULTURE
CultureTWO
Less than one in ten (9) Australian workers say their companyrsquos culture is great how it is
98
10 2018 Australian Employee Insights Report 2018 Australian Employee Insights Report 11
According to Australian workers embedding culture isnrsquot the sole responsibility of employers with 63 saying consulting with and involving employees more would improve their companyrsquos culture
How company culture could be improvedAustralian workers want their company culture to support their wellbeing with 70 of employees saying their workplace culture could be improved through better workndashlife balance or their employer offering more employee benefits
Ability to describe company cultureOverall close to two thirds (61) of Australian workers can describe their companyrsquos culture Millennials employees in smaller organisations and interestingly casual and contract employees can most easily describe their companyrsquos culture
Employees in the finance and IT industries are most likely (70) to be able to describe their companyrsquos culture Those in the healthcare social services and arts and media industries are the least likely (55)
Millennials and Gen X are more focused on workndashlife balance and employee benefits to improve company culture than their older peers While Baby Boomers are twice as likely than younger employees to say their company culture is great how it is
How company culture is primarily communicated Australian workers say the primary way culture is communicated in their company is through open conversation (18) however 16 say communications in their company donrsquot make it clear what the company culture is and 12 say they donrsquot know how the culture is communicated
IMPROVING COMPANY CULTURETWO
0
20
40
60
80
0
20
40
60
80
Millennials Gen X Baby Boomers
lt20 employees
20-499employees
500+employees
64 61 58
0
20
40
60
80
Casual Project Contract
Permanent
6772
595764 61
Could describe the company culture
Improving workndashlife balance
Offering more employee benefits
Involving employees more in decisions
Consulting with employees on improving productivity
Providing more team-building activities
Removing underperforming employees
Focusing more on achieving business results
Donrsquot knowother
Doing nothing ndash the culture is great how it is
35
35
3231
25
23
15
10 9
Improving workndashlife balance
38
Offering more employee benefits
38
Involving employees more in decisions
37
Consulting on improving productivity
30
Do nothing ndash the culture is great how it is
7
Millennials
Improving workndashlife balance
34
Offering more employee benefits
34
Consulting on improving productivity
31
Involving employees more in decisions
28
Do nothing ndash the culture is great how it is
8
Consulting on improving productivity
34
Involving employees more in decisions
31
Improving workndashlife balance
31
Offering more employee benefits
29
Do nothing ndash the culture is great how it is
15
Generation X Baby Boomers
1 18 The culture is spoken about openly within my company
2 16 Communications in my company donrsquot make it clear what the company culture is
3 15 The culture is discussed in performance reviews and team meetings
4 12 Donrsquot know how the culture is communicated
5 11 The culture is communicated in corporate communications
6 10 Managers live the culture every day and employees follow by example
7 9 Culture is linked to goals and KPIs
8 9 Employees are called out if they arenrsquot living the culture
Valuing workplace diversity
DIVERSITYTHREE
82 of Australian workers say diversity in leadership in their company is important
A gender-balanced workforce with employees of all ages cultural backgrounds and physical abilities introduces a broad range of perspectives and can help increase a companyrsquos innovation productivity and results
Employees are also more likely to feel comfortable and better able to manage workplace stress in an inclusive workplace environment that is flexible and understanding of different employeesrsquo needs and approaches
1312
14 2018 Australian Employee Insights Report 2018 Australian Employee Insights Report 15
More than half (55) of Australian employees say their company clearly values diversity among employees and only 8 believe their company doesnrsquot value diversity
Areas of diversity that can most benefit companies The majority (88) of Australian workers say embracing diversity in the workplace can benefit business They see diversity in age as the area that can most benefit companies (47) closely followed by diversity in cultural background (45) and gender (43)
Valuing diversity in the workplaceMillennials (59) and those who work for large employers (61) are most likely to say their company clearly values diversity Across industries government workers are most likely (65) to be clear their employer values diversity workers in the mining and farming industries are least likely (45)
Outcomes of embracing diversityAustralian employees say a better understanding of different viewpoints and approaches (48) and introducing more creative and innovative thinking (41) are the two biggest outcomes to companies of embracing diversity
Of all the potential outcomes of embracing diversity workers rate two negatives as the least likely to eventuate
Most valued employer benefits to increase workplace flexibilityCreating a flexible workplace is one way companies can ensure they treat employees of diverse ages genders and backgrounds equally and as individuals 72 of Australian employees consider their workplace to be flexible with Millennial workers valuing additional leave and job sharing more than their older peers
VALUING WORKPLACE DIVERSITYTHREE
My company clearlyvalues diversity
among employees
My company maybe values diversityitrsquos not clear
My company doesnrsquot value diversity
55 37 8
39 of Baby Boomers say embracing diversity makes an employer more attractive to work for compared with just 28 of Millennials
Varied startfinish times
47
Additional leave
33
Ability to work from home
29
9-day fortnights
20
Job sharing
20
Millennials
Varied startfinish times
54
Additional leave
29
Ability to work from home
29
9-day fortnights
27
Job sharing
16
Varied startfinish times
38
9-day fortnights
25
None
24
Ability to work from home
22
Additional leave
16
Generation X Baby Boomers
None
10
None
12
Job sharing
15
1 48 Better understanding of different viewpoints and approaches
2 41 Introducing more creative and innovative thinking
3 32 More balanced and better decisions
4 32 Becoming a more attractive employer to work for
5 25 Being ldquoseenrdquo to be doing the right thing
6 17 Achieving better bottom-line results
7 16 Achieving competitive advantages
8 13 Introducing reverse discrimination
9 11 Making it more difficult to communicate
1 47 Diversity in age
2 45 Diversity in cultural background
3 43 Diversity in gender
4 41 Diversity in education and experience
5 41 Diversity in personality type
6 40 Diversity in opinions
7 25 Diversity in other traitscharacteristics
8 12 None businesses donrsquot benefit significatly from diversity
As emerging technologies such as artificial intelligence (AI) robotics and cognitive computers continue to advance and proliferate there is increasing debate as to the changes these technologies will have in the workplace
AI and robotics have the potential to reinvent workersrsquo roles and companies will need to consider how theyrsquoll design job roles organise work and train and re-train their employees in the future
Preparing for emerging technologies
futurefour
44 of Australian workers say they are concerned about emerging technologies coming into their workplace
1716
18 2018 Australian Employee Insights Report 2018 Australian Employee Insights Report 19
Employers should be aware that employeesrsquo feelings towards emerging technologies coming into the workplace are divided Half (51) of Australian employees arenrsquot concerned about emerging technologies coming into their work and 5 are quite looking forward to it but the remainder are not so sure
Concern about emerging technologies coming into the workplace Millennials are more concerned than older generations about emerging technologies coming into their workplace with more than half (55) of Millennials concerned compared with just 30 of Baby Boomers
Biggest workplace changes from emerging technologiesAustralian workers are also divided when it comes to predicting the biggest changes emerging technologies could have in their industry with 25 saying the biggest change will be time andor cost savings but another 24 saying there will be no change
When emerging technologies might start replacing jobsOverall only one third (36) of Australian workers say emerging technologies will start replacing jobs within the next few years Millennials (48) are most likely to say emerging technologies will start replacing jobs within the next few years
0
20
40
60
80
40
Veryconcerned
A littleconcerned
Notconcerned
Lookingforward to it
Millennials
Generation X
Baby Boomers
68
55
preparing for emerging technologiesFOUR
Workers in the finance and IT industries (57) are most likely to see robots and AI impacting jobs in their industry within a few years Workers in the healthcare social services and arts and media (29) and education (27) industries are most likely to say emerging technologies wonrsquot ever replace jobs in their industry
25 of workers in the finance and IT industries say emerging technologies will mean there wonrsquot be many jobs for humans in their industries compared with just 10 in the education mining and farming industries
62 of Millennials are concerned about finding a new job if emerging technologies replace their current job compared with just 46 of Baby Boomers
Within a few years
48
Not during my career
36
Never it wont happen
16
Not during my career
48
Within a few years
33
Never it wont happen
19
Not during my career
55
Never it wont happen
30
Within a few years
15
Millennials Generation X Baby Boomers
1 25 Save time or cost by automating boring processes and tasks
2 24 No change AIrobotics wonrsquot replace humans in my industry
3 20 I havenrsquot thought about itdonrsquot know
4 19 Will mean Irsquoll need retraining
5 17 Create opportunities to do more interesting work
6 17 There wont be many jobs for humans in my industry
7 15 Increase the pace and pressure of work
0
20
40
60
Emerging technologies will start replacing jobs within a few years
FinanceIT Construction Engineering
Healthcare ArtsMedia
Hospitality Personal Services
Retail Wholesale
distribution
Mining Farming
Government Education
57
4035 33 32 31 29 26 25
Aside from emerging technologies such as AI and robotics technology in general seems to be evolving at ever-increasing rates and it is impacting the ways we live and work
Companies need to balance the need to adapt to new technology quickly enough to remain competitive with ensuring employees build the skills to adopt new technologies All without allowing the expectation to be always connected to adversely impact their general wellbeing and life outside of work
ADOPTING NEW technology
TECHNOLOGYFIVE
12 of workers see the ability to always be connected as the biggest positive impact to workplaces of the increasing speed of new technology A slightly higher 16 see this same always-on connectivity as the biggest negative impact
20 21
22 2018 Australian Employee Insights Report 2018 Australian Employee Insights Report 23
As companies strive to keep abreast of the increasing speed of new technology in their industries itrsquos good to know Australian workers are generally positive about the potential impacts in their workplace with 38 saying it is making work more efficient and 50 saying their company adopts new technology quickly enough to stay competitive
Impact of increasing speed of new technology in the workplaceWorkers believe the biggest positive impact of the increasing speed of technology is that it is making work more efficient (38) On the flipside however they say the biggest negative impact is that it is increasing their workload (21)
Adopting new technology to stay competitiveClose to 60 of workers say their company is adopting new technology quickly enough to stay well ahead of or competitive with others Millennials (13) are almost three times as likely as Baby Boomers (5) to say their organisation is ahead of others in adopting new technology
Company policies for using technology at work Companies seem to have their policies around technology use at work about right with 57 of workers saying their companyrsquos rules around using social media the internet and personal mobile phones at work are appropriate
Impact of technology at work on broader lifeTwo thirds (67) of employees believe technology at work has impacted their broader life Baby Boomers (56) say they are less impacted than their Millennial peers (75) Millennials are more likely than older generations to say they are able to work less hours and more flexibly but also that they have learned to be more careful using social media
ADOPTING NEW TECHNOLOGYFIVE
We are well aheadof others
We are competivite with others
We may be alittle behind others
We are well behind others
9 50 30 11
Workers in the construction and engineering (25) and retail and wholesale distribution (24) industries are most concerned about the increasing speed of new technology resulting in redundancies Government workers (10) are the least concerned
Top 3 positive impacts
Top 3 negative impacts
Resulting in redundancies
Pressure to keep up with new tools and processes
Adding to my workload
Making work more efficient
38
Making work more rewarding
15
Allowing me to always be connected
12
21
18
17
Appropriate
NA there are no rules
Personally constraining but understandable at work
Can make performing my role difficult
Excessive
16
57
12
11
4
I can work more flexibly (hours practices)
29
Work technology means Irsquom always connected
27
It hasnrsquot impacted my broader life
25
The pace of life has increased significantly
23
Irsquom more careful using social media
21
Millennials
It hasnrsquot impacted my broader life
34
Work technology means Irsquom always connected
28
The pace of life has increased significantly
25
I can work more flexibly (hours practices)
20
Irsquom more careful using social media
20
It hasnrsquot impacted my broader life
44
Work technology means Irsquom always connected
30
The pace of life has increased significantly
22
Irsquom working more hours
17
I can work more flexibly (hours practices)
15
Generation X
Irsquom working more hours
18
Irsquom working less hours
16
Irsquom working less hours
7
Irsquom working less hours
5
Irsquom working more hours
15
Irsquom more careful using social media
11
Baby Boomers
Encouraging employee resilience
ResilienceSIX
Stressed employees can take more unplanned leave and be less engaged at work Their physical and emotional wellbeing is also likely to be lower than employees who are relaxed and focused
Encouraging and helping to build employee resilience is one way to reduce stress in the workplace and contribute to more mentally healthy and productive employees
More than half (54) of Australian workers say they feel stressed at work every week
2524
26 2018 Australian Employee Insights Report 2018 Australian Employee Insights Report 27
Resilience is the ability to adjust to adversity and hold on to some sense of control over your environment It is concerning that more than two thirds (68) of Australian workers donrsquot regularly feel a sense of control over their environment at work
Feeling a sense of control at work Feeling a sense of control at work can be the first step to reducing workplace stress and building resilience Overall just one third (32) of workers say they regularly feel a sense of control at work Interestingly Baby Boomers (13) are almost three times as likely as their Millennial peers (5) to always feel a sense of control at work
Feeling stressed at workNot feeling a sense of control and workplace stress seem to go hand in hand and can result in employees who find it challenging to adapt to change and deal with difficult situations So it is concerning that almost one in five (17) employees feel stressed at work daily
Cause of most stress at workThe cause of the most stress at work according to Australian workers is workload pressure including excessive workload and unrealistic expectations (34) followed by personal issues with managers or workmates (16) and lack of workndashlife balance including dealing with issues outside of work (15) Just 8 of employees say they donrsquot get stressed at work
Ways companies can ease stress at workThe good news is workers say there are positive steps their employer can take to ease workplace stress Almost half (47) of employees say a positive workplace including confident managers and good teamwork would help to prevent workplace stress and support employees who are stressed
Encouraging employee resilienceSIX Millennials (25) are more than three times more
likely than Baby Boomers (7) to be stressed at work due to financial stress outside of work
Perhaps unsurprisingly part-time casual and contract employees feel more stressed about job security (23) than their permanently employed colleagues (15) and Baby Boomers feel more stressed about keeping up with technology (13) than their Millennial peers (8)
Millennials are more likely to want their company to offer financial wellbeing benefits (28) and mental health services such as counselling (25) than their Baby Boomer peers (12 and 16 respectively)
Millennials are significantly more likely to feel stressed at work than their older peers Those working in government are the most likely (60) to feel stressed at least weekly and those in the mining and agriculture sectors the least likely (42)
0
20
40
60
Millennials
Generation X
Baby Boomers
47
37
2929
34
1615
8
8
8
11
Workload pressure
Issues with colleagues
Lack of work-life balance
Lack of job security
I donrsquot get stressed at work
Too much change at work
Other
At least weekly
60
Every few weeks to months
28
Rarelynever
12
At least weekly
53
Every few weeks to months
29
Rarelynever
18
At least weekly
46
Rarelynever
35
Every few weeks to months
19
Millennials Generation X Baby Boomers
A p
osit
ive
workplace
Clea
r goa
ls a
nd re
ason
able
workload
Flex
ible
working arr
ange
men
ts
Trai
ning
to
deal
wit
h ne
w t
echn
olog
y
Fina
ncia
l wel
lbei
ng b
enef
its
Stre
ss a
nd c
ompa
ssio
nate
leav
e
47
41 34
24 23 23
Phys
ical
wel
lbei
ng b
enef
its
Men
tal h
ealt
h se
rvic
es
22
18
Wellbeing39 of Australian workers say they feel financial stress at least weekly
Offering employees wellbeing services that focus on improving physical mental and financial health and a sense of community belonging can be central to a companyrsquos EVP and employee experience and help employees cope with stress
In particular with money-related issues causing Australian workers significant stress employee demand for their company to provide financial wellbeing benefits is increasing
Supporting financial wellbeingSEVEN
2928
30 2018 Australian Employee Insights Report 2018 Australian Employee Insights Report 31
More than a quarter (28) of Australian workers define ldquofinancial wellbeingrdquo as not being stressed about their finances And it seems employers can do more to support their employeesrsquo financial wellbeing with workers saying they would most value additional super contributions (40) and financial advice and education (31) from their employer
Causes of stressAustralian workers rank lack of financial security managing household finances and lack of savings for retirement as the factors causing them the most stress
Main reason for feeling financial stressJuggling the general cost of living is the main reason Australian workers feel financial stress across all household incomes genders and employment types Unsurprisingly not having enough super or savings for retirement (29) overtakes the general cost of living (17) as the main reason Baby Boomers feel financial stress
The meaning of financial wellbeing While employees are most likely (28) to equate not feeling stressed about their finances with financial wellbeing they also associate having enough savings to cover unexpected expenses (21) and being able to retire comfortably at a time they choose (19) with being financially ldquowellrdquo
Biggest concern about retiringGiven 19 of Australian workers say they equate financial wellbeing with being able to retire comfortably when they want it is concerning that 42 of workers say their biggest concern about retiring is not having enough money
Employer services to support financial wellbeingEmployees say they would most value additional super contributions (40) and financial advice and education (31) from their employer to support their financial wellbeing
Supporting financial wellbeingSEVEN
Additional supercontributions
Financial adviceand education
Discounts oneveryday items
Budgetingguidance
40 31 21 8
Lack o
f fi
nanc
ial s
ecur
ity
Managing household finances and bills
Lack o
f sa
ving
s fo
r ret
irem
ent
Phys
ical
hea
lth
conc
erns
Fam
ily o
r rel
atio
nshi
p co
ncer
ns
Conc
ern
abou
t jo
b se
curit
y
40
35
29 28 27 26
Millennials (46) and Gen X (40) are twice as likely as Baby Boomers (21) to feel financial stress at least weekly
Only one third (36) of workers believe their company cares about their financial wellbeing
28
2119
16
12
4 7
42
14
12
10
8
7
Not being stressed about my finances
Having enough savings to cover unexpected expenses
Being able to retire comfortably when I want
Being debt free or on top of my debts
Being able to meet day-to-day living expenses
Donrsquot knowother
Not having enough money
Irsquom not concerned
Losing my health
Being bored
Losing my mental sharpness
Losing my purpose
Losing my social connectionshaving to spend more time with my spouse
Juggling the general cost of living
23
Not being able to afford what I want to do now
18
Not enough savings for the unexpected
15
Not having enough super or savings when I retire
7
Fear of losing my job
12
Millennials
Juggling the general cost of living
34
Fear of losing my job
14
Not enough savings for the unexpected
13
Not having enough super or savings when I retire
10
Not being able to afford what I want to do now
12
Juggling the general cost of living
17
Not enough savings for the unexpected
14
Not having enough super or savings when I retire
29
Fear of losing my job
13
Not being able to afford what I want to do now
10
Generation X
Difficulty managing debt
9
Having to provide for my children
8
Not leaving enough for my kids in my will
5
Other
3
Other
3
Not leaving enough for my kids in my will
2
Other
4
Having to provide for my children
2
Having to provide for my children
3
Not leaving enough for my kids in my will
4
Difficulty managing debt
9
Difficulty managing debt
7
Baby Boomers
The insights in this report show that Australian workersrsquo expectations of their employer are increasing Are you doing enough to build an employee experience that your employees value enough to stay with your company and go the extra mile when you need them to And are you offering the support and benefits that will help your employees manage stress adopt new technology and deliver results for your organisation Here are some tips to get you started
New technologyOur insights show that Australian employees believe workplaces that adopt and adapt to new technology can make their work more efficient To realise these efficiencies employees may need training and other support
Are you doing enough to help your employees prepare for the speed of new technology and the impact of emerging technologies At the same time has your company recognised the importance of non-technical skills such as adapting to change open communication and problem solving
Employee resilienceTherersquos a good chance a number of your employees are currently feeling stressed due to the pace and demands of work or issues they are dealing with outside of work
In light of our insights consider whether you are setting clear goals for your teams and individual employees monitoring workloads and ensuring they are manageable encouraging and supporting employeesrsquo physical wellbeing offering financial wellbeing services and providing flexible working arrangements
Financial wellbeingA significant proportion of Australian employeesrsquo stress is caused by money worries Offering support and resources to help employees manage their finances can ease this stress and free up their energy and focus to be more productive at work This could be the most challenging wellbeing deliverable of them all however requiring solutions that cover household budgeting debt management financial hardship and retirement planning
Consider offering tangible financial assistance to employees through additional superannuation contributions financial advice and education services and access to everyday rewards programs
Donrsquot forget that Sunsuper offers our members a range of benefits including financial education and superannuation advice often at no additional cost
The employee experienceJust as businesses need to walk in the shoes of their customer creating a compelling employee experience involves seeing the world through employeesrsquo eyes and focusing on what they most value
Our insights indicate Australian workers are most focused on a positive culture financial and other rewards and flexible working arrangements
Start by involving your employees in focus groups to validate their priorities and then workshop how each could be addressed and improved in your organisation
Company cultureYour culture is shaped by the words and actions of your organisationrsquos leaders and how they make decisions Your culture is also influenced by how your employees are rewarded and how everyone in your organisation interacts with your customers and with each other
Given our insights show a large proportion of Australian employees canrsquot easily describe their companyrsquos culture start by asking yourself if you are doing enough at all levels of your organisation to clearly communicate and engage your employees with your culture
Diversity and flexibilityThe majority of Australian employees believe embracing workplace diversity is good for business In particular a flexible workplace is one way to help ensure you treat employees of diverse ages genders and backgrounds equally and as individuals
Workers say they most value varied work hours additional leave options and the ability to work from home when it comes to improving workplace flexibility
Are you already or is it possible for your organisation to adopt strategies to deliver these benefits
ONE TWO THREE FOUR FIVE SIX
USING THE INSIGHTS IN YOUR BUSINESSTIPS
32 2018 Australian Employee Insights Report 2018 Australian Employee Insights Report 33
34 2018 Australian Employee Insights Report 2018 Australian Employee Insights Report 35
AUSTRALIArsquoS VIEW OF SUPER AND RETIREMENTSNAPSHOT
Understanding of superOverall 56 of workers say they fully understand and are on top of their super Baby Boomers (70) are more likely to feel on top of their super than their Millennial peers (53)
Financial confidence for retirementClose to two thirds (62) of employees arenrsquot confident or donrsquot know if they will have enough super when they retire
Employer services to help workers understand superAustralian workers say they would value a range of services offered by their employer to help them feel more on top of their super and retirement
56
47
24
15
14
44
Obstacles to seeking financial adviceThe right financial advice can help in managing financial stress yet workers say they see a number of obstacles to seeking financial advice
41 I think itrsquos expensive 33
I donrsquot know who to trust
29Itrsquos difficult to know where to go
Mill
enni
als
Gen
erat
ion X
Bab
y Bo
omersTrust in employerrsquos choice of super fundThe majority (70) of Australian employees trust or support their employerrsquos choice of super fund Older workers trust their employerrsquos choice of super fund more than their younger peers
61 72 87
Our annual snapshot of Australiarsquos view of super and retirement highlights that close to half (44) of Australian workers donrsquot fully understand or feel on top of their super
28 of employees donrsquot know or havenrsquot thought about whether they will need to rely on the government age pension in retirement
37 of Australian workers say they will need the same or a higher annual income than what they are earning now to fund their lifestyle when they retire
Planned retirement ageMore than a quarter (27) of Australian workers plan to retire before age 60 Those with no children are more likely (31) to plan to retire before age 60 than those who donrsquot have kids (23)
Acc
ess
to f
ree
fina
ncia
l adv
ice
Make
supe
r sim
ple
Hel
p to
pla
n fo
r ret
irem
ent
Acc
ess
to v
iew
my
bala
nce
Acc
ess
to talk
to s
omeo
ne
Acc
ess
to f
ree
supe
r edu
cati
on
39
32 29 2622 21
Those with higher annual incomes are also more likely to understand their super
Again those with higher annual incomes are more financially confident about retiring
No
Yes
Donrsquot know
Irsquoll use other savings
Yes
No
0
20
40
60
49
67
0
20
40
60
55
30
0
20
40
35
lt50 yrs 51-55 yrs 56-60 yrs 61-67 yrs 68+ yrs I donrsquot plan on retiring
I donrsquot think Irsquoll be able to retire
36 2018 Australian Employee Insights Report 2018 Australian Employee Insights Report 37
Sunsuper offers benefits and member services that can help you support your employeesrsquo wellbeing and build an employee experience that will engage and retain your people These include
bull A track record of delivering strong investment returns to members
bull Low fees
bull A range of financial advice options on the phone and face-to-face often at no additional cost1
bull Financial education complimentary seminars and events including in your workplace
bull The ability to manage super on the go through the Sunsuper app
bull Online information education and inspiration start exploring the Dream Project sunsupercomauthedreamproject
bull Everyday discounts from retailers across Australia our Dream Rewards program sunsupercomaudream-rewards can help your employees save money today
bull Opportunities to support and give back to the community through our Dreams for a Better World grants program dreamsforabetterworldcomau
Sunsuper is also committed to help make managing your super obligations as easy as possible and we provide a range of other services for employersrsquo businesses including dedicated support teams research and insights customised reporting and professional development opportunities for leaders and staff
GROWING YOUR BUSINESS BY GROWING YOUR PEOPLE
SUNSUPERIs it time to talk to Sunsuper
Naturally wersquod like you to think so Curiosity can be good for business and at the very least wersquore confident a conversation with Sunsuper will leave you better informed about the right questions to ask for your company to optimise your employee superannuation arrangements It could also lead to understanding what ldquocompetitiverdquo looks like in todayrsquos ever-changing superannuation marketplace and how we could help you to support your employee experience and wellbeing initiatives
Want some help on the right questions to ask to optimise your employeesrsquo super Download our factsheet at sunsupercomaugrowyourbusiness
Join us on the wave of success
With five major award wins in one year Sunsuper has been recognised as the best of the best when it comes to super
At Sunsuper we donrsquot just want our members to have adequate savings for their retirement We also want to help them get to retirement in excellent financial physical and mental health After all what good is reaching retirement if you canrsquot enjoy it
Super Fund of the Year 2017
38 2018 Australian Employee Insights Report 2018 Australian Employee Insights Report 39
Our purpose is to inspire and empower Australians to fulfil their retirement dreams
Copyright 2018 Sunsuper Pty Ltd 2208 (0818)
1 Our qualified financial advisers provide simple advice about your Sunsuper account at no additional cost More comprehensive advice may incur a fee Sunsuper employees provide advice as representatives of Sunsuper Financial Services Pty Ltd (ABN 50 087 154 818 AFSL No 227867) (SFS) wholly owned by the Sunsuper Superannuation Fund
For ratings and awards information refer to sunsupercomauratingsagencies
This publication has been prepared and issued by Sunsuper Pty Ltd (ABN 88 010 720 840) (AFSL 228975) (lsquoSunsuperrsquo) the trustee and issuer of the Sunsuper Superannuation Fund (ABN 98 503 137 921) While it has been prepared with all reasonable care no responsibility or liability is accepted for any errors or omissions or misstatement however caused All forecasts and estimates are based on certain assumptions which may change If those assumptions change our forecasts and estimates may also change
This document has been prepared for general information purposes only and not as specific advice to any particular person Any advice contained in this document does not take into account any particular personrsquos objectives financial situation or needs Accordingly you should consider how appropriate the advice is to your own particular objectives financial circumstances or needs before acting on any advice You should consider the relevant Product Disclosure Statement before acquiring any financial product
40 2018 Australian Employee Insights Report
13 11 84 (+61 7 3121 0700 when overseas)
GPO Box 2924 Brisbane QLD 4001
sunsupercomau
twittercomsunsuper
facebookcomsunsuper
linkedincomcompanysunsuper
Sunsuper Pty Ltd Sunsuper Superannuation FundABN 88 010 720 840 ABN 98 503 137 921 AFSL No 228975 SPIN SSR 0100 AU
Find out how we can help you and your business in our Growing your business by
growing your people publication To start the conversation
please call us on 13 11 84
sunsupercomauemployeeinsightsreport
6 2018 Australian Employee Insights Report 2018 Australian Employee Insights Report 7
The majority (79) of Australian workers say their employer could do more to make their experience at work great highlighting employers may need a greater focus on improving the employee experience in order to retain and engage their staff
How a great employee experience benefits business
Best way to make a great employee experience 18 of Australian workers rate a positive culture as the single best way their employer could make their employee experience great ahead of 12 who believe additional financial benefits and 11 who say flexible working arrangements would be the biggest contributor to a great employee experience
PART 1
Improve employee productivity
Impr
ove
empl
oyee
pro
duct
ivit
y
Keep the best employees
Keep
the
bes
t em
ploy
ees
Ach
ieve
bet
ter b
usin
ess
resu
lts
Keep
up
wit
h co
mpe
tito
rs
Rec
ruit
the
bes
t em
ploy
ees
Impr
ove
empl
oyee
wor
k-lif
e ba
lanc
e
Opportunities to advance my career
46
Additional financial benefits
42
Flexible working arrangements
38
Clear goals and expectations for my role
32
Additional financial benefits
44
Flexible working arrangements
42
Opportunities to advance my career
39
Clear goals and expectations for my role
29
Clear goals and expectations for my role
40
Additional financial benefits
35
Flexible working arrangements
30
Opportunities to advance my career
28
0
20
40
60
80
0
20
40
60
80
0
20
40
60
80
0
20
40
60
80
Millennials Gen X Baby Boomers
lt20 employees
20-499employees
gt500employees
lt20 employees
20-499employees
gt500employees
Millennials Gen X Baby Boomers
53 5358
66
5562 62
5258 61
65 64
A positive culture
Additional financial benefits
Flexible working arrangements
Recognition and rewards
Great leaders
Opportunities to advance my career
Training and development opportunities
Clear goals and expectations from my role
Regular feedback on my performance
Latest tools and equiptment for my role
Donrsquot know
Fair and inclusive employment policies
Other wellbeing benefits
Great workplace facilities
18
12
11
109
7
6
5
5
5
53
3 1
Millennials Generation X Baby Boomers
When considering the ways their company could make a great employee experience aside from a positive culture different generations are focused on different things Older workers value clear goals and expectations higher than their younger peers Gen X is more focused than other generations on additional financial benefits and flexible working arrangements And Millennials are more motivated by career opportunities
Workers with higher household incomes and in larger organisations are most likely to say their employer could do more to make their experience at work great (83 for those earning more than $150k pa 85 for those in companies with more than 500 employees) Older workers and workers in large companies also believe a great experience at work is more likely to improve productivity and help a company keep the best employees
60 of workers say their productivity would improve if their experience at work was great Workers also say a great employee experience would enable businesses to keep the best employees (58) and achieve better results (45)
Employees have high expectations of their employer to provide a great experience at work yet they still rank customers as the most important stakeholder group to company success (39) with staffemployees in second place (29)
Building the employee experienceONE
Opportunities to advance my career
46
Additional financial benefits
42
Flexible working arrangements
38
Clear goals and expectations for my role
32
Additional financial benefits
44
Flexible working arrangements
42
Opportunities to advance my career
39
Clear goals and expectations for my role
29
Clear goals and expectations for my role
40
Additional financial benefits
35
Flexible working arrangements
30
Opportunities to advance my career
28
Millennials Generation X Baby Boomers
Improves employee productivity Keeps the best employees
0
20
40
60
80
0
20
40
60
80
0
20
40
60
80
0
20
40
60
80
53 5358
66
5562 62
5258 61
65 64
Impr
oves
em
ploy
ee p
rodu
ctiv
ity
Keep
s th
e be
st e
mpl
oyee
s
Ach
ieve
s be
tter
bus
ines
s re
sult
s
Keep
s up
wit
h co
mpe
tito
rs
Rec
ruit
s th
e be
st e
mpl
oyee
s
Impr
oves
em
ploy
ee w
orkndashlif
e ba
lanc
e
A companyrsquos culture is its personality and an important factor in its success or otherwise as an organisation It is unsurprising that Australian workers rate a positive culture as the single best way their employer could make their employee experience great given it defines the environment in which they work provides the parameters for their behaviour and decision making and can help a business attract engage and retain the right people to achieve results
IMPROVING COMPANY CULTURE
CultureTWO
Less than one in ten (9) Australian workers say their companyrsquos culture is great how it is
98
10 2018 Australian Employee Insights Report 2018 Australian Employee Insights Report 11
According to Australian workers embedding culture isnrsquot the sole responsibility of employers with 63 saying consulting with and involving employees more would improve their companyrsquos culture
How company culture could be improvedAustralian workers want their company culture to support their wellbeing with 70 of employees saying their workplace culture could be improved through better workndashlife balance or their employer offering more employee benefits
Ability to describe company cultureOverall close to two thirds (61) of Australian workers can describe their companyrsquos culture Millennials employees in smaller organisations and interestingly casual and contract employees can most easily describe their companyrsquos culture
Employees in the finance and IT industries are most likely (70) to be able to describe their companyrsquos culture Those in the healthcare social services and arts and media industries are the least likely (55)
Millennials and Gen X are more focused on workndashlife balance and employee benefits to improve company culture than their older peers While Baby Boomers are twice as likely than younger employees to say their company culture is great how it is
How company culture is primarily communicated Australian workers say the primary way culture is communicated in their company is through open conversation (18) however 16 say communications in their company donrsquot make it clear what the company culture is and 12 say they donrsquot know how the culture is communicated
IMPROVING COMPANY CULTURETWO
0
20
40
60
80
0
20
40
60
80
Millennials Gen X Baby Boomers
lt20 employees
20-499employees
500+employees
64 61 58
0
20
40
60
80
Casual Project Contract
Permanent
6772
595764 61
Could describe the company culture
Improving workndashlife balance
Offering more employee benefits
Involving employees more in decisions
Consulting with employees on improving productivity
Providing more team-building activities
Removing underperforming employees
Focusing more on achieving business results
Donrsquot knowother
Doing nothing ndash the culture is great how it is
35
35
3231
25
23
15
10 9
Improving workndashlife balance
38
Offering more employee benefits
38
Involving employees more in decisions
37
Consulting on improving productivity
30
Do nothing ndash the culture is great how it is
7
Millennials
Improving workndashlife balance
34
Offering more employee benefits
34
Consulting on improving productivity
31
Involving employees more in decisions
28
Do nothing ndash the culture is great how it is
8
Consulting on improving productivity
34
Involving employees more in decisions
31
Improving workndashlife balance
31
Offering more employee benefits
29
Do nothing ndash the culture is great how it is
15
Generation X Baby Boomers
1 18 The culture is spoken about openly within my company
2 16 Communications in my company donrsquot make it clear what the company culture is
3 15 The culture is discussed in performance reviews and team meetings
4 12 Donrsquot know how the culture is communicated
5 11 The culture is communicated in corporate communications
6 10 Managers live the culture every day and employees follow by example
7 9 Culture is linked to goals and KPIs
8 9 Employees are called out if they arenrsquot living the culture
Valuing workplace diversity
DIVERSITYTHREE
82 of Australian workers say diversity in leadership in their company is important
A gender-balanced workforce with employees of all ages cultural backgrounds and physical abilities introduces a broad range of perspectives and can help increase a companyrsquos innovation productivity and results
Employees are also more likely to feel comfortable and better able to manage workplace stress in an inclusive workplace environment that is flexible and understanding of different employeesrsquo needs and approaches
1312
14 2018 Australian Employee Insights Report 2018 Australian Employee Insights Report 15
More than half (55) of Australian employees say their company clearly values diversity among employees and only 8 believe their company doesnrsquot value diversity
Areas of diversity that can most benefit companies The majority (88) of Australian workers say embracing diversity in the workplace can benefit business They see diversity in age as the area that can most benefit companies (47) closely followed by diversity in cultural background (45) and gender (43)
Valuing diversity in the workplaceMillennials (59) and those who work for large employers (61) are most likely to say their company clearly values diversity Across industries government workers are most likely (65) to be clear their employer values diversity workers in the mining and farming industries are least likely (45)
Outcomes of embracing diversityAustralian employees say a better understanding of different viewpoints and approaches (48) and introducing more creative and innovative thinking (41) are the two biggest outcomes to companies of embracing diversity
Of all the potential outcomes of embracing diversity workers rate two negatives as the least likely to eventuate
Most valued employer benefits to increase workplace flexibilityCreating a flexible workplace is one way companies can ensure they treat employees of diverse ages genders and backgrounds equally and as individuals 72 of Australian employees consider their workplace to be flexible with Millennial workers valuing additional leave and job sharing more than their older peers
VALUING WORKPLACE DIVERSITYTHREE
My company clearlyvalues diversity
among employees
My company maybe values diversityitrsquos not clear
My company doesnrsquot value diversity
55 37 8
39 of Baby Boomers say embracing diversity makes an employer more attractive to work for compared with just 28 of Millennials
Varied startfinish times
47
Additional leave
33
Ability to work from home
29
9-day fortnights
20
Job sharing
20
Millennials
Varied startfinish times
54
Additional leave
29
Ability to work from home
29
9-day fortnights
27
Job sharing
16
Varied startfinish times
38
9-day fortnights
25
None
24
Ability to work from home
22
Additional leave
16
Generation X Baby Boomers
None
10
None
12
Job sharing
15
1 48 Better understanding of different viewpoints and approaches
2 41 Introducing more creative and innovative thinking
3 32 More balanced and better decisions
4 32 Becoming a more attractive employer to work for
5 25 Being ldquoseenrdquo to be doing the right thing
6 17 Achieving better bottom-line results
7 16 Achieving competitive advantages
8 13 Introducing reverse discrimination
9 11 Making it more difficult to communicate
1 47 Diversity in age
2 45 Diversity in cultural background
3 43 Diversity in gender
4 41 Diversity in education and experience
5 41 Diversity in personality type
6 40 Diversity in opinions
7 25 Diversity in other traitscharacteristics
8 12 None businesses donrsquot benefit significatly from diversity
As emerging technologies such as artificial intelligence (AI) robotics and cognitive computers continue to advance and proliferate there is increasing debate as to the changes these technologies will have in the workplace
AI and robotics have the potential to reinvent workersrsquo roles and companies will need to consider how theyrsquoll design job roles organise work and train and re-train their employees in the future
Preparing for emerging technologies
futurefour
44 of Australian workers say they are concerned about emerging technologies coming into their workplace
1716
18 2018 Australian Employee Insights Report 2018 Australian Employee Insights Report 19
Employers should be aware that employeesrsquo feelings towards emerging technologies coming into the workplace are divided Half (51) of Australian employees arenrsquot concerned about emerging technologies coming into their work and 5 are quite looking forward to it but the remainder are not so sure
Concern about emerging technologies coming into the workplace Millennials are more concerned than older generations about emerging technologies coming into their workplace with more than half (55) of Millennials concerned compared with just 30 of Baby Boomers
Biggest workplace changes from emerging technologiesAustralian workers are also divided when it comes to predicting the biggest changes emerging technologies could have in their industry with 25 saying the biggest change will be time andor cost savings but another 24 saying there will be no change
When emerging technologies might start replacing jobsOverall only one third (36) of Australian workers say emerging technologies will start replacing jobs within the next few years Millennials (48) are most likely to say emerging technologies will start replacing jobs within the next few years
0
20
40
60
80
40
Veryconcerned
A littleconcerned
Notconcerned
Lookingforward to it
Millennials
Generation X
Baby Boomers
68
55
preparing for emerging technologiesFOUR
Workers in the finance and IT industries (57) are most likely to see robots and AI impacting jobs in their industry within a few years Workers in the healthcare social services and arts and media (29) and education (27) industries are most likely to say emerging technologies wonrsquot ever replace jobs in their industry
25 of workers in the finance and IT industries say emerging technologies will mean there wonrsquot be many jobs for humans in their industries compared with just 10 in the education mining and farming industries
62 of Millennials are concerned about finding a new job if emerging technologies replace their current job compared with just 46 of Baby Boomers
Within a few years
48
Not during my career
36
Never it wont happen
16
Not during my career
48
Within a few years
33
Never it wont happen
19
Not during my career
55
Never it wont happen
30
Within a few years
15
Millennials Generation X Baby Boomers
1 25 Save time or cost by automating boring processes and tasks
2 24 No change AIrobotics wonrsquot replace humans in my industry
3 20 I havenrsquot thought about itdonrsquot know
4 19 Will mean Irsquoll need retraining
5 17 Create opportunities to do more interesting work
6 17 There wont be many jobs for humans in my industry
7 15 Increase the pace and pressure of work
0
20
40
60
Emerging technologies will start replacing jobs within a few years
FinanceIT Construction Engineering
Healthcare ArtsMedia
Hospitality Personal Services
Retail Wholesale
distribution
Mining Farming
Government Education
57
4035 33 32 31 29 26 25
Aside from emerging technologies such as AI and robotics technology in general seems to be evolving at ever-increasing rates and it is impacting the ways we live and work
Companies need to balance the need to adapt to new technology quickly enough to remain competitive with ensuring employees build the skills to adopt new technologies All without allowing the expectation to be always connected to adversely impact their general wellbeing and life outside of work
ADOPTING NEW technology
TECHNOLOGYFIVE
12 of workers see the ability to always be connected as the biggest positive impact to workplaces of the increasing speed of new technology A slightly higher 16 see this same always-on connectivity as the biggest negative impact
20 21
22 2018 Australian Employee Insights Report 2018 Australian Employee Insights Report 23
As companies strive to keep abreast of the increasing speed of new technology in their industries itrsquos good to know Australian workers are generally positive about the potential impacts in their workplace with 38 saying it is making work more efficient and 50 saying their company adopts new technology quickly enough to stay competitive
Impact of increasing speed of new technology in the workplaceWorkers believe the biggest positive impact of the increasing speed of technology is that it is making work more efficient (38) On the flipside however they say the biggest negative impact is that it is increasing their workload (21)
Adopting new technology to stay competitiveClose to 60 of workers say their company is adopting new technology quickly enough to stay well ahead of or competitive with others Millennials (13) are almost three times as likely as Baby Boomers (5) to say their organisation is ahead of others in adopting new technology
Company policies for using technology at work Companies seem to have their policies around technology use at work about right with 57 of workers saying their companyrsquos rules around using social media the internet and personal mobile phones at work are appropriate
Impact of technology at work on broader lifeTwo thirds (67) of employees believe technology at work has impacted their broader life Baby Boomers (56) say they are less impacted than their Millennial peers (75) Millennials are more likely than older generations to say they are able to work less hours and more flexibly but also that they have learned to be more careful using social media
ADOPTING NEW TECHNOLOGYFIVE
We are well aheadof others
We are competivite with others
We may be alittle behind others
We are well behind others
9 50 30 11
Workers in the construction and engineering (25) and retail and wholesale distribution (24) industries are most concerned about the increasing speed of new technology resulting in redundancies Government workers (10) are the least concerned
Top 3 positive impacts
Top 3 negative impacts
Resulting in redundancies
Pressure to keep up with new tools and processes
Adding to my workload
Making work more efficient
38
Making work more rewarding
15
Allowing me to always be connected
12
21
18
17
Appropriate
NA there are no rules
Personally constraining but understandable at work
Can make performing my role difficult
Excessive
16
57
12
11
4
I can work more flexibly (hours practices)
29
Work technology means Irsquom always connected
27
It hasnrsquot impacted my broader life
25
The pace of life has increased significantly
23
Irsquom more careful using social media
21
Millennials
It hasnrsquot impacted my broader life
34
Work technology means Irsquom always connected
28
The pace of life has increased significantly
25
I can work more flexibly (hours practices)
20
Irsquom more careful using social media
20
It hasnrsquot impacted my broader life
44
Work technology means Irsquom always connected
30
The pace of life has increased significantly
22
Irsquom working more hours
17
I can work more flexibly (hours practices)
15
Generation X
Irsquom working more hours
18
Irsquom working less hours
16
Irsquom working less hours
7
Irsquom working less hours
5
Irsquom working more hours
15
Irsquom more careful using social media
11
Baby Boomers
Encouraging employee resilience
ResilienceSIX
Stressed employees can take more unplanned leave and be less engaged at work Their physical and emotional wellbeing is also likely to be lower than employees who are relaxed and focused
Encouraging and helping to build employee resilience is one way to reduce stress in the workplace and contribute to more mentally healthy and productive employees
More than half (54) of Australian workers say they feel stressed at work every week
2524
26 2018 Australian Employee Insights Report 2018 Australian Employee Insights Report 27
Resilience is the ability to adjust to adversity and hold on to some sense of control over your environment It is concerning that more than two thirds (68) of Australian workers donrsquot regularly feel a sense of control over their environment at work
Feeling a sense of control at work Feeling a sense of control at work can be the first step to reducing workplace stress and building resilience Overall just one third (32) of workers say they regularly feel a sense of control at work Interestingly Baby Boomers (13) are almost three times as likely as their Millennial peers (5) to always feel a sense of control at work
Feeling stressed at workNot feeling a sense of control and workplace stress seem to go hand in hand and can result in employees who find it challenging to adapt to change and deal with difficult situations So it is concerning that almost one in five (17) employees feel stressed at work daily
Cause of most stress at workThe cause of the most stress at work according to Australian workers is workload pressure including excessive workload and unrealistic expectations (34) followed by personal issues with managers or workmates (16) and lack of workndashlife balance including dealing with issues outside of work (15) Just 8 of employees say they donrsquot get stressed at work
Ways companies can ease stress at workThe good news is workers say there are positive steps their employer can take to ease workplace stress Almost half (47) of employees say a positive workplace including confident managers and good teamwork would help to prevent workplace stress and support employees who are stressed
Encouraging employee resilienceSIX Millennials (25) are more than three times more
likely than Baby Boomers (7) to be stressed at work due to financial stress outside of work
Perhaps unsurprisingly part-time casual and contract employees feel more stressed about job security (23) than their permanently employed colleagues (15) and Baby Boomers feel more stressed about keeping up with technology (13) than their Millennial peers (8)
Millennials are more likely to want their company to offer financial wellbeing benefits (28) and mental health services such as counselling (25) than their Baby Boomer peers (12 and 16 respectively)
Millennials are significantly more likely to feel stressed at work than their older peers Those working in government are the most likely (60) to feel stressed at least weekly and those in the mining and agriculture sectors the least likely (42)
0
20
40
60
Millennials
Generation X
Baby Boomers
47
37
2929
34
1615
8
8
8
11
Workload pressure
Issues with colleagues
Lack of work-life balance
Lack of job security
I donrsquot get stressed at work
Too much change at work
Other
At least weekly
60
Every few weeks to months
28
Rarelynever
12
At least weekly
53
Every few weeks to months
29
Rarelynever
18
At least weekly
46
Rarelynever
35
Every few weeks to months
19
Millennials Generation X Baby Boomers
A p
osit
ive
workplace
Clea
r goa
ls a
nd re
ason
able
workload
Flex
ible
working arr
ange
men
ts
Trai
ning
to
deal
wit
h ne
w t
echn
olog
y
Fina
ncia
l wel
lbei
ng b
enef
its
Stre
ss a
nd c
ompa
ssio
nate
leav
e
47
41 34
24 23 23
Phys
ical
wel
lbei
ng b
enef
its
Men
tal h
ealt
h se
rvic
es
22
18
Wellbeing39 of Australian workers say they feel financial stress at least weekly
Offering employees wellbeing services that focus on improving physical mental and financial health and a sense of community belonging can be central to a companyrsquos EVP and employee experience and help employees cope with stress
In particular with money-related issues causing Australian workers significant stress employee demand for their company to provide financial wellbeing benefits is increasing
Supporting financial wellbeingSEVEN
2928
30 2018 Australian Employee Insights Report 2018 Australian Employee Insights Report 31
More than a quarter (28) of Australian workers define ldquofinancial wellbeingrdquo as not being stressed about their finances And it seems employers can do more to support their employeesrsquo financial wellbeing with workers saying they would most value additional super contributions (40) and financial advice and education (31) from their employer
Causes of stressAustralian workers rank lack of financial security managing household finances and lack of savings for retirement as the factors causing them the most stress
Main reason for feeling financial stressJuggling the general cost of living is the main reason Australian workers feel financial stress across all household incomes genders and employment types Unsurprisingly not having enough super or savings for retirement (29) overtakes the general cost of living (17) as the main reason Baby Boomers feel financial stress
The meaning of financial wellbeing While employees are most likely (28) to equate not feeling stressed about their finances with financial wellbeing they also associate having enough savings to cover unexpected expenses (21) and being able to retire comfortably at a time they choose (19) with being financially ldquowellrdquo
Biggest concern about retiringGiven 19 of Australian workers say they equate financial wellbeing with being able to retire comfortably when they want it is concerning that 42 of workers say their biggest concern about retiring is not having enough money
Employer services to support financial wellbeingEmployees say they would most value additional super contributions (40) and financial advice and education (31) from their employer to support their financial wellbeing
Supporting financial wellbeingSEVEN
Additional supercontributions
Financial adviceand education
Discounts oneveryday items
Budgetingguidance
40 31 21 8
Lack o
f fi
nanc
ial s
ecur
ity
Managing household finances and bills
Lack o
f sa
ving
s fo
r ret
irem
ent
Phys
ical
hea
lth
conc
erns
Fam
ily o
r rel
atio
nshi
p co
ncer
ns
Conc
ern
abou
t jo
b se
curit
y
40
35
29 28 27 26
Millennials (46) and Gen X (40) are twice as likely as Baby Boomers (21) to feel financial stress at least weekly
Only one third (36) of workers believe their company cares about their financial wellbeing
28
2119
16
12
4 7
42
14
12
10
8
7
Not being stressed about my finances
Having enough savings to cover unexpected expenses
Being able to retire comfortably when I want
Being debt free or on top of my debts
Being able to meet day-to-day living expenses
Donrsquot knowother
Not having enough money
Irsquom not concerned
Losing my health
Being bored
Losing my mental sharpness
Losing my purpose
Losing my social connectionshaving to spend more time with my spouse
Juggling the general cost of living
23
Not being able to afford what I want to do now
18
Not enough savings for the unexpected
15
Not having enough super or savings when I retire
7
Fear of losing my job
12
Millennials
Juggling the general cost of living
34
Fear of losing my job
14
Not enough savings for the unexpected
13
Not having enough super or savings when I retire
10
Not being able to afford what I want to do now
12
Juggling the general cost of living
17
Not enough savings for the unexpected
14
Not having enough super or savings when I retire
29
Fear of losing my job
13
Not being able to afford what I want to do now
10
Generation X
Difficulty managing debt
9
Having to provide for my children
8
Not leaving enough for my kids in my will
5
Other
3
Other
3
Not leaving enough for my kids in my will
2
Other
4
Having to provide for my children
2
Having to provide for my children
3
Not leaving enough for my kids in my will
4
Difficulty managing debt
9
Difficulty managing debt
7
Baby Boomers
The insights in this report show that Australian workersrsquo expectations of their employer are increasing Are you doing enough to build an employee experience that your employees value enough to stay with your company and go the extra mile when you need them to And are you offering the support and benefits that will help your employees manage stress adopt new technology and deliver results for your organisation Here are some tips to get you started
New technologyOur insights show that Australian employees believe workplaces that adopt and adapt to new technology can make their work more efficient To realise these efficiencies employees may need training and other support
Are you doing enough to help your employees prepare for the speed of new technology and the impact of emerging technologies At the same time has your company recognised the importance of non-technical skills such as adapting to change open communication and problem solving
Employee resilienceTherersquos a good chance a number of your employees are currently feeling stressed due to the pace and demands of work or issues they are dealing with outside of work
In light of our insights consider whether you are setting clear goals for your teams and individual employees monitoring workloads and ensuring they are manageable encouraging and supporting employeesrsquo physical wellbeing offering financial wellbeing services and providing flexible working arrangements
Financial wellbeingA significant proportion of Australian employeesrsquo stress is caused by money worries Offering support and resources to help employees manage their finances can ease this stress and free up their energy and focus to be more productive at work This could be the most challenging wellbeing deliverable of them all however requiring solutions that cover household budgeting debt management financial hardship and retirement planning
Consider offering tangible financial assistance to employees through additional superannuation contributions financial advice and education services and access to everyday rewards programs
Donrsquot forget that Sunsuper offers our members a range of benefits including financial education and superannuation advice often at no additional cost
The employee experienceJust as businesses need to walk in the shoes of their customer creating a compelling employee experience involves seeing the world through employeesrsquo eyes and focusing on what they most value
Our insights indicate Australian workers are most focused on a positive culture financial and other rewards and flexible working arrangements
Start by involving your employees in focus groups to validate their priorities and then workshop how each could be addressed and improved in your organisation
Company cultureYour culture is shaped by the words and actions of your organisationrsquos leaders and how they make decisions Your culture is also influenced by how your employees are rewarded and how everyone in your organisation interacts with your customers and with each other
Given our insights show a large proportion of Australian employees canrsquot easily describe their companyrsquos culture start by asking yourself if you are doing enough at all levels of your organisation to clearly communicate and engage your employees with your culture
Diversity and flexibilityThe majority of Australian employees believe embracing workplace diversity is good for business In particular a flexible workplace is one way to help ensure you treat employees of diverse ages genders and backgrounds equally and as individuals
Workers say they most value varied work hours additional leave options and the ability to work from home when it comes to improving workplace flexibility
Are you already or is it possible for your organisation to adopt strategies to deliver these benefits
ONE TWO THREE FOUR FIVE SIX
USING THE INSIGHTS IN YOUR BUSINESSTIPS
32 2018 Australian Employee Insights Report 2018 Australian Employee Insights Report 33
34 2018 Australian Employee Insights Report 2018 Australian Employee Insights Report 35
AUSTRALIArsquoS VIEW OF SUPER AND RETIREMENTSNAPSHOT
Understanding of superOverall 56 of workers say they fully understand and are on top of their super Baby Boomers (70) are more likely to feel on top of their super than their Millennial peers (53)
Financial confidence for retirementClose to two thirds (62) of employees arenrsquot confident or donrsquot know if they will have enough super when they retire
Employer services to help workers understand superAustralian workers say they would value a range of services offered by their employer to help them feel more on top of their super and retirement
56
47
24
15
14
44
Obstacles to seeking financial adviceThe right financial advice can help in managing financial stress yet workers say they see a number of obstacles to seeking financial advice
41 I think itrsquos expensive 33
I donrsquot know who to trust
29Itrsquos difficult to know where to go
Mill
enni
als
Gen
erat
ion X
Bab
y Bo
omersTrust in employerrsquos choice of super fundThe majority (70) of Australian employees trust or support their employerrsquos choice of super fund Older workers trust their employerrsquos choice of super fund more than their younger peers
61 72 87
Our annual snapshot of Australiarsquos view of super and retirement highlights that close to half (44) of Australian workers donrsquot fully understand or feel on top of their super
28 of employees donrsquot know or havenrsquot thought about whether they will need to rely on the government age pension in retirement
37 of Australian workers say they will need the same or a higher annual income than what they are earning now to fund their lifestyle when they retire
Planned retirement ageMore than a quarter (27) of Australian workers plan to retire before age 60 Those with no children are more likely (31) to plan to retire before age 60 than those who donrsquot have kids (23)
Acc
ess
to f
ree
fina
ncia
l adv
ice
Make
supe
r sim
ple
Hel
p to
pla
n fo
r ret
irem
ent
Acc
ess
to v
iew
my
bala
nce
Acc
ess
to talk
to s
omeo
ne
Acc
ess
to f
ree
supe
r edu
cati
on
39
32 29 2622 21
Those with higher annual incomes are also more likely to understand their super
Again those with higher annual incomes are more financially confident about retiring
No
Yes
Donrsquot know
Irsquoll use other savings
Yes
No
0
20
40
60
49
67
0
20
40
60
55
30
0
20
40
35
lt50 yrs 51-55 yrs 56-60 yrs 61-67 yrs 68+ yrs I donrsquot plan on retiring
I donrsquot think Irsquoll be able to retire
36 2018 Australian Employee Insights Report 2018 Australian Employee Insights Report 37
Sunsuper offers benefits and member services that can help you support your employeesrsquo wellbeing and build an employee experience that will engage and retain your people These include
bull A track record of delivering strong investment returns to members
bull Low fees
bull A range of financial advice options on the phone and face-to-face often at no additional cost1
bull Financial education complimentary seminars and events including in your workplace
bull The ability to manage super on the go through the Sunsuper app
bull Online information education and inspiration start exploring the Dream Project sunsupercomauthedreamproject
bull Everyday discounts from retailers across Australia our Dream Rewards program sunsupercomaudream-rewards can help your employees save money today
bull Opportunities to support and give back to the community through our Dreams for a Better World grants program dreamsforabetterworldcomau
Sunsuper is also committed to help make managing your super obligations as easy as possible and we provide a range of other services for employersrsquo businesses including dedicated support teams research and insights customised reporting and professional development opportunities for leaders and staff
GROWING YOUR BUSINESS BY GROWING YOUR PEOPLE
SUNSUPERIs it time to talk to Sunsuper
Naturally wersquod like you to think so Curiosity can be good for business and at the very least wersquore confident a conversation with Sunsuper will leave you better informed about the right questions to ask for your company to optimise your employee superannuation arrangements It could also lead to understanding what ldquocompetitiverdquo looks like in todayrsquos ever-changing superannuation marketplace and how we could help you to support your employee experience and wellbeing initiatives
Want some help on the right questions to ask to optimise your employeesrsquo super Download our factsheet at sunsupercomaugrowyourbusiness
Join us on the wave of success
With five major award wins in one year Sunsuper has been recognised as the best of the best when it comes to super
At Sunsuper we donrsquot just want our members to have adequate savings for their retirement We also want to help them get to retirement in excellent financial physical and mental health After all what good is reaching retirement if you canrsquot enjoy it
Super Fund of the Year 2017
38 2018 Australian Employee Insights Report 2018 Australian Employee Insights Report 39
Our purpose is to inspire and empower Australians to fulfil their retirement dreams
Copyright 2018 Sunsuper Pty Ltd 2208 (0818)
1 Our qualified financial advisers provide simple advice about your Sunsuper account at no additional cost More comprehensive advice may incur a fee Sunsuper employees provide advice as representatives of Sunsuper Financial Services Pty Ltd (ABN 50 087 154 818 AFSL No 227867) (SFS) wholly owned by the Sunsuper Superannuation Fund
For ratings and awards information refer to sunsupercomauratingsagencies
This publication has been prepared and issued by Sunsuper Pty Ltd (ABN 88 010 720 840) (AFSL 228975) (lsquoSunsuperrsquo) the trustee and issuer of the Sunsuper Superannuation Fund (ABN 98 503 137 921) While it has been prepared with all reasonable care no responsibility or liability is accepted for any errors or omissions or misstatement however caused All forecasts and estimates are based on certain assumptions which may change If those assumptions change our forecasts and estimates may also change
This document has been prepared for general information purposes only and not as specific advice to any particular person Any advice contained in this document does not take into account any particular personrsquos objectives financial situation or needs Accordingly you should consider how appropriate the advice is to your own particular objectives financial circumstances or needs before acting on any advice You should consider the relevant Product Disclosure Statement before acquiring any financial product
40 2018 Australian Employee Insights Report
13 11 84 (+61 7 3121 0700 when overseas)
GPO Box 2924 Brisbane QLD 4001
sunsupercomau
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facebookcomsunsuper
linkedincomcompanysunsuper
Sunsuper Pty Ltd Sunsuper Superannuation FundABN 88 010 720 840 ABN 98 503 137 921 AFSL No 228975 SPIN SSR 0100 AU
Find out how we can help you and your business in our Growing your business by
growing your people publication To start the conversation
please call us on 13 11 84
sunsupercomauemployeeinsightsreport
A companyrsquos culture is its personality and an important factor in its success or otherwise as an organisation It is unsurprising that Australian workers rate a positive culture as the single best way their employer could make their employee experience great given it defines the environment in which they work provides the parameters for their behaviour and decision making and can help a business attract engage and retain the right people to achieve results
IMPROVING COMPANY CULTURE
CultureTWO
Less than one in ten (9) Australian workers say their companyrsquos culture is great how it is
98
10 2018 Australian Employee Insights Report 2018 Australian Employee Insights Report 11
According to Australian workers embedding culture isnrsquot the sole responsibility of employers with 63 saying consulting with and involving employees more would improve their companyrsquos culture
How company culture could be improvedAustralian workers want their company culture to support their wellbeing with 70 of employees saying their workplace culture could be improved through better workndashlife balance or their employer offering more employee benefits
Ability to describe company cultureOverall close to two thirds (61) of Australian workers can describe their companyrsquos culture Millennials employees in smaller organisations and interestingly casual and contract employees can most easily describe their companyrsquos culture
Employees in the finance and IT industries are most likely (70) to be able to describe their companyrsquos culture Those in the healthcare social services and arts and media industries are the least likely (55)
Millennials and Gen X are more focused on workndashlife balance and employee benefits to improve company culture than their older peers While Baby Boomers are twice as likely than younger employees to say their company culture is great how it is
How company culture is primarily communicated Australian workers say the primary way culture is communicated in their company is through open conversation (18) however 16 say communications in their company donrsquot make it clear what the company culture is and 12 say they donrsquot know how the culture is communicated
IMPROVING COMPANY CULTURETWO
0
20
40
60
80
0
20
40
60
80
Millennials Gen X Baby Boomers
lt20 employees
20-499employees
500+employees
64 61 58
0
20
40
60
80
Casual Project Contract
Permanent
6772
595764 61
Could describe the company culture
Improving workndashlife balance
Offering more employee benefits
Involving employees more in decisions
Consulting with employees on improving productivity
Providing more team-building activities
Removing underperforming employees
Focusing more on achieving business results
Donrsquot knowother
Doing nothing ndash the culture is great how it is
35
35
3231
25
23
15
10 9
Improving workndashlife balance
38
Offering more employee benefits
38
Involving employees more in decisions
37
Consulting on improving productivity
30
Do nothing ndash the culture is great how it is
7
Millennials
Improving workndashlife balance
34
Offering more employee benefits
34
Consulting on improving productivity
31
Involving employees more in decisions
28
Do nothing ndash the culture is great how it is
8
Consulting on improving productivity
34
Involving employees more in decisions
31
Improving workndashlife balance
31
Offering more employee benefits
29
Do nothing ndash the culture is great how it is
15
Generation X Baby Boomers
1 18 The culture is spoken about openly within my company
2 16 Communications in my company donrsquot make it clear what the company culture is
3 15 The culture is discussed in performance reviews and team meetings
4 12 Donrsquot know how the culture is communicated
5 11 The culture is communicated in corporate communications
6 10 Managers live the culture every day and employees follow by example
7 9 Culture is linked to goals and KPIs
8 9 Employees are called out if they arenrsquot living the culture
Valuing workplace diversity
DIVERSITYTHREE
82 of Australian workers say diversity in leadership in their company is important
A gender-balanced workforce with employees of all ages cultural backgrounds and physical abilities introduces a broad range of perspectives and can help increase a companyrsquos innovation productivity and results
Employees are also more likely to feel comfortable and better able to manage workplace stress in an inclusive workplace environment that is flexible and understanding of different employeesrsquo needs and approaches
1312
14 2018 Australian Employee Insights Report 2018 Australian Employee Insights Report 15
More than half (55) of Australian employees say their company clearly values diversity among employees and only 8 believe their company doesnrsquot value diversity
Areas of diversity that can most benefit companies The majority (88) of Australian workers say embracing diversity in the workplace can benefit business They see diversity in age as the area that can most benefit companies (47) closely followed by diversity in cultural background (45) and gender (43)
Valuing diversity in the workplaceMillennials (59) and those who work for large employers (61) are most likely to say their company clearly values diversity Across industries government workers are most likely (65) to be clear their employer values diversity workers in the mining and farming industries are least likely (45)
Outcomes of embracing diversityAustralian employees say a better understanding of different viewpoints and approaches (48) and introducing more creative and innovative thinking (41) are the two biggest outcomes to companies of embracing diversity
Of all the potential outcomes of embracing diversity workers rate two negatives as the least likely to eventuate
Most valued employer benefits to increase workplace flexibilityCreating a flexible workplace is one way companies can ensure they treat employees of diverse ages genders and backgrounds equally and as individuals 72 of Australian employees consider their workplace to be flexible with Millennial workers valuing additional leave and job sharing more than their older peers
VALUING WORKPLACE DIVERSITYTHREE
My company clearlyvalues diversity
among employees
My company maybe values diversityitrsquos not clear
My company doesnrsquot value diversity
55 37 8
39 of Baby Boomers say embracing diversity makes an employer more attractive to work for compared with just 28 of Millennials
Varied startfinish times
47
Additional leave
33
Ability to work from home
29
9-day fortnights
20
Job sharing
20
Millennials
Varied startfinish times
54
Additional leave
29
Ability to work from home
29
9-day fortnights
27
Job sharing
16
Varied startfinish times
38
9-day fortnights
25
None
24
Ability to work from home
22
Additional leave
16
Generation X Baby Boomers
None
10
None
12
Job sharing
15
1 48 Better understanding of different viewpoints and approaches
2 41 Introducing more creative and innovative thinking
3 32 More balanced and better decisions
4 32 Becoming a more attractive employer to work for
5 25 Being ldquoseenrdquo to be doing the right thing
6 17 Achieving better bottom-line results
7 16 Achieving competitive advantages
8 13 Introducing reverse discrimination
9 11 Making it more difficult to communicate
1 47 Diversity in age
2 45 Diversity in cultural background
3 43 Diversity in gender
4 41 Diversity in education and experience
5 41 Diversity in personality type
6 40 Diversity in opinions
7 25 Diversity in other traitscharacteristics
8 12 None businesses donrsquot benefit significatly from diversity
As emerging technologies such as artificial intelligence (AI) robotics and cognitive computers continue to advance and proliferate there is increasing debate as to the changes these technologies will have in the workplace
AI and robotics have the potential to reinvent workersrsquo roles and companies will need to consider how theyrsquoll design job roles organise work and train and re-train their employees in the future
Preparing for emerging technologies
futurefour
44 of Australian workers say they are concerned about emerging technologies coming into their workplace
1716
18 2018 Australian Employee Insights Report 2018 Australian Employee Insights Report 19
Employers should be aware that employeesrsquo feelings towards emerging technologies coming into the workplace are divided Half (51) of Australian employees arenrsquot concerned about emerging technologies coming into their work and 5 are quite looking forward to it but the remainder are not so sure
Concern about emerging technologies coming into the workplace Millennials are more concerned than older generations about emerging technologies coming into their workplace with more than half (55) of Millennials concerned compared with just 30 of Baby Boomers
Biggest workplace changes from emerging technologiesAustralian workers are also divided when it comes to predicting the biggest changes emerging technologies could have in their industry with 25 saying the biggest change will be time andor cost savings but another 24 saying there will be no change
When emerging technologies might start replacing jobsOverall only one third (36) of Australian workers say emerging technologies will start replacing jobs within the next few years Millennials (48) are most likely to say emerging technologies will start replacing jobs within the next few years
0
20
40
60
80
40
Veryconcerned
A littleconcerned
Notconcerned
Lookingforward to it
Millennials
Generation X
Baby Boomers
68
55
preparing for emerging technologiesFOUR
Workers in the finance and IT industries (57) are most likely to see robots and AI impacting jobs in their industry within a few years Workers in the healthcare social services and arts and media (29) and education (27) industries are most likely to say emerging technologies wonrsquot ever replace jobs in their industry
25 of workers in the finance and IT industries say emerging technologies will mean there wonrsquot be many jobs for humans in their industries compared with just 10 in the education mining and farming industries
62 of Millennials are concerned about finding a new job if emerging technologies replace their current job compared with just 46 of Baby Boomers
Within a few years
48
Not during my career
36
Never it wont happen
16
Not during my career
48
Within a few years
33
Never it wont happen
19
Not during my career
55
Never it wont happen
30
Within a few years
15
Millennials Generation X Baby Boomers
1 25 Save time or cost by automating boring processes and tasks
2 24 No change AIrobotics wonrsquot replace humans in my industry
3 20 I havenrsquot thought about itdonrsquot know
4 19 Will mean Irsquoll need retraining
5 17 Create opportunities to do more interesting work
6 17 There wont be many jobs for humans in my industry
7 15 Increase the pace and pressure of work
0
20
40
60
Emerging technologies will start replacing jobs within a few years
FinanceIT Construction Engineering
Healthcare ArtsMedia
Hospitality Personal Services
Retail Wholesale
distribution
Mining Farming
Government Education
57
4035 33 32 31 29 26 25
Aside from emerging technologies such as AI and robotics technology in general seems to be evolving at ever-increasing rates and it is impacting the ways we live and work
Companies need to balance the need to adapt to new technology quickly enough to remain competitive with ensuring employees build the skills to adopt new technologies All without allowing the expectation to be always connected to adversely impact their general wellbeing and life outside of work
ADOPTING NEW technology
TECHNOLOGYFIVE
12 of workers see the ability to always be connected as the biggest positive impact to workplaces of the increasing speed of new technology A slightly higher 16 see this same always-on connectivity as the biggest negative impact
20 21
22 2018 Australian Employee Insights Report 2018 Australian Employee Insights Report 23
As companies strive to keep abreast of the increasing speed of new technology in their industries itrsquos good to know Australian workers are generally positive about the potential impacts in their workplace with 38 saying it is making work more efficient and 50 saying their company adopts new technology quickly enough to stay competitive
Impact of increasing speed of new technology in the workplaceWorkers believe the biggest positive impact of the increasing speed of technology is that it is making work more efficient (38) On the flipside however they say the biggest negative impact is that it is increasing their workload (21)
Adopting new technology to stay competitiveClose to 60 of workers say their company is adopting new technology quickly enough to stay well ahead of or competitive with others Millennials (13) are almost three times as likely as Baby Boomers (5) to say their organisation is ahead of others in adopting new technology
Company policies for using technology at work Companies seem to have their policies around technology use at work about right with 57 of workers saying their companyrsquos rules around using social media the internet and personal mobile phones at work are appropriate
Impact of technology at work on broader lifeTwo thirds (67) of employees believe technology at work has impacted their broader life Baby Boomers (56) say they are less impacted than their Millennial peers (75) Millennials are more likely than older generations to say they are able to work less hours and more flexibly but also that they have learned to be more careful using social media
ADOPTING NEW TECHNOLOGYFIVE
We are well aheadof others
We are competivite with others
We may be alittle behind others
We are well behind others
9 50 30 11
Workers in the construction and engineering (25) and retail and wholesale distribution (24) industries are most concerned about the increasing speed of new technology resulting in redundancies Government workers (10) are the least concerned
Top 3 positive impacts
Top 3 negative impacts
Resulting in redundancies
Pressure to keep up with new tools and processes
Adding to my workload
Making work more efficient
38
Making work more rewarding
15
Allowing me to always be connected
12
21
18
17
Appropriate
NA there are no rules
Personally constraining but understandable at work
Can make performing my role difficult
Excessive
16
57
12
11
4
I can work more flexibly (hours practices)
29
Work technology means Irsquom always connected
27
It hasnrsquot impacted my broader life
25
The pace of life has increased significantly
23
Irsquom more careful using social media
21
Millennials
It hasnrsquot impacted my broader life
34
Work technology means Irsquom always connected
28
The pace of life has increased significantly
25
I can work more flexibly (hours practices)
20
Irsquom more careful using social media
20
It hasnrsquot impacted my broader life
44
Work technology means Irsquom always connected
30
The pace of life has increased significantly
22
Irsquom working more hours
17
I can work more flexibly (hours practices)
15
Generation X
Irsquom working more hours
18
Irsquom working less hours
16
Irsquom working less hours
7
Irsquom working less hours
5
Irsquom working more hours
15
Irsquom more careful using social media
11
Baby Boomers
Encouraging employee resilience
ResilienceSIX
Stressed employees can take more unplanned leave and be less engaged at work Their physical and emotional wellbeing is also likely to be lower than employees who are relaxed and focused
Encouraging and helping to build employee resilience is one way to reduce stress in the workplace and contribute to more mentally healthy and productive employees
More than half (54) of Australian workers say they feel stressed at work every week
2524
26 2018 Australian Employee Insights Report 2018 Australian Employee Insights Report 27
Resilience is the ability to adjust to adversity and hold on to some sense of control over your environment It is concerning that more than two thirds (68) of Australian workers donrsquot regularly feel a sense of control over their environment at work
Feeling a sense of control at work Feeling a sense of control at work can be the first step to reducing workplace stress and building resilience Overall just one third (32) of workers say they regularly feel a sense of control at work Interestingly Baby Boomers (13) are almost three times as likely as their Millennial peers (5) to always feel a sense of control at work
Feeling stressed at workNot feeling a sense of control and workplace stress seem to go hand in hand and can result in employees who find it challenging to adapt to change and deal with difficult situations So it is concerning that almost one in five (17) employees feel stressed at work daily
Cause of most stress at workThe cause of the most stress at work according to Australian workers is workload pressure including excessive workload and unrealistic expectations (34) followed by personal issues with managers or workmates (16) and lack of workndashlife balance including dealing with issues outside of work (15) Just 8 of employees say they donrsquot get stressed at work
Ways companies can ease stress at workThe good news is workers say there are positive steps their employer can take to ease workplace stress Almost half (47) of employees say a positive workplace including confident managers and good teamwork would help to prevent workplace stress and support employees who are stressed
Encouraging employee resilienceSIX Millennials (25) are more than three times more
likely than Baby Boomers (7) to be stressed at work due to financial stress outside of work
Perhaps unsurprisingly part-time casual and contract employees feel more stressed about job security (23) than their permanently employed colleagues (15) and Baby Boomers feel more stressed about keeping up with technology (13) than their Millennial peers (8)
Millennials are more likely to want their company to offer financial wellbeing benefits (28) and mental health services such as counselling (25) than their Baby Boomer peers (12 and 16 respectively)
Millennials are significantly more likely to feel stressed at work than their older peers Those working in government are the most likely (60) to feel stressed at least weekly and those in the mining and agriculture sectors the least likely (42)
0
20
40
60
Millennials
Generation X
Baby Boomers
47
37
2929
34
1615
8
8
8
11
Workload pressure
Issues with colleagues
Lack of work-life balance
Lack of job security
I donrsquot get stressed at work
Too much change at work
Other
At least weekly
60
Every few weeks to months
28
Rarelynever
12
At least weekly
53
Every few weeks to months
29
Rarelynever
18
At least weekly
46
Rarelynever
35
Every few weeks to months
19
Millennials Generation X Baby Boomers
A p
osit
ive
workplace
Clea
r goa
ls a
nd re
ason
able
workload
Flex
ible
working arr
ange
men
ts
Trai
ning
to
deal
wit
h ne
w t
echn
olog
y
Fina
ncia
l wel
lbei
ng b
enef
its
Stre
ss a
nd c
ompa
ssio
nate
leav
e
47
41 34
24 23 23
Phys
ical
wel
lbei
ng b
enef
its
Men
tal h
ealt
h se
rvic
es
22
18
Wellbeing39 of Australian workers say they feel financial stress at least weekly
Offering employees wellbeing services that focus on improving physical mental and financial health and a sense of community belonging can be central to a companyrsquos EVP and employee experience and help employees cope with stress
In particular with money-related issues causing Australian workers significant stress employee demand for their company to provide financial wellbeing benefits is increasing
Supporting financial wellbeingSEVEN
2928
30 2018 Australian Employee Insights Report 2018 Australian Employee Insights Report 31
More than a quarter (28) of Australian workers define ldquofinancial wellbeingrdquo as not being stressed about their finances And it seems employers can do more to support their employeesrsquo financial wellbeing with workers saying they would most value additional super contributions (40) and financial advice and education (31) from their employer
Causes of stressAustralian workers rank lack of financial security managing household finances and lack of savings for retirement as the factors causing them the most stress
Main reason for feeling financial stressJuggling the general cost of living is the main reason Australian workers feel financial stress across all household incomes genders and employment types Unsurprisingly not having enough super or savings for retirement (29) overtakes the general cost of living (17) as the main reason Baby Boomers feel financial stress
The meaning of financial wellbeing While employees are most likely (28) to equate not feeling stressed about their finances with financial wellbeing they also associate having enough savings to cover unexpected expenses (21) and being able to retire comfortably at a time they choose (19) with being financially ldquowellrdquo
Biggest concern about retiringGiven 19 of Australian workers say they equate financial wellbeing with being able to retire comfortably when they want it is concerning that 42 of workers say their biggest concern about retiring is not having enough money
Employer services to support financial wellbeingEmployees say they would most value additional super contributions (40) and financial advice and education (31) from their employer to support their financial wellbeing
Supporting financial wellbeingSEVEN
Additional supercontributions
Financial adviceand education
Discounts oneveryday items
Budgetingguidance
40 31 21 8
Lack o
f fi
nanc
ial s
ecur
ity
Managing household finances and bills
Lack o
f sa
ving
s fo
r ret
irem
ent
Phys
ical
hea
lth
conc
erns
Fam
ily o
r rel
atio
nshi
p co
ncer
ns
Conc
ern
abou
t jo
b se
curit
y
40
35
29 28 27 26
Millennials (46) and Gen X (40) are twice as likely as Baby Boomers (21) to feel financial stress at least weekly
Only one third (36) of workers believe their company cares about their financial wellbeing
28
2119
16
12
4 7
42
14
12
10
8
7
Not being stressed about my finances
Having enough savings to cover unexpected expenses
Being able to retire comfortably when I want
Being debt free or on top of my debts
Being able to meet day-to-day living expenses
Donrsquot knowother
Not having enough money
Irsquom not concerned
Losing my health
Being bored
Losing my mental sharpness
Losing my purpose
Losing my social connectionshaving to spend more time with my spouse
Juggling the general cost of living
23
Not being able to afford what I want to do now
18
Not enough savings for the unexpected
15
Not having enough super or savings when I retire
7
Fear of losing my job
12
Millennials
Juggling the general cost of living
34
Fear of losing my job
14
Not enough savings for the unexpected
13
Not having enough super or savings when I retire
10
Not being able to afford what I want to do now
12
Juggling the general cost of living
17
Not enough savings for the unexpected
14
Not having enough super or savings when I retire
29
Fear of losing my job
13
Not being able to afford what I want to do now
10
Generation X
Difficulty managing debt
9
Having to provide for my children
8
Not leaving enough for my kids in my will
5
Other
3
Other
3
Not leaving enough for my kids in my will
2
Other
4
Having to provide for my children
2
Having to provide for my children
3
Not leaving enough for my kids in my will
4
Difficulty managing debt
9
Difficulty managing debt
7
Baby Boomers
The insights in this report show that Australian workersrsquo expectations of their employer are increasing Are you doing enough to build an employee experience that your employees value enough to stay with your company and go the extra mile when you need them to And are you offering the support and benefits that will help your employees manage stress adopt new technology and deliver results for your organisation Here are some tips to get you started
New technologyOur insights show that Australian employees believe workplaces that adopt and adapt to new technology can make their work more efficient To realise these efficiencies employees may need training and other support
Are you doing enough to help your employees prepare for the speed of new technology and the impact of emerging technologies At the same time has your company recognised the importance of non-technical skills such as adapting to change open communication and problem solving
Employee resilienceTherersquos a good chance a number of your employees are currently feeling stressed due to the pace and demands of work or issues they are dealing with outside of work
In light of our insights consider whether you are setting clear goals for your teams and individual employees monitoring workloads and ensuring they are manageable encouraging and supporting employeesrsquo physical wellbeing offering financial wellbeing services and providing flexible working arrangements
Financial wellbeingA significant proportion of Australian employeesrsquo stress is caused by money worries Offering support and resources to help employees manage their finances can ease this stress and free up their energy and focus to be more productive at work This could be the most challenging wellbeing deliverable of them all however requiring solutions that cover household budgeting debt management financial hardship and retirement planning
Consider offering tangible financial assistance to employees through additional superannuation contributions financial advice and education services and access to everyday rewards programs
Donrsquot forget that Sunsuper offers our members a range of benefits including financial education and superannuation advice often at no additional cost
The employee experienceJust as businesses need to walk in the shoes of their customer creating a compelling employee experience involves seeing the world through employeesrsquo eyes and focusing on what they most value
Our insights indicate Australian workers are most focused on a positive culture financial and other rewards and flexible working arrangements
Start by involving your employees in focus groups to validate their priorities and then workshop how each could be addressed and improved in your organisation
Company cultureYour culture is shaped by the words and actions of your organisationrsquos leaders and how they make decisions Your culture is also influenced by how your employees are rewarded and how everyone in your organisation interacts with your customers and with each other
Given our insights show a large proportion of Australian employees canrsquot easily describe their companyrsquos culture start by asking yourself if you are doing enough at all levels of your organisation to clearly communicate and engage your employees with your culture
Diversity and flexibilityThe majority of Australian employees believe embracing workplace diversity is good for business In particular a flexible workplace is one way to help ensure you treat employees of diverse ages genders and backgrounds equally and as individuals
Workers say they most value varied work hours additional leave options and the ability to work from home when it comes to improving workplace flexibility
Are you already or is it possible for your organisation to adopt strategies to deliver these benefits
ONE TWO THREE FOUR FIVE SIX
USING THE INSIGHTS IN YOUR BUSINESSTIPS
32 2018 Australian Employee Insights Report 2018 Australian Employee Insights Report 33
34 2018 Australian Employee Insights Report 2018 Australian Employee Insights Report 35
AUSTRALIArsquoS VIEW OF SUPER AND RETIREMENTSNAPSHOT
Understanding of superOverall 56 of workers say they fully understand and are on top of their super Baby Boomers (70) are more likely to feel on top of their super than their Millennial peers (53)
Financial confidence for retirementClose to two thirds (62) of employees arenrsquot confident or donrsquot know if they will have enough super when they retire
Employer services to help workers understand superAustralian workers say they would value a range of services offered by their employer to help them feel more on top of their super and retirement
56
47
24
15
14
44
Obstacles to seeking financial adviceThe right financial advice can help in managing financial stress yet workers say they see a number of obstacles to seeking financial advice
41 I think itrsquos expensive 33
I donrsquot know who to trust
29Itrsquos difficult to know where to go
Mill
enni
als
Gen
erat
ion X
Bab
y Bo
omersTrust in employerrsquos choice of super fundThe majority (70) of Australian employees trust or support their employerrsquos choice of super fund Older workers trust their employerrsquos choice of super fund more than their younger peers
61 72 87
Our annual snapshot of Australiarsquos view of super and retirement highlights that close to half (44) of Australian workers donrsquot fully understand or feel on top of their super
28 of employees donrsquot know or havenrsquot thought about whether they will need to rely on the government age pension in retirement
37 of Australian workers say they will need the same or a higher annual income than what they are earning now to fund their lifestyle when they retire
Planned retirement ageMore than a quarter (27) of Australian workers plan to retire before age 60 Those with no children are more likely (31) to plan to retire before age 60 than those who donrsquot have kids (23)
Acc
ess
to f
ree
fina
ncia
l adv
ice
Make
supe
r sim
ple
Hel
p to
pla
n fo
r ret
irem
ent
Acc
ess
to v
iew
my
bala
nce
Acc
ess
to talk
to s
omeo
ne
Acc
ess
to f
ree
supe
r edu
cati
on
39
32 29 2622 21
Those with higher annual incomes are also more likely to understand their super
Again those with higher annual incomes are more financially confident about retiring
No
Yes
Donrsquot know
Irsquoll use other savings
Yes
No
0
20
40
60
49
67
0
20
40
60
55
30
0
20
40
35
lt50 yrs 51-55 yrs 56-60 yrs 61-67 yrs 68+ yrs I donrsquot plan on retiring
I donrsquot think Irsquoll be able to retire
36 2018 Australian Employee Insights Report 2018 Australian Employee Insights Report 37
Sunsuper offers benefits and member services that can help you support your employeesrsquo wellbeing and build an employee experience that will engage and retain your people These include
bull A track record of delivering strong investment returns to members
bull Low fees
bull A range of financial advice options on the phone and face-to-face often at no additional cost1
bull Financial education complimentary seminars and events including in your workplace
bull The ability to manage super on the go through the Sunsuper app
bull Online information education and inspiration start exploring the Dream Project sunsupercomauthedreamproject
bull Everyday discounts from retailers across Australia our Dream Rewards program sunsupercomaudream-rewards can help your employees save money today
bull Opportunities to support and give back to the community through our Dreams for a Better World grants program dreamsforabetterworldcomau
Sunsuper is also committed to help make managing your super obligations as easy as possible and we provide a range of other services for employersrsquo businesses including dedicated support teams research and insights customised reporting and professional development opportunities for leaders and staff
GROWING YOUR BUSINESS BY GROWING YOUR PEOPLE
SUNSUPERIs it time to talk to Sunsuper
Naturally wersquod like you to think so Curiosity can be good for business and at the very least wersquore confident a conversation with Sunsuper will leave you better informed about the right questions to ask for your company to optimise your employee superannuation arrangements It could also lead to understanding what ldquocompetitiverdquo looks like in todayrsquos ever-changing superannuation marketplace and how we could help you to support your employee experience and wellbeing initiatives
Want some help on the right questions to ask to optimise your employeesrsquo super Download our factsheet at sunsupercomaugrowyourbusiness
Join us on the wave of success
With five major award wins in one year Sunsuper has been recognised as the best of the best when it comes to super
At Sunsuper we donrsquot just want our members to have adequate savings for their retirement We also want to help them get to retirement in excellent financial physical and mental health After all what good is reaching retirement if you canrsquot enjoy it
Super Fund of the Year 2017
38 2018 Australian Employee Insights Report 2018 Australian Employee Insights Report 39
Our purpose is to inspire and empower Australians to fulfil their retirement dreams
Copyright 2018 Sunsuper Pty Ltd 2208 (0818)
1 Our qualified financial advisers provide simple advice about your Sunsuper account at no additional cost More comprehensive advice may incur a fee Sunsuper employees provide advice as representatives of Sunsuper Financial Services Pty Ltd (ABN 50 087 154 818 AFSL No 227867) (SFS) wholly owned by the Sunsuper Superannuation Fund
For ratings and awards information refer to sunsupercomauratingsagencies
This publication has been prepared and issued by Sunsuper Pty Ltd (ABN 88 010 720 840) (AFSL 228975) (lsquoSunsuperrsquo) the trustee and issuer of the Sunsuper Superannuation Fund (ABN 98 503 137 921) While it has been prepared with all reasonable care no responsibility or liability is accepted for any errors or omissions or misstatement however caused All forecasts and estimates are based on certain assumptions which may change If those assumptions change our forecasts and estimates may also change
This document has been prepared for general information purposes only and not as specific advice to any particular person Any advice contained in this document does not take into account any particular personrsquos objectives financial situation or needs Accordingly you should consider how appropriate the advice is to your own particular objectives financial circumstances or needs before acting on any advice You should consider the relevant Product Disclosure Statement before acquiring any financial product
40 2018 Australian Employee Insights Report
13 11 84 (+61 7 3121 0700 when overseas)
GPO Box 2924 Brisbane QLD 4001
sunsupercomau
twittercomsunsuper
facebookcomsunsuper
linkedincomcompanysunsuper
Sunsuper Pty Ltd Sunsuper Superannuation FundABN 88 010 720 840 ABN 98 503 137 921 AFSL No 228975 SPIN SSR 0100 AU
Find out how we can help you and your business in our Growing your business by
growing your people publication To start the conversation
please call us on 13 11 84
sunsupercomauemployeeinsightsreport
10 2018 Australian Employee Insights Report 2018 Australian Employee Insights Report 11
According to Australian workers embedding culture isnrsquot the sole responsibility of employers with 63 saying consulting with and involving employees more would improve their companyrsquos culture
How company culture could be improvedAustralian workers want their company culture to support their wellbeing with 70 of employees saying their workplace culture could be improved through better workndashlife balance or their employer offering more employee benefits
Ability to describe company cultureOverall close to two thirds (61) of Australian workers can describe their companyrsquos culture Millennials employees in smaller organisations and interestingly casual and contract employees can most easily describe their companyrsquos culture
Employees in the finance and IT industries are most likely (70) to be able to describe their companyrsquos culture Those in the healthcare social services and arts and media industries are the least likely (55)
Millennials and Gen X are more focused on workndashlife balance and employee benefits to improve company culture than their older peers While Baby Boomers are twice as likely than younger employees to say their company culture is great how it is
How company culture is primarily communicated Australian workers say the primary way culture is communicated in their company is through open conversation (18) however 16 say communications in their company donrsquot make it clear what the company culture is and 12 say they donrsquot know how the culture is communicated
IMPROVING COMPANY CULTURETWO
0
20
40
60
80
0
20
40
60
80
Millennials Gen X Baby Boomers
lt20 employees
20-499employees
500+employees
64 61 58
0
20
40
60
80
Casual Project Contract
Permanent
6772
595764 61
Could describe the company culture
Improving workndashlife balance
Offering more employee benefits
Involving employees more in decisions
Consulting with employees on improving productivity
Providing more team-building activities
Removing underperforming employees
Focusing more on achieving business results
Donrsquot knowother
Doing nothing ndash the culture is great how it is
35
35
3231
25
23
15
10 9
Improving workndashlife balance
38
Offering more employee benefits
38
Involving employees more in decisions
37
Consulting on improving productivity
30
Do nothing ndash the culture is great how it is
7
Millennials
Improving workndashlife balance
34
Offering more employee benefits
34
Consulting on improving productivity
31
Involving employees more in decisions
28
Do nothing ndash the culture is great how it is
8
Consulting on improving productivity
34
Involving employees more in decisions
31
Improving workndashlife balance
31
Offering more employee benefits
29
Do nothing ndash the culture is great how it is
15
Generation X Baby Boomers
1 18 The culture is spoken about openly within my company
2 16 Communications in my company donrsquot make it clear what the company culture is
3 15 The culture is discussed in performance reviews and team meetings
4 12 Donrsquot know how the culture is communicated
5 11 The culture is communicated in corporate communications
6 10 Managers live the culture every day and employees follow by example
7 9 Culture is linked to goals and KPIs
8 9 Employees are called out if they arenrsquot living the culture
Valuing workplace diversity
DIVERSITYTHREE
82 of Australian workers say diversity in leadership in their company is important
A gender-balanced workforce with employees of all ages cultural backgrounds and physical abilities introduces a broad range of perspectives and can help increase a companyrsquos innovation productivity and results
Employees are also more likely to feel comfortable and better able to manage workplace stress in an inclusive workplace environment that is flexible and understanding of different employeesrsquo needs and approaches
1312
14 2018 Australian Employee Insights Report 2018 Australian Employee Insights Report 15
More than half (55) of Australian employees say their company clearly values diversity among employees and only 8 believe their company doesnrsquot value diversity
Areas of diversity that can most benefit companies The majority (88) of Australian workers say embracing diversity in the workplace can benefit business They see diversity in age as the area that can most benefit companies (47) closely followed by diversity in cultural background (45) and gender (43)
Valuing diversity in the workplaceMillennials (59) and those who work for large employers (61) are most likely to say their company clearly values diversity Across industries government workers are most likely (65) to be clear their employer values diversity workers in the mining and farming industries are least likely (45)
Outcomes of embracing diversityAustralian employees say a better understanding of different viewpoints and approaches (48) and introducing more creative and innovative thinking (41) are the two biggest outcomes to companies of embracing diversity
Of all the potential outcomes of embracing diversity workers rate two negatives as the least likely to eventuate
Most valued employer benefits to increase workplace flexibilityCreating a flexible workplace is one way companies can ensure they treat employees of diverse ages genders and backgrounds equally and as individuals 72 of Australian employees consider their workplace to be flexible with Millennial workers valuing additional leave and job sharing more than their older peers
VALUING WORKPLACE DIVERSITYTHREE
My company clearlyvalues diversity
among employees
My company maybe values diversityitrsquos not clear
My company doesnrsquot value diversity
55 37 8
39 of Baby Boomers say embracing diversity makes an employer more attractive to work for compared with just 28 of Millennials
Varied startfinish times
47
Additional leave
33
Ability to work from home
29
9-day fortnights
20
Job sharing
20
Millennials
Varied startfinish times
54
Additional leave
29
Ability to work from home
29
9-day fortnights
27
Job sharing
16
Varied startfinish times
38
9-day fortnights
25
None
24
Ability to work from home
22
Additional leave
16
Generation X Baby Boomers
None
10
None
12
Job sharing
15
1 48 Better understanding of different viewpoints and approaches
2 41 Introducing more creative and innovative thinking
3 32 More balanced and better decisions
4 32 Becoming a more attractive employer to work for
5 25 Being ldquoseenrdquo to be doing the right thing
6 17 Achieving better bottom-line results
7 16 Achieving competitive advantages
8 13 Introducing reverse discrimination
9 11 Making it more difficult to communicate
1 47 Diversity in age
2 45 Diversity in cultural background
3 43 Diversity in gender
4 41 Diversity in education and experience
5 41 Diversity in personality type
6 40 Diversity in opinions
7 25 Diversity in other traitscharacteristics
8 12 None businesses donrsquot benefit significatly from diversity
As emerging technologies such as artificial intelligence (AI) robotics and cognitive computers continue to advance and proliferate there is increasing debate as to the changes these technologies will have in the workplace
AI and robotics have the potential to reinvent workersrsquo roles and companies will need to consider how theyrsquoll design job roles organise work and train and re-train their employees in the future
Preparing for emerging technologies
futurefour
44 of Australian workers say they are concerned about emerging technologies coming into their workplace
1716
18 2018 Australian Employee Insights Report 2018 Australian Employee Insights Report 19
Employers should be aware that employeesrsquo feelings towards emerging technologies coming into the workplace are divided Half (51) of Australian employees arenrsquot concerned about emerging technologies coming into their work and 5 are quite looking forward to it but the remainder are not so sure
Concern about emerging technologies coming into the workplace Millennials are more concerned than older generations about emerging technologies coming into their workplace with more than half (55) of Millennials concerned compared with just 30 of Baby Boomers
Biggest workplace changes from emerging technologiesAustralian workers are also divided when it comes to predicting the biggest changes emerging technologies could have in their industry with 25 saying the biggest change will be time andor cost savings but another 24 saying there will be no change
When emerging technologies might start replacing jobsOverall only one third (36) of Australian workers say emerging technologies will start replacing jobs within the next few years Millennials (48) are most likely to say emerging technologies will start replacing jobs within the next few years
0
20
40
60
80
40
Veryconcerned
A littleconcerned
Notconcerned
Lookingforward to it
Millennials
Generation X
Baby Boomers
68
55
preparing for emerging technologiesFOUR
Workers in the finance and IT industries (57) are most likely to see robots and AI impacting jobs in their industry within a few years Workers in the healthcare social services and arts and media (29) and education (27) industries are most likely to say emerging technologies wonrsquot ever replace jobs in their industry
25 of workers in the finance and IT industries say emerging technologies will mean there wonrsquot be many jobs for humans in their industries compared with just 10 in the education mining and farming industries
62 of Millennials are concerned about finding a new job if emerging technologies replace their current job compared with just 46 of Baby Boomers
Within a few years
48
Not during my career
36
Never it wont happen
16
Not during my career
48
Within a few years
33
Never it wont happen
19
Not during my career
55
Never it wont happen
30
Within a few years
15
Millennials Generation X Baby Boomers
1 25 Save time or cost by automating boring processes and tasks
2 24 No change AIrobotics wonrsquot replace humans in my industry
3 20 I havenrsquot thought about itdonrsquot know
4 19 Will mean Irsquoll need retraining
5 17 Create opportunities to do more interesting work
6 17 There wont be many jobs for humans in my industry
7 15 Increase the pace and pressure of work
0
20
40
60
Emerging technologies will start replacing jobs within a few years
FinanceIT Construction Engineering
Healthcare ArtsMedia
Hospitality Personal Services
Retail Wholesale
distribution
Mining Farming
Government Education
57
4035 33 32 31 29 26 25
Aside from emerging technologies such as AI and robotics technology in general seems to be evolving at ever-increasing rates and it is impacting the ways we live and work
Companies need to balance the need to adapt to new technology quickly enough to remain competitive with ensuring employees build the skills to adopt new technologies All without allowing the expectation to be always connected to adversely impact their general wellbeing and life outside of work
ADOPTING NEW technology
TECHNOLOGYFIVE
12 of workers see the ability to always be connected as the biggest positive impact to workplaces of the increasing speed of new technology A slightly higher 16 see this same always-on connectivity as the biggest negative impact
20 21
22 2018 Australian Employee Insights Report 2018 Australian Employee Insights Report 23
As companies strive to keep abreast of the increasing speed of new technology in their industries itrsquos good to know Australian workers are generally positive about the potential impacts in their workplace with 38 saying it is making work more efficient and 50 saying their company adopts new technology quickly enough to stay competitive
Impact of increasing speed of new technology in the workplaceWorkers believe the biggest positive impact of the increasing speed of technology is that it is making work more efficient (38) On the flipside however they say the biggest negative impact is that it is increasing their workload (21)
Adopting new technology to stay competitiveClose to 60 of workers say their company is adopting new technology quickly enough to stay well ahead of or competitive with others Millennials (13) are almost three times as likely as Baby Boomers (5) to say their organisation is ahead of others in adopting new technology
Company policies for using technology at work Companies seem to have their policies around technology use at work about right with 57 of workers saying their companyrsquos rules around using social media the internet and personal mobile phones at work are appropriate
Impact of technology at work on broader lifeTwo thirds (67) of employees believe technology at work has impacted their broader life Baby Boomers (56) say they are less impacted than their Millennial peers (75) Millennials are more likely than older generations to say they are able to work less hours and more flexibly but also that they have learned to be more careful using social media
ADOPTING NEW TECHNOLOGYFIVE
We are well aheadof others
We are competivite with others
We may be alittle behind others
We are well behind others
9 50 30 11
Workers in the construction and engineering (25) and retail and wholesale distribution (24) industries are most concerned about the increasing speed of new technology resulting in redundancies Government workers (10) are the least concerned
Top 3 positive impacts
Top 3 negative impacts
Resulting in redundancies
Pressure to keep up with new tools and processes
Adding to my workload
Making work more efficient
38
Making work more rewarding
15
Allowing me to always be connected
12
21
18
17
Appropriate
NA there are no rules
Personally constraining but understandable at work
Can make performing my role difficult
Excessive
16
57
12
11
4
I can work more flexibly (hours practices)
29
Work technology means Irsquom always connected
27
It hasnrsquot impacted my broader life
25
The pace of life has increased significantly
23
Irsquom more careful using social media
21
Millennials
It hasnrsquot impacted my broader life
34
Work technology means Irsquom always connected
28
The pace of life has increased significantly
25
I can work more flexibly (hours practices)
20
Irsquom more careful using social media
20
It hasnrsquot impacted my broader life
44
Work technology means Irsquom always connected
30
The pace of life has increased significantly
22
Irsquom working more hours
17
I can work more flexibly (hours practices)
15
Generation X
Irsquom working more hours
18
Irsquom working less hours
16
Irsquom working less hours
7
Irsquom working less hours
5
Irsquom working more hours
15
Irsquom more careful using social media
11
Baby Boomers
Encouraging employee resilience
ResilienceSIX
Stressed employees can take more unplanned leave and be less engaged at work Their physical and emotional wellbeing is also likely to be lower than employees who are relaxed and focused
Encouraging and helping to build employee resilience is one way to reduce stress in the workplace and contribute to more mentally healthy and productive employees
More than half (54) of Australian workers say they feel stressed at work every week
2524
26 2018 Australian Employee Insights Report 2018 Australian Employee Insights Report 27
Resilience is the ability to adjust to adversity and hold on to some sense of control over your environment It is concerning that more than two thirds (68) of Australian workers donrsquot regularly feel a sense of control over their environment at work
Feeling a sense of control at work Feeling a sense of control at work can be the first step to reducing workplace stress and building resilience Overall just one third (32) of workers say they regularly feel a sense of control at work Interestingly Baby Boomers (13) are almost three times as likely as their Millennial peers (5) to always feel a sense of control at work
Feeling stressed at workNot feeling a sense of control and workplace stress seem to go hand in hand and can result in employees who find it challenging to adapt to change and deal with difficult situations So it is concerning that almost one in five (17) employees feel stressed at work daily
Cause of most stress at workThe cause of the most stress at work according to Australian workers is workload pressure including excessive workload and unrealistic expectations (34) followed by personal issues with managers or workmates (16) and lack of workndashlife balance including dealing with issues outside of work (15) Just 8 of employees say they donrsquot get stressed at work
Ways companies can ease stress at workThe good news is workers say there are positive steps their employer can take to ease workplace stress Almost half (47) of employees say a positive workplace including confident managers and good teamwork would help to prevent workplace stress and support employees who are stressed
Encouraging employee resilienceSIX Millennials (25) are more than three times more
likely than Baby Boomers (7) to be stressed at work due to financial stress outside of work
Perhaps unsurprisingly part-time casual and contract employees feel more stressed about job security (23) than their permanently employed colleagues (15) and Baby Boomers feel more stressed about keeping up with technology (13) than their Millennial peers (8)
Millennials are more likely to want their company to offer financial wellbeing benefits (28) and mental health services such as counselling (25) than their Baby Boomer peers (12 and 16 respectively)
Millennials are significantly more likely to feel stressed at work than their older peers Those working in government are the most likely (60) to feel stressed at least weekly and those in the mining and agriculture sectors the least likely (42)
0
20
40
60
Millennials
Generation X
Baby Boomers
47
37
2929
34
1615
8
8
8
11
Workload pressure
Issues with colleagues
Lack of work-life balance
Lack of job security
I donrsquot get stressed at work
Too much change at work
Other
At least weekly
60
Every few weeks to months
28
Rarelynever
12
At least weekly
53
Every few weeks to months
29
Rarelynever
18
At least weekly
46
Rarelynever
35
Every few weeks to months
19
Millennials Generation X Baby Boomers
A p
osit
ive
workplace
Clea
r goa
ls a
nd re
ason
able
workload
Flex
ible
working arr
ange
men
ts
Trai
ning
to
deal
wit
h ne
w t
echn
olog
y
Fina
ncia
l wel
lbei
ng b
enef
its
Stre
ss a
nd c
ompa
ssio
nate
leav
e
47
41 34
24 23 23
Phys
ical
wel
lbei
ng b
enef
its
Men
tal h
ealt
h se
rvic
es
22
18
Wellbeing39 of Australian workers say they feel financial stress at least weekly
Offering employees wellbeing services that focus on improving physical mental and financial health and a sense of community belonging can be central to a companyrsquos EVP and employee experience and help employees cope with stress
In particular with money-related issues causing Australian workers significant stress employee demand for their company to provide financial wellbeing benefits is increasing
Supporting financial wellbeingSEVEN
2928
30 2018 Australian Employee Insights Report 2018 Australian Employee Insights Report 31
More than a quarter (28) of Australian workers define ldquofinancial wellbeingrdquo as not being stressed about their finances And it seems employers can do more to support their employeesrsquo financial wellbeing with workers saying they would most value additional super contributions (40) and financial advice and education (31) from their employer
Causes of stressAustralian workers rank lack of financial security managing household finances and lack of savings for retirement as the factors causing them the most stress
Main reason for feeling financial stressJuggling the general cost of living is the main reason Australian workers feel financial stress across all household incomes genders and employment types Unsurprisingly not having enough super or savings for retirement (29) overtakes the general cost of living (17) as the main reason Baby Boomers feel financial stress
The meaning of financial wellbeing While employees are most likely (28) to equate not feeling stressed about their finances with financial wellbeing they also associate having enough savings to cover unexpected expenses (21) and being able to retire comfortably at a time they choose (19) with being financially ldquowellrdquo
Biggest concern about retiringGiven 19 of Australian workers say they equate financial wellbeing with being able to retire comfortably when they want it is concerning that 42 of workers say their biggest concern about retiring is not having enough money
Employer services to support financial wellbeingEmployees say they would most value additional super contributions (40) and financial advice and education (31) from their employer to support their financial wellbeing
Supporting financial wellbeingSEVEN
Additional supercontributions
Financial adviceand education
Discounts oneveryday items
Budgetingguidance
40 31 21 8
Lack o
f fi
nanc
ial s
ecur
ity
Managing household finances and bills
Lack o
f sa
ving
s fo
r ret
irem
ent
Phys
ical
hea
lth
conc
erns
Fam
ily o
r rel
atio
nshi
p co
ncer
ns
Conc
ern
abou
t jo
b se
curit
y
40
35
29 28 27 26
Millennials (46) and Gen X (40) are twice as likely as Baby Boomers (21) to feel financial stress at least weekly
Only one third (36) of workers believe their company cares about their financial wellbeing
28
2119
16
12
4 7
42
14
12
10
8
7
Not being stressed about my finances
Having enough savings to cover unexpected expenses
Being able to retire comfortably when I want
Being debt free or on top of my debts
Being able to meet day-to-day living expenses
Donrsquot knowother
Not having enough money
Irsquom not concerned
Losing my health
Being bored
Losing my mental sharpness
Losing my purpose
Losing my social connectionshaving to spend more time with my spouse
Juggling the general cost of living
23
Not being able to afford what I want to do now
18
Not enough savings for the unexpected
15
Not having enough super or savings when I retire
7
Fear of losing my job
12
Millennials
Juggling the general cost of living
34
Fear of losing my job
14
Not enough savings for the unexpected
13
Not having enough super or savings when I retire
10
Not being able to afford what I want to do now
12
Juggling the general cost of living
17
Not enough savings for the unexpected
14
Not having enough super or savings when I retire
29
Fear of losing my job
13
Not being able to afford what I want to do now
10
Generation X
Difficulty managing debt
9
Having to provide for my children
8
Not leaving enough for my kids in my will
5
Other
3
Other
3
Not leaving enough for my kids in my will
2
Other
4
Having to provide for my children
2
Having to provide for my children
3
Not leaving enough for my kids in my will
4
Difficulty managing debt
9
Difficulty managing debt
7
Baby Boomers
The insights in this report show that Australian workersrsquo expectations of their employer are increasing Are you doing enough to build an employee experience that your employees value enough to stay with your company and go the extra mile when you need them to And are you offering the support and benefits that will help your employees manage stress adopt new technology and deliver results for your organisation Here are some tips to get you started
New technologyOur insights show that Australian employees believe workplaces that adopt and adapt to new technology can make their work more efficient To realise these efficiencies employees may need training and other support
Are you doing enough to help your employees prepare for the speed of new technology and the impact of emerging technologies At the same time has your company recognised the importance of non-technical skills such as adapting to change open communication and problem solving
Employee resilienceTherersquos a good chance a number of your employees are currently feeling stressed due to the pace and demands of work or issues they are dealing with outside of work
In light of our insights consider whether you are setting clear goals for your teams and individual employees monitoring workloads and ensuring they are manageable encouraging and supporting employeesrsquo physical wellbeing offering financial wellbeing services and providing flexible working arrangements
Financial wellbeingA significant proportion of Australian employeesrsquo stress is caused by money worries Offering support and resources to help employees manage their finances can ease this stress and free up their energy and focus to be more productive at work This could be the most challenging wellbeing deliverable of them all however requiring solutions that cover household budgeting debt management financial hardship and retirement planning
Consider offering tangible financial assistance to employees through additional superannuation contributions financial advice and education services and access to everyday rewards programs
Donrsquot forget that Sunsuper offers our members a range of benefits including financial education and superannuation advice often at no additional cost
The employee experienceJust as businesses need to walk in the shoes of their customer creating a compelling employee experience involves seeing the world through employeesrsquo eyes and focusing on what they most value
Our insights indicate Australian workers are most focused on a positive culture financial and other rewards and flexible working arrangements
Start by involving your employees in focus groups to validate their priorities and then workshop how each could be addressed and improved in your organisation
Company cultureYour culture is shaped by the words and actions of your organisationrsquos leaders and how they make decisions Your culture is also influenced by how your employees are rewarded and how everyone in your organisation interacts with your customers and with each other
Given our insights show a large proportion of Australian employees canrsquot easily describe their companyrsquos culture start by asking yourself if you are doing enough at all levels of your organisation to clearly communicate and engage your employees with your culture
Diversity and flexibilityThe majority of Australian employees believe embracing workplace diversity is good for business In particular a flexible workplace is one way to help ensure you treat employees of diverse ages genders and backgrounds equally and as individuals
Workers say they most value varied work hours additional leave options and the ability to work from home when it comes to improving workplace flexibility
Are you already or is it possible for your organisation to adopt strategies to deliver these benefits
ONE TWO THREE FOUR FIVE SIX
USING THE INSIGHTS IN YOUR BUSINESSTIPS
32 2018 Australian Employee Insights Report 2018 Australian Employee Insights Report 33
34 2018 Australian Employee Insights Report 2018 Australian Employee Insights Report 35
AUSTRALIArsquoS VIEW OF SUPER AND RETIREMENTSNAPSHOT
Understanding of superOverall 56 of workers say they fully understand and are on top of their super Baby Boomers (70) are more likely to feel on top of their super than their Millennial peers (53)
Financial confidence for retirementClose to two thirds (62) of employees arenrsquot confident or donrsquot know if they will have enough super when they retire
Employer services to help workers understand superAustralian workers say they would value a range of services offered by their employer to help them feel more on top of their super and retirement
56
47
24
15
14
44
Obstacles to seeking financial adviceThe right financial advice can help in managing financial stress yet workers say they see a number of obstacles to seeking financial advice
41 I think itrsquos expensive 33
I donrsquot know who to trust
29Itrsquos difficult to know where to go
Mill
enni
als
Gen
erat
ion X
Bab
y Bo
omersTrust in employerrsquos choice of super fundThe majority (70) of Australian employees trust or support their employerrsquos choice of super fund Older workers trust their employerrsquos choice of super fund more than their younger peers
61 72 87
Our annual snapshot of Australiarsquos view of super and retirement highlights that close to half (44) of Australian workers donrsquot fully understand or feel on top of their super
28 of employees donrsquot know or havenrsquot thought about whether they will need to rely on the government age pension in retirement
37 of Australian workers say they will need the same or a higher annual income than what they are earning now to fund their lifestyle when they retire
Planned retirement ageMore than a quarter (27) of Australian workers plan to retire before age 60 Those with no children are more likely (31) to plan to retire before age 60 than those who donrsquot have kids (23)
Acc
ess
to f
ree
fina
ncia
l adv
ice
Make
supe
r sim
ple
Hel
p to
pla
n fo
r ret
irem
ent
Acc
ess
to v
iew
my
bala
nce
Acc
ess
to talk
to s
omeo
ne
Acc
ess
to f
ree
supe
r edu
cati
on
39
32 29 2622 21
Those with higher annual incomes are also more likely to understand their super
Again those with higher annual incomes are more financially confident about retiring
No
Yes
Donrsquot know
Irsquoll use other savings
Yes
No
0
20
40
60
49
67
0
20
40
60
55
30
0
20
40
35
lt50 yrs 51-55 yrs 56-60 yrs 61-67 yrs 68+ yrs I donrsquot plan on retiring
I donrsquot think Irsquoll be able to retire
36 2018 Australian Employee Insights Report 2018 Australian Employee Insights Report 37
Sunsuper offers benefits and member services that can help you support your employeesrsquo wellbeing and build an employee experience that will engage and retain your people These include
bull A track record of delivering strong investment returns to members
bull Low fees
bull A range of financial advice options on the phone and face-to-face often at no additional cost1
bull Financial education complimentary seminars and events including in your workplace
bull The ability to manage super on the go through the Sunsuper app
bull Online information education and inspiration start exploring the Dream Project sunsupercomauthedreamproject
bull Everyday discounts from retailers across Australia our Dream Rewards program sunsupercomaudream-rewards can help your employees save money today
bull Opportunities to support and give back to the community through our Dreams for a Better World grants program dreamsforabetterworldcomau
Sunsuper is also committed to help make managing your super obligations as easy as possible and we provide a range of other services for employersrsquo businesses including dedicated support teams research and insights customised reporting and professional development opportunities for leaders and staff
GROWING YOUR BUSINESS BY GROWING YOUR PEOPLE
SUNSUPERIs it time to talk to Sunsuper
Naturally wersquod like you to think so Curiosity can be good for business and at the very least wersquore confident a conversation with Sunsuper will leave you better informed about the right questions to ask for your company to optimise your employee superannuation arrangements It could also lead to understanding what ldquocompetitiverdquo looks like in todayrsquos ever-changing superannuation marketplace and how we could help you to support your employee experience and wellbeing initiatives
Want some help on the right questions to ask to optimise your employeesrsquo super Download our factsheet at sunsupercomaugrowyourbusiness
Join us on the wave of success
With five major award wins in one year Sunsuper has been recognised as the best of the best when it comes to super
At Sunsuper we donrsquot just want our members to have adequate savings for their retirement We also want to help them get to retirement in excellent financial physical and mental health After all what good is reaching retirement if you canrsquot enjoy it
Super Fund of the Year 2017
38 2018 Australian Employee Insights Report 2018 Australian Employee Insights Report 39
Our purpose is to inspire and empower Australians to fulfil their retirement dreams
Copyright 2018 Sunsuper Pty Ltd 2208 (0818)
1 Our qualified financial advisers provide simple advice about your Sunsuper account at no additional cost More comprehensive advice may incur a fee Sunsuper employees provide advice as representatives of Sunsuper Financial Services Pty Ltd (ABN 50 087 154 818 AFSL No 227867) (SFS) wholly owned by the Sunsuper Superannuation Fund
For ratings and awards information refer to sunsupercomauratingsagencies
This publication has been prepared and issued by Sunsuper Pty Ltd (ABN 88 010 720 840) (AFSL 228975) (lsquoSunsuperrsquo) the trustee and issuer of the Sunsuper Superannuation Fund (ABN 98 503 137 921) While it has been prepared with all reasonable care no responsibility or liability is accepted for any errors or omissions or misstatement however caused All forecasts and estimates are based on certain assumptions which may change If those assumptions change our forecasts and estimates may also change
This document has been prepared for general information purposes only and not as specific advice to any particular person Any advice contained in this document does not take into account any particular personrsquos objectives financial situation or needs Accordingly you should consider how appropriate the advice is to your own particular objectives financial circumstances or needs before acting on any advice You should consider the relevant Product Disclosure Statement before acquiring any financial product
40 2018 Australian Employee Insights Report
13 11 84 (+61 7 3121 0700 when overseas)
GPO Box 2924 Brisbane QLD 4001
sunsupercomau
twittercomsunsuper
facebookcomsunsuper
linkedincomcompanysunsuper
Sunsuper Pty Ltd Sunsuper Superannuation FundABN 88 010 720 840 ABN 98 503 137 921 AFSL No 228975 SPIN SSR 0100 AU
Find out how we can help you and your business in our Growing your business by
growing your people publication To start the conversation
please call us on 13 11 84
sunsupercomauemployeeinsightsreport
Valuing workplace diversity
DIVERSITYTHREE
82 of Australian workers say diversity in leadership in their company is important
A gender-balanced workforce with employees of all ages cultural backgrounds and physical abilities introduces a broad range of perspectives and can help increase a companyrsquos innovation productivity and results
Employees are also more likely to feel comfortable and better able to manage workplace stress in an inclusive workplace environment that is flexible and understanding of different employeesrsquo needs and approaches
1312
14 2018 Australian Employee Insights Report 2018 Australian Employee Insights Report 15
More than half (55) of Australian employees say their company clearly values diversity among employees and only 8 believe their company doesnrsquot value diversity
Areas of diversity that can most benefit companies The majority (88) of Australian workers say embracing diversity in the workplace can benefit business They see diversity in age as the area that can most benefit companies (47) closely followed by diversity in cultural background (45) and gender (43)
Valuing diversity in the workplaceMillennials (59) and those who work for large employers (61) are most likely to say their company clearly values diversity Across industries government workers are most likely (65) to be clear their employer values diversity workers in the mining and farming industries are least likely (45)
Outcomes of embracing diversityAustralian employees say a better understanding of different viewpoints and approaches (48) and introducing more creative and innovative thinking (41) are the two biggest outcomes to companies of embracing diversity
Of all the potential outcomes of embracing diversity workers rate two negatives as the least likely to eventuate
Most valued employer benefits to increase workplace flexibilityCreating a flexible workplace is one way companies can ensure they treat employees of diverse ages genders and backgrounds equally and as individuals 72 of Australian employees consider their workplace to be flexible with Millennial workers valuing additional leave and job sharing more than their older peers
VALUING WORKPLACE DIVERSITYTHREE
My company clearlyvalues diversity
among employees
My company maybe values diversityitrsquos not clear
My company doesnrsquot value diversity
55 37 8
39 of Baby Boomers say embracing diversity makes an employer more attractive to work for compared with just 28 of Millennials
Varied startfinish times
47
Additional leave
33
Ability to work from home
29
9-day fortnights
20
Job sharing
20
Millennials
Varied startfinish times
54
Additional leave
29
Ability to work from home
29
9-day fortnights
27
Job sharing
16
Varied startfinish times
38
9-day fortnights
25
None
24
Ability to work from home
22
Additional leave
16
Generation X Baby Boomers
None
10
None
12
Job sharing
15
1 48 Better understanding of different viewpoints and approaches
2 41 Introducing more creative and innovative thinking
3 32 More balanced and better decisions
4 32 Becoming a more attractive employer to work for
5 25 Being ldquoseenrdquo to be doing the right thing
6 17 Achieving better bottom-line results
7 16 Achieving competitive advantages
8 13 Introducing reverse discrimination
9 11 Making it more difficult to communicate
1 47 Diversity in age
2 45 Diversity in cultural background
3 43 Diversity in gender
4 41 Diversity in education and experience
5 41 Diversity in personality type
6 40 Diversity in opinions
7 25 Diversity in other traitscharacteristics
8 12 None businesses donrsquot benefit significatly from diversity
As emerging technologies such as artificial intelligence (AI) robotics and cognitive computers continue to advance and proliferate there is increasing debate as to the changes these technologies will have in the workplace
AI and robotics have the potential to reinvent workersrsquo roles and companies will need to consider how theyrsquoll design job roles organise work and train and re-train their employees in the future
Preparing for emerging technologies
futurefour
44 of Australian workers say they are concerned about emerging technologies coming into their workplace
1716
18 2018 Australian Employee Insights Report 2018 Australian Employee Insights Report 19
Employers should be aware that employeesrsquo feelings towards emerging technologies coming into the workplace are divided Half (51) of Australian employees arenrsquot concerned about emerging technologies coming into their work and 5 are quite looking forward to it but the remainder are not so sure
Concern about emerging technologies coming into the workplace Millennials are more concerned than older generations about emerging technologies coming into their workplace with more than half (55) of Millennials concerned compared with just 30 of Baby Boomers
Biggest workplace changes from emerging technologiesAustralian workers are also divided when it comes to predicting the biggest changes emerging technologies could have in their industry with 25 saying the biggest change will be time andor cost savings but another 24 saying there will be no change
When emerging technologies might start replacing jobsOverall only one third (36) of Australian workers say emerging technologies will start replacing jobs within the next few years Millennials (48) are most likely to say emerging technologies will start replacing jobs within the next few years
0
20
40
60
80
40
Veryconcerned
A littleconcerned
Notconcerned
Lookingforward to it
Millennials
Generation X
Baby Boomers
68
55
preparing for emerging technologiesFOUR
Workers in the finance and IT industries (57) are most likely to see robots and AI impacting jobs in their industry within a few years Workers in the healthcare social services and arts and media (29) and education (27) industries are most likely to say emerging technologies wonrsquot ever replace jobs in their industry
25 of workers in the finance and IT industries say emerging technologies will mean there wonrsquot be many jobs for humans in their industries compared with just 10 in the education mining and farming industries
62 of Millennials are concerned about finding a new job if emerging technologies replace their current job compared with just 46 of Baby Boomers
Within a few years
48
Not during my career
36
Never it wont happen
16
Not during my career
48
Within a few years
33
Never it wont happen
19
Not during my career
55
Never it wont happen
30
Within a few years
15
Millennials Generation X Baby Boomers
1 25 Save time or cost by automating boring processes and tasks
2 24 No change AIrobotics wonrsquot replace humans in my industry
3 20 I havenrsquot thought about itdonrsquot know
4 19 Will mean Irsquoll need retraining
5 17 Create opportunities to do more interesting work
6 17 There wont be many jobs for humans in my industry
7 15 Increase the pace and pressure of work
0
20
40
60
Emerging technologies will start replacing jobs within a few years
FinanceIT Construction Engineering
Healthcare ArtsMedia
Hospitality Personal Services
Retail Wholesale
distribution
Mining Farming
Government Education
57
4035 33 32 31 29 26 25
Aside from emerging technologies such as AI and robotics technology in general seems to be evolving at ever-increasing rates and it is impacting the ways we live and work
Companies need to balance the need to adapt to new technology quickly enough to remain competitive with ensuring employees build the skills to adopt new technologies All without allowing the expectation to be always connected to adversely impact their general wellbeing and life outside of work
ADOPTING NEW technology
TECHNOLOGYFIVE
12 of workers see the ability to always be connected as the biggest positive impact to workplaces of the increasing speed of new technology A slightly higher 16 see this same always-on connectivity as the biggest negative impact
20 21
22 2018 Australian Employee Insights Report 2018 Australian Employee Insights Report 23
As companies strive to keep abreast of the increasing speed of new technology in their industries itrsquos good to know Australian workers are generally positive about the potential impacts in their workplace with 38 saying it is making work more efficient and 50 saying their company adopts new technology quickly enough to stay competitive
Impact of increasing speed of new technology in the workplaceWorkers believe the biggest positive impact of the increasing speed of technology is that it is making work more efficient (38) On the flipside however they say the biggest negative impact is that it is increasing their workload (21)
Adopting new technology to stay competitiveClose to 60 of workers say their company is adopting new technology quickly enough to stay well ahead of or competitive with others Millennials (13) are almost three times as likely as Baby Boomers (5) to say their organisation is ahead of others in adopting new technology
Company policies for using technology at work Companies seem to have their policies around technology use at work about right with 57 of workers saying their companyrsquos rules around using social media the internet and personal mobile phones at work are appropriate
Impact of technology at work on broader lifeTwo thirds (67) of employees believe technology at work has impacted their broader life Baby Boomers (56) say they are less impacted than their Millennial peers (75) Millennials are more likely than older generations to say they are able to work less hours and more flexibly but also that they have learned to be more careful using social media
ADOPTING NEW TECHNOLOGYFIVE
We are well aheadof others
We are competivite with others
We may be alittle behind others
We are well behind others
9 50 30 11
Workers in the construction and engineering (25) and retail and wholesale distribution (24) industries are most concerned about the increasing speed of new technology resulting in redundancies Government workers (10) are the least concerned
Top 3 positive impacts
Top 3 negative impacts
Resulting in redundancies
Pressure to keep up with new tools and processes
Adding to my workload
Making work more efficient
38
Making work more rewarding
15
Allowing me to always be connected
12
21
18
17
Appropriate
NA there are no rules
Personally constraining but understandable at work
Can make performing my role difficult
Excessive
16
57
12
11
4
I can work more flexibly (hours practices)
29
Work technology means Irsquom always connected
27
It hasnrsquot impacted my broader life
25
The pace of life has increased significantly
23
Irsquom more careful using social media
21
Millennials
It hasnrsquot impacted my broader life
34
Work technology means Irsquom always connected
28
The pace of life has increased significantly
25
I can work more flexibly (hours practices)
20
Irsquom more careful using social media
20
It hasnrsquot impacted my broader life
44
Work technology means Irsquom always connected
30
The pace of life has increased significantly
22
Irsquom working more hours
17
I can work more flexibly (hours practices)
15
Generation X
Irsquom working more hours
18
Irsquom working less hours
16
Irsquom working less hours
7
Irsquom working less hours
5
Irsquom working more hours
15
Irsquom more careful using social media
11
Baby Boomers
Encouraging employee resilience
ResilienceSIX
Stressed employees can take more unplanned leave and be less engaged at work Their physical and emotional wellbeing is also likely to be lower than employees who are relaxed and focused
Encouraging and helping to build employee resilience is one way to reduce stress in the workplace and contribute to more mentally healthy and productive employees
More than half (54) of Australian workers say they feel stressed at work every week
2524
26 2018 Australian Employee Insights Report 2018 Australian Employee Insights Report 27
Resilience is the ability to adjust to adversity and hold on to some sense of control over your environment It is concerning that more than two thirds (68) of Australian workers donrsquot regularly feel a sense of control over their environment at work
Feeling a sense of control at work Feeling a sense of control at work can be the first step to reducing workplace stress and building resilience Overall just one third (32) of workers say they regularly feel a sense of control at work Interestingly Baby Boomers (13) are almost three times as likely as their Millennial peers (5) to always feel a sense of control at work
Feeling stressed at workNot feeling a sense of control and workplace stress seem to go hand in hand and can result in employees who find it challenging to adapt to change and deal with difficult situations So it is concerning that almost one in five (17) employees feel stressed at work daily
Cause of most stress at workThe cause of the most stress at work according to Australian workers is workload pressure including excessive workload and unrealistic expectations (34) followed by personal issues with managers or workmates (16) and lack of workndashlife balance including dealing with issues outside of work (15) Just 8 of employees say they donrsquot get stressed at work
Ways companies can ease stress at workThe good news is workers say there are positive steps their employer can take to ease workplace stress Almost half (47) of employees say a positive workplace including confident managers and good teamwork would help to prevent workplace stress and support employees who are stressed
Encouraging employee resilienceSIX Millennials (25) are more than three times more
likely than Baby Boomers (7) to be stressed at work due to financial stress outside of work
Perhaps unsurprisingly part-time casual and contract employees feel more stressed about job security (23) than their permanently employed colleagues (15) and Baby Boomers feel more stressed about keeping up with technology (13) than their Millennial peers (8)
Millennials are more likely to want their company to offer financial wellbeing benefits (28) and mental health services such as counselling (25) than their Baby Boomer peers (12 and 16 respectively)
Millennials are significantly more likely to feel stressed at work than their older peers Those working in government are the most likely (60) to feel stressed at least weekly and those in the mining and agriculture sectors the least likely (42)
0
20
40
60
Millennials
Generation X
Baby Boomers
47
37
2929
34
1615
8
8
8
11
Workload pressure
Issues with colleagues
Lack of work-life balance
Lack of job security
I donrsquot get stressed at work
Too much change at work
Other
At least weekly
60
Every few weeks to months
28
Rarelynever
12
At least weekly
53
Every few weeks to months
29
Rarelynever
18
At least weekly
46
Rarelynever
35
Every few weeks to months
19
Millennials Generation X Baby Boomers
A p
osit
ive
workplace
Clea
r goa
ls a
nd re
ason
able
workload
Flex
ible
working arr
ange
men
ts
Trai
ning
to
deal
wit
h ne
w t
echn
olog
y
Fina
ncia
l wel
lbei
ng b
enef
its
Stre
ss a
nd c
ompa
ssio
nate
leav
e
47
41 34
24 23 23
Phys
ical
wel
lbei
ng b
enef
its
Men
tal h
ealt
h se
rvic
es
22
18
Wellbeing39 of Australian workers say they feel financial stress at least weekly
Offering employees wellbeing services that focus on improving physical mental and financial health and a sense of community belonging can be central to a companyrsquos EVP and employee experience and help employees cope with stress
In particular with money-related issues causing Australian workers significant stress employee demand for their company to provide financial wellbeing benefits is increasing
Supporting financial wellbeingSEVEN
2928
30 2018 Australian Employee Insights Report 2018 Australian Employee Insights Report 31
More than a quarter (28) of Australian workers define ldquofinancial wellbeingrdquo as not being stressed about their finances And it seems employers can do more to support their employeesrsquo financial wellbeing with workers saying they would most value additional super contributions (40) and financial advice and education (31) from their employer
Causes of stressAustralian workers rank lack of financial security managing household finances and lack of savings for retirement as the factors causing them the most stress
Main reason for feeling financial stressJuggling the general cost of living is the main reason Australian workers feel financial stress across all household incomes genders and employment types Unsurprisingly not having enough super or savings for retirement (29) overtakes the general cost of living (17) as the main reason Baby Boomers feel financial stress
The meaning of financial wellbeing While employees are most likely (28) to equate not feeling stressed about their finances with financial wellbeing they also associate having enough savings to cover unexpected expenses (21) and being able to retire comfortably at a time they choose (19) with being financially ldquowellrdquo
Biggest concern about retiringGiven 19 of Australian workers say they equate financial wellbeing with being able to retire comfortably when they want it is concerning that 42 of workers say their biggest concern about retiring is not having enough money
Employer services to support financial wellbeingEmployees say they would most value additional super contributions (40) and financial advice and education (31) from their employer to support their financial wellbeing
Supporting financial wellbeingSEVEN
Additional supercontributions
Financial adviceand education
Discounts oneveryday items
Budgetingguidance
40 31 21 8
Lack o
f fi
nanc
ial s
ecur
ity
Managing household finances and bills
Lack o
f sa
ving
s fo
r ret
irem
ent
Phys
ical
hea
lth
conc
erns
Fam
ily o
r rel
atio
nshi
p co
ncer
ns
Conc
ern
abou
t jo
b se
curit
y
40
35
29 28 27 26
Millennials (46) and Gen X (40) are twice as likely as Baby Boomers (21) to feel financial stress at least weekly
Only one third (36) of workers believe their company cares about their financial wellbeing
28
2119
16
12
4 7
42
14
12
10
8
7
Not being stressed about my finances
Having enough savings to cover unexpected expenses
Being able to retire comfortably when I want
Being debt free or on top of my debts
Being able to meet day-to-day living expenses
Donrsquot knowother
Not having enough money
Irsquom not concerned
Losing my health
Being bored
Losing my mental sharpness
Losing my purpose
Losing my social connectionshaving to spend more time with my spouse
Juggling the general cost of living
23
Not being able to afford what I want to do now
18
Not enough savings for the unexpected
15
Not having enough super or savings when I retire
7
Fear of losing my job
12
Millennials
Juggling the general cost of living
34
Fear of losing my job
14
Not enough savings for the unexpected
13
Not having enough super or savings when I retire
10
Not being able to afford what I want to do now
12
Juggling the general cost of living
17
Not enough savings for the unexpected
14
Not having enough super or savings when I retire
29
Fear of losing my job
13
Not being able to afford what I want to do now
10
Generation X
Difficulty managing debt
9
Having to provide for my children
8
Not leaving enough for my kids in my will
5
Other
3
Other
3
Not leaving enough for my kids in my will
2
Other
4
Having to provide for my children
2
Having to provide for my children
3
Not leaving enough for my kids in my will
4
Difficulty managing debt
9
Difficulty managing debt
7
Baby Boomers
The insights in this report show that Australian workersrsquo expectations of their employer are increasing Are you doing enough to build an employee experience that your employees value enough to stay with your company and go the extra mile when you need them to And are you offering the support and benefits that will help your employees manage stress adopt new technology and deliver results for your organisation Here are some tips to get you started
New technologyOur insights show that Australian employees believe workplaces that adopt and adapt to new technology can make their work more efficient To realise these efficiencies employees may need training and other support
Are you doing enough to help your employees prepare for the speed of new technology and the impact of emerging technologies At the same time has your company recognised the importance of non-technical skills such as adapting to change open communication and problem solving
Employee resilienceTherersquos a good chance a number of your employees are currently feeling stressed due to the pace and demands of work or issues they are dealing with outside of work
In light of our insights consider whether you are setting clear goals for your teams and individual employees monitoring workloads and ensuring they are manageable encouraging and supporting employeesrsquo physical wellbeing offering financial wellbeing services and providing flexible working arrangements
Financial wellbeingA significant proportion of Australian employeesrsquo stress is caused by money worries Offering support and resources to help employees manage their finances can ease this stress and free up their energy and focus to be more productive at work This could be the most challenging wellbeing deliverable of them all however requiring solutions that cover household budgeting debt management financial hardship and retirement planning
Consider offering tangible financial assistance to employees through additional superannuation contributions financial advice and education services and access to everyday rewards programs
Donrsquot forget that Sunsuper offers our members a range of benefits including financial education and superannuation advice often at no additional cost
The employee experienceJust as businesses need to walk in the shoes of their customer creating a compelling employee experience involves seeing the world through employeesrsquo eyes and focusing on what they most value
Our insights indicate Australian workers are most focused on a positive culture financial and other rewards and flexible working arrangements
Start by involving your employees in focus groups to validate their priorities and then workshop how each could be addressed and improved in your organisation
Company cultureYour culture is shaped by the words and actions of your organisationrsquos leaders and how they make decisions Your culture is also influenced by how your employees are rewarded and how everyone in your organisation interacts with your customers and with each other
Given our insights show a large proportion of Australian employees canrsquot easily describe their companyrsquos culture start by asking yourself if you are doing enough at all levels of your organisation to clearly communicate and engage your employees with your culture
Diversity and flexibilityThe majority of Australian employees believe embracing workplace diversity is good for business In particular a flexible workplace is one way to help ensure you treat employees of diverse ages genders and backgrounds equally and as individuals
Workers say they most value varied work hours additional leave options and the ability to work from home when it comes to improving workplace flexibility
Are you already or is it possible for your organisation to adopt strategies to deliver these benefits
ONE TWO THREE FOUR FIVE SIX
USING THE INSIGHTS IN YOUR BUSINESSTIPS
32 2018 Australian Employee Insights Report 2018 Australian Employee Insights Report 33
34 2018 Australian Employee Insights Report 2018 Australian Employee Insights Report 35
AUSTRALIArsquoS VIEW OF SUPER AND RETIREMENTSNAPSHOT
Understanding of superOverall 56 of workers say they fully understand and are on top of their super Baby Boomers (70) are more likely to feel on top of their super than their Millennial peers (53)
Financial confidence for retirementClose to two thirds (62) of employees arenrsquot confident or donrsquot know if they will have enough super when they retire
Employer services to help workers understand superAustralian workers say they would value a range of services offered by their employer to help them feel more on top of their super and retirement
56
47
24
15
14
44
Obstacles to seeking financial adviceThe right financial advice can help in managing financial stress yet workers say they see a number of obstacles to seeking financial advice
41 I think itrsquos expensive 33
I donrsquot know who to trust
29Itrsquos difficult to know where to go
Mill
enni
als
Gen
erat
ion X
Bab
y Bo
omersTrust in employerrsquos choice of super fundThe majority (70) of Australian employees trust or support their employerrsquos choice of super fund Older workers trust their employerrsquos choice of super fund more than their younger peers
61 72 87
Our annual snapshot of Australiarsquos view of super and retirement highlights that close to half (44) of Australian workers donrsquot fully understand or feel on top of their super
28 of employees donrsquot know or havenrsquot thought about whether they will need to rely on the government age pension in retirement
37 of Australian workers say they will need the same or a higher annual income than what they are earning now to fund their lifestyle when they retire
Planned retirement ageMore than a quarter (27) of Australian workers plan to retire before age 60 Those with no children are more likely (31) to plan to retire before age 60 than those who donrsquot have kids (23)
Acc
ess
to f
ree
fina
ncia
l adv
ice
Make
supe
r sim
ple
Hel
p to
pla
n fo
r ret
irem
ent
Acc
ess
to v
iew
my
bala
nce
Acc
ess
to talk
to s
omeo
ne
Acc
ess
to f
ree
supe
r edu
cati
on
39
32 29 2622 21
Those with higher annual incomes are also more likely to understand their super
Again those with higher annual incomes are more financially confident about retiring
No
Yes
Donrsquot know
Irsquoll use other savings
Yes
No
0
20
40
60
49
67
0
20
40
60
55
30
0
20
40
35
lt50 yrs 51-55 yrs 56-60 yrs 61-67 yrs 68+ yrs I donrsquot plan on retiring
I donrsquot think Irsquoll be able to retire
36 2018 Australian Employee Insights Report 2018 Australian Employee Insights Report 37
Sunsuper offers benefits and member services that can help you support your employeesrsquo wellbeing and build an employee experience that will engage and retain your people These include
bull A track record of delivering strong investment returns to members
bull Low fees
bull A range of financial advice options on the phone and face-to-face often at no additional cost1
bull Financial education complimentary seminars and events including in your workplace
bull The ability to manage super on the go through the Sunsuper app
bull Online information education and inspiration start exploring the Dream Project sunsupercomauthedreamproject
bull Everyday discounts from retailers across Australia our Dream Rewards program sunsupercomaudream-rewards can help your employees save money today
bull Opportunities to support and give back to the community through our Dreams for a Better World grants program dreamsforabetterworldcomau
Sunsuper is also committed to help make managing your super obligations as easy as possible and we provide a range of other services for employersrsquo businesses including dedicated support teams research and insights customised reporting and professional development opportunities for leaders and staff
GROWING YOUR BUSINESS BY GROWING YOUR PEOPLE
SUNSUPERIs it time to talk to Sunsuper
Naturally wersquod like you to think so Curiosity can be good for business and at the very least wersquore confident a conversation with Sunsuper will leave you better informed about the right questions to ask for your company to optimise your employee superannuation arrangements It could also lead to understanding what ldquocompetitiverdquo looks like in todayrsquos ever-changing superannuation marketplace and how we could help you to support your employee experience and wellbeing initiatives
Want some help on the right questions to ask to optimise your employeesrsquo super Download our factsheet at sunsupercomaugrowyourbusiness
Join us on the wave of success
With five major award wins in one year Sunsuper has been recognised as the best of the best when it comes to super
At Sunsuper we donrsquot just want our members to have adequate savings for their retirement We also want to help them get to retirement in excellent financial physical and mental health After all what good is reaching retirement if you canrsquot enjoy it
Super Fund of the Year 2017
38 2018 Australian Employee Insights Report 2018 Australian Employee Insights Report 39
Our purpose is to inspire and empower Australians to fulfil their retirement dreams
Copyright 2018 Sunsuper Pty Ltd 2208 (0818)
1 Our qualified financial advisers provide simple advice about your Sunsuper account at no additional cost More comprehensive advice may incur a fee Sunsuper employees provide advice as representatives of Sunsuper Financial Services Pty Ltd (ABN 50 087 154 818 AFSL No 227867) (SFS) wholly owned by the Sunsuper Superannuation Fund
For ratings and awards information refer to sunsupercomauratingsagencies
This publication has been prepared and issued by Sunsuper Pty Ltd (ABN 88 010 720 840) (AFSL 228975) (lsquoSunsuperrsquo) the trustee and issuer of the Sunsuper Superannuation Fund (ABN 98 503 137 921) While it has been prepared with all reasonable care no responsibility or liability is accepted for any errors or omissions or misstatement however caused All forecasts and estimates are based on certain assumptions which may change If those assumptions change our forecasts and estimates may also change
This document has been prepared for general information purposes only and not as specific advice to any particular person Any advice contained in this document does not take into account any particular personrsquos objectives financial situation or needs Accordingly you should consider how appropriate the advice is to your own particular objectives financial circumstances or needs before acting on any advice You should consider the relevant Product Disclosure Statement before acquiring any financial product
40 2018 Australian Employee Insights Report
13 11 84 (+61 7 3121 0700 when overseas)
GPO Box 2924 Brisbane QLD 4001
sunsupercomau
twittercomsunsuper
facebookcomsunsuper
linkedincomcompanysunsuper
Sunsuper Pty Ltd Sunsuper Superannuation FundABN 88 010 720 840 ABN 98 503 137 921 AFSL No 228975 SPIN SSR 0100 AU
Find out how we can help you and your business in our Growing your business by
growing your people publication To start the conversation
please call us on 13 11 84
sunsupercomauemployeeinsightsreport
14 2018 Australian Employee Insights Report 2018 Australian Employee Insights Report 15
More than half (55) of Australian employees say their company clearly values diversity among employees and only 8 believe their company doesnrsquot value diversity
Areas of diversity that can most benefit companies The majority (88) of Australian workers say embracing diversity in the workplace can benefit business They see diversity in age as the area that can most benefit companies (47) closely followed by diversity in cultural background (45) and gender (43)
Valuing diversity in the workplaceMillennials (59) and those who work for large employers (61) are most likely to say their company clearly values diversity Across industries government workers are most likely (65) to be clear their employer values diversity workers in the mining and farming industries are least likely (45)
Outcomes of embracing diversityAustralian employees say a better understanding of different viewpoints and approaches (48) and introducing more creative and innovative thinking (41) are the two biggest outcomes to companies of embracing diversity
Of all the potential outcomes of embracing diversity workers rate two negatives as the least likely to eventuate
Most valued employer benefits to increase workplace flexibilityCreating a flexible workplace is one way companies can ensure they treat employees of diverse ages genders and backgrounds equally and as individuals 72 of Australian employees consider their workplace to be flexible with Millennial workers valuing additional leave and job sharing more than their older peers
VALUING WORKPLACE DIVERSITYTHREE
My company clearlyvalues diversity
among employees
My company maybe values diversityitrsquos not clear
My company doesnrsquot value diversity
55 37 8
39 of Baby Boomers say embracing diversity makes an employer more attractive to work for compared with just 28 of Millennials
Varied startfinish times
47
Additional leave
33
Ability to work from home
29
9-day fortnights
20
Job sharing
20
Millennials
Varied startfinish times
54
Additional leave
29
Ability to work from home
29
9-day fortnights
27
Job sharing
16
Varied startfinish times
38
9-day fortnights
25
None
24
Ability to work from home
22
Additional leave
16
Generation X Baby Boomers
None
10
None
12
Job sharing
15
1 48 Better understanding of different viewpoints and approaches
2 41 Introducing more creative and innovative thinking
3 32 More balanced and better decisions
4 32 Becoming a more attractive employer to work for
5 25 Being ldquoseenrdquo to be doing the right thing
6 17 Achieving better bottom-line results
7 16 Achieving competitive advantages
8 13 Introducing reverse discrimination
9 11 Making it more difficult to communicate
1 47 Diversity in age
2 45 Diversity in cultural background
3 43 Diversity in gender
4 41 Diversity in education and experience
5 41 Diversity in personality type
6 40 Diversity in opinions
7 25 Diversity in other traitscharacteristics
8 12 None businesses donrsquot benefit significatly from diversity
As emerging technologies such as artificial intelligence (AI) robotics and cognitive computers continue to advance and proliferate there is increasing debate as to the changes these technologies will have in the workplace
AI and robotics have the potential to reinvent workersrsquo roles and companies will need to consider how theyrsquoll design job roles organise work and train and re-train their employees in the future
Preparing for emerging technologies
futurefour
44 of Australian workers say they are concerned about emerging technologies coming into their workplace
1716
18 2018 Australian Employee Insights Report 2018 Australian Employee Insights Report 19
Employers should be aware that employeesrsquo feelings towards emerging technologies coming into the workplace are divided Half (51) of Australian employees arenrsquot concerned about emerging technologies coming into their work and 5 are quite looking forward to it but the remainder are not so sure
Concern about emerging technologies coming into the workplace Millennials are more concerned than older generations about emerging technologies coming into their workplace with more than half (55) of Millennials concerned compared with just 30 of Baby Boomers
Biggest workplace changes from emerging technologiesAustralian workers are also divided when it comes to predicting the biggest changes emerging technologies could have in their industry with 25 saying the biggest change will be time andor cost savings but another 24 saying there will be no change
When emerging technologies might start replacing jobsOverall only one third (36) of Australian workers say emerging technologies will start replacing jobs within the next few years Millennials (48) are most likely to say emerging technologies will start replacing jobs within the next few years
0
20
40
60
80
40
Veryconcerned
A littleconcerned
Notconcerned
Lookingforward to it
Millennials
Generation X
Baby Boomers
68
55
preparing for emerging technologiesFOUR
Workers in the finance and IT industries (57) are most likely to see robots and AI impacting jobs in their industry within a few years Workers in the healthcare social services and arts and media (29) and education (27) industries are most likely to say emerging technologies wonrsquot ever replace jobs in their industry
25 of workers in the finance and IT industries say emerging technologies will mean there wonrsquot be many jobs for humans in their industries compared with just 10 in the education mining and farming industries
62 of Millennials are concerned about finding a new job if emerging technologies replace their current job compared with just 46 of Baby Boomers
Within a few years
48
Not during my career
36
Never it wont happen
16
Not during my career
48
Within a few years
33
Never it wont happen
19
Not during my career
55
Never it wont happen
30
Within a few years
15
Millennials Generation X Baby Boomers
1 25 Save time or cost by automating boring processes and tasks
2 24 No change AIrobotics wonrsquot replace humans in my industry
3 20 I havenrsquot thought about itdonrsquot know
4 19 Will mean Irsquoll need retraining
5 17 Create opportunities to do more interesting work
6 17 There wont be many jobs for humans in my industry
7 15 Increase the pace and pressure of work
0
20
40
60
Emerging technologies will start replacing jobs within a few years
FinanceIT Construction Engineering
Healthcare ArtsMedia
Hospitality Personal Services
Retail Wholesale
distribution
Mining Farming
Government Education
57
4035 33 32 31 29 26 25
Aside from emerging technologies such as AI and robotics technology in general seems to be evolving at ever-increasing rates and it is impacting the ways we live and work
Companies need to balance the need to adapt to new technology quickly enough to remain competitive with ensuring employees build the skills to adopt new technologies All without allowing the expectation to be always connected to adversely impact their general wellbeing and life outside of work
ADOPTING NEW technology
TECHNOLOGYFIVE
12 of workers see the ability to always be connected as the biggest positive impact to workplaces of the increasing speed of new technology A slightly higher 16 see this same always-on connectivity as the biggest negative impact
20 21
22 2018 Australian Employee Insights Report 2018 Australian Employee Insights Report 23
As companies strive to keep abreast of the increasing speed of new technology in their industries itrsquos good to know Australian workers are generally positive about the potential impacts in their workplace with 38 saying it is making work more efficient and 50 saying their company adopts new technology quickly enough to stay competitive
Impact of increasing speed of new technology in the workplaceWorkers believe the biggest positive impact of the increasing speed of technology is that it is making work more efficient (38) On the flipside however they say the biggest negative impact is that it is increasing their workload (21)
Adopting new technology to stay competitiveClose to 60 of workers say their company is adopting new technology quickly enough to stay well ahead of or competitive with others Millennials (13) are almost three times as likely as Baby Boomers (5) to say their organisation is ahead of others in adopting new technology
Company policies for using technology at work Companies seem to have their policies around technology use at work about right with 57 of workers saying their companyrsquos rules around using social media the internet and personal mobile phones at work are appropriate
Impact of technology at work on broader lifeTwo thirds (67) of employees believe technology at work has impacted their broader life Baby Boomers (56) say they are less impacted than their Millennial peers (75) Millennials are more likely than older generations to say they are able to work less hours and more flexibly but also that they have learned to be more careful using social media
ADOPTING NEW TECHNOLOGYFIVE
We are well aheadof others
We are competivite with others
We may be alittle behind others
We are well behind others
9 50 30 11
Workers in the construction and engineering (25) and retail and wholesale distribution (24) industries are most concerned about the increasing speed of new technology resulting in redundancies Government workers (10) are the least concerned
Top 3 positive impacts
Top 3 negative impacts
Resulting in redundancies
Pressure to keep up with new tools and processes
Adding to my workload
Making work more efficient
38
Making work more rewarding
15
Allowing me to always be connected
12
21
18
17
Appropriate
NA there are no rules
Personally constraining but understandable at work
Can make performing my role difficult
Excessive
16
57
12
11
4
I can work more flexibly (hours practices)
29
Work technology means Irsquom always connected
27
It hasnrsquot impacted my broader life
25
The pace of life has increased significantly
23
Irsquom more careful using social media
21
Millennials
It hasnrsquot impacted my broader life
34
Work technology means Irsquom always connected
28
The pace of life has increased significantly
25
I can work more flexibly (hours practices)
20
Irsquom more careful using social media
20
It hasnrsquot impacted my broader life
44
Work technology means Irsquom always connected
30
The pace of life has increased significantly
22
Irsquom working more hours
17
I can work more flexibly (hours practices)
15
Generation X
Irsquom working more hours
18
Irsquom working less hours
16
Irsquom working less hours
7
Irsquom working less hours
5
Irsquom working more hours
15
Irsquom more careful using social media
11
Baby Boomers
Encouraging employee resilience
ResilienceSIX
Stressed employees can take more unplanned leave and be less engaged at work Their physical and emotional wellbeing is also likely to be lower than employees who are relaxed and focused
Encouraging and helping to build employee resilience is one way to reduce stress in the workplace and contribute to more mentally healthy and productive employees
More than half (54) of Australian workers say they feel stressed at work every week
2524
26 2018 Australian Employee Insights Report 2018 Australian Employee Insights Report 27
Resilience is the ability to adjust to adversity and hold on to some sense of control over your environment It is concerning that more than two thirds (68) of Australian workers donrsquot regularly feel a sense of control over their environment at work
Feeling a sense of control at work Feeling a sense of control at work can be the first step to reducing workplace stress and building resilience Overall just one third (32) of workers say they regularly feel a sense of control at work Interestingly Baby Boomers (13) are almost three times as likely as their Millennial peers (5) to always feel a sense of control at work
Feeling stressed at workNot feeling a sense of control and workplace stress seem to go hand in hand and can result in employees who find it challenging to adapt to change and deal with difficult situations So it is concerning that almost one in five (17) employees feel stressed at work daily
Cause of most stress at workThe cause of the most stress at work according to Australian workers is workload pressure including excessive workload and unrealistic expectations (34) followed by personal issues with managers or workmates (16) and lack of workndashlife balance including dealing with issues outside of work (15) Just 8 of employees say they donrsquot get stressed at work
Ways companies can ease stress at workThe good news is workers say there are positive steps their employer can take to ease workplace stress Almost half (47) of employees say a positive workplace including confident managers and good teamwork would help to prevent workplace stress and support employees who are stressed
Encouraging employee resilienceSIX Millennials (25) are more than three times more
likely than Baby Boomers (7) to be stressed at work due to financial stress outside of work
Perhaps unsurprisingly part-time casual and contract employees feel more stressed about job security (23) than their permanently employed colleagues (15) and Baby Boomers feel more stressed about keeping up with technology (13) than their Millennial peers (8)
Millennials are more likely to want their company to offer financial wellbeing benefits (28) and mental health services such as counselling (25) than their Baby Boomer peers (12 and 16 respectively)
Millennials are significantly more likely to feel stressed at work than their older peers Those working in government are the most likely (60) to feel stressed at least weekly and those in the mining and agriculture sectors the least likely (42)
0
20
40
60
Millennials
Generation X
Baby Boomers
47
37
2929
34
1615
8
8
8
11
Workload pressure
Issues with colleagues
Lack of work-life balance
Lack of job security
I donrsquot get stressed at work
Too much change at work
Other
At least weekly
60
Every few weeks to months
28
Rarelynever
12
At least weekly
53
Every few weeks to months
29
Rarelynever
18
At least weekly
46
Rarelynever
35
Every few weeks to months
19
Millennials Generation X Baby Boomers
A p
osit
ive
workplace
Clea
r goa
ls a
nd re
ason
able
workload
Flex
ible
working arr
ange
men
ts
Trai
ning
to
deal
wit
h ne
w t
echn
olog
y
Fina
ncia
l wel
lbei
ng b
enef
its
Stre
ss a
nd c
ompa
ssio
nate
leav
e
47
41 34
24 23 23
Phys
ical
wel
lbei
ng b
enef
its
Men
tal h
ealt
h se
rvic
es
22
18
Wellbeing39 of Australian workers say they feel financial stress at least weekly
Offering employees wellbeing services that focus on improving physical mental and financial health and a sense of community belonging can be central to a companyrsquos EVP and employee experience and help employees cope with stress
In particular with money-related issues causing Australian workers significant stress employee demand for their company to provide financial wellbeing benefits is increasing
Supporting financial wellbeingSEVEN
2928
30 2018 Australian Employee Insights Report 2018 Australian Employee Insights Report 31
More than a quarter (28) of Australian workers define ldquofinancial wellbeingrdquo as not being stressed about their finances And it seems employers can do more to support their employeesrsquo financial wellbeing with workers saying they would most value additional super contributions (40) and financial advice and education (31) from their employer
Causes of stressAustralian workers rank lack of financial security managing household finances and lack of savings for retirement as the factors causing them the most stress
Main reason for feeling financial stressJuggling the general cost of living is the main reason Australian workers feel financial stress across all household incomes genders and employment types Unsurprisingly not having enough super or savings for retirement (29) overtakes the general cost of living (17) as the main reason Baby Boomers feel financial stress
The meaning of financial wellbeing While employees are most likely (28) to equate not feeling stressed about their finances with financial wellbeing they also associate having enough savings to cover unexpected expenses (21) and being able to retire comfortably at a time they choose (19) with being financially ldquowellrdquo
Biggest concern about retiringGiven 19 of Australian workers say they equate financial wellbeing with being able to retire comfortably when they want it is concerning that 42 of workers say their biggest concern about retiring is not having enough money
Employer services to support financial wellbeingEmployees say they would most value additional super contributions (40) and financial advice and education (31) from their employer to support their financial wellbeing
Supporting financial wellbeingSEVEN
Additional supercontributions
Financial adviceand education
Discounts oneveryday items
Budgetingguidance
40 31 21 8
Lack o
f fi
nanc
ial s
ecur
ity
Managing household finances and bills
Lack o
f sa
ving
s fo
r ret
irem
ent
Phys
ical
hea
lth
conc
erns
Fam
ily o
r rel
atio
nshi
p co
ncer
ns
Conc
ern
abou
t jo
b se
curit
y
40
35
29 28 27 26
Millennials (46) and Gen X (40) are twice as likely as Baby Boomers (21) to feel financial stress at least weekly
Only one third (36) of workers believe their company cares about their financial wellbeing
28
2119
16
12
4 7
42
14
12
10
8
7
Not being stressed about my finances
Having enough savings to cover unexpected expenses
Being able to retire comfortably when I want
Being debt free or on top of my debts
Being able to meet day-to-day living expenses
Donrsquot knowother
Not having enough money
Irsquom not concerned
Losing my health
Being bored
Losing my mental sharpness
Losing my purpose
Losing my social connectionshaving to spend more time with my spouse
Juggling the general cost of living
23
Not being able to afford what I want to do now
18
Not enough savings for the unexpected
15
Not having enough super or savings when I retire
7
Fear of losing my job
12
Millennials
Juggling the general cost of living
34
Fear of losing my job
14
Not enough savings for the unexpected
13
Not having enough super or savings when I retire
10
Not being able to afford what I want to do now
12
Juggling the general cost of living
17
Not enough savings for the unexpected
14
Not having enough super or savings when I retire
29
Fear of losing my job
13
Not being able to afford what I want to do now
10
Generation X
Difficulty managing debt
9
Having to provide for my children
8
Not leaving enough for my kids in my will
5
Other
3
Other
3
Not leaving enough for my kids in my will
2
Other
4
Having to provide for my children
2
Having to provide for my children
3
Not leaving enough for my kids in my will
4
Difficulty managing debt
9
Difficulty managing debt
7
Baby Boomers
The insights in this report show that Australian workersrsquo expectations of their employer are increasing Are you doing enough to build an employee experience that your employees value enough to stay with your company and go the extra mile when you need them to And are you offering the support and benefits that will help your employees manage stress adopt new technology and deliver results for your organisation Here are some tips to get you started
New technologyOur insights show that Australian employees believe workplaces that adopt and adapt to new technology can make their work more efficient To realise these efficiencies employees may need training and other support
Are you doing enough to help your employees prepare for the speed of new technology and the impact of emerging technologies At the same time has your company recognised the importance of non-technical skills such as adapting to change open communication and problem solving
Employee resilienceTherersquos a good chance a number of your employees are currently feeling stressed due to the pace and demands of work or issues they are dealing with outside of work
In light of our insights consider whether you are setting clear goals for your teams and individual employees monitoring workloads and ensuring they are manageable encouraging and supporting employeesrsquo physical wellbeing offering financial wellbeing services and providing flexible working arrangements
Financial wellbeingA significant proportion of Australian employeesrsquo stress is caused by money worries Offering support and resources to help employees manage their finances can ease this stress and free up their energy and focus to be more productive at work This could be the most challenging wellbeing deliverable of them all however requiring solutions that cover household budgeting debt management financial hardship and retirement planning
Consider offering tangible financial assistance to employees through additional superannuation contributions financial advice and education services and access to everyday rewards programs
Donrsquot forget that Sunsuper offers our members a range of benefits including financial education and superannuation advice often at no additional cost
The employee experienceJust as businesses need to walk in the shoes of their customer creating a compelling employee experience involves seeing the world through employeesrsquo eyes and focusing on what they most value
Our insights indicate Australian workers are most focused on a positive culture financial and other rewards and flexible working arrangements
Start by involving your employees in focus groups to validate their priorities and then workshop how each could be addressed and improved in your organisation
Company cultureYour culture is shaped by the words and actions of your organisationrsquos leaders and how they make decisions Your culture is also influenced by how your employees are rewarded and how everyone in your organisation interacts with your customers and with each other
Given our insights show a large proportion of Australian employees canrsquot easily describe their companyrsquos culture start by asking yourself if you are doing enough at all levels of your organisation to clearly communicate and engage your employees with your culture
Diversity and flexibilityThe majority of Australian employees believe embracing workplace diversity is good for business In particular a flexible workplace is one way to help ensure you treat employees of diverse ages genders and backgrounds equally and as individuals
Workers say they most value varied work hours additional leave options and the ability to work from home when it comes to improving workplace flexibility
Are you already or is it possible for your organisation to adopt strategies to deliver these benefits
ONE TWO THREE FOUR FIVE SIX
USING THE INSIGHTS IN YOUR BUSINESSTIPS
32 2018 Australian Employee Insights Report 2018 Australian Employee Insights Report 33
34 2018 Australian Employee Insights Report 2018 Australian Employee Insights Report 35
AUSTRALIArsquoS VIEW OF SUPER AND RETIREMENTSNAPSHOT
Understanding of superOverall 56 of workers say they fully understand and are on top of their super Baby Boomers (70) are more likely to feel on top of their super than their Millennial peers (53)
Financial confidence for retirementClose to two thirds (62) of employees arenrsquot confident or donrsquot know if they will have enough super when they retire
Employer services to help workers understand superAustralian workers say they would value a range of services offered by their employer to help them feel more on top of their super and retirement
56
47
24
15
14
44
Obstacles to seeking financial adviceThe right financial advice can help in managing financial stress yet workers say they see a number of obstacles to seeking financial advice
41 I think itrsquos expensive 33
I donrsquot know who to trust
29Itrsquos difficult to know where to go
Mill
enni
als
Gen
erat
ion X
Bab
y Bo
omersTrust in employerrsquos choice of super fundThe majority (70) of Australian employees trust or support their employerrsquos choice of super fund Older workers trust their employerrsquos choice of super fund more than their younger peers
61 72 87
Our annual snapshot of Australiarsquos view of super and retirement highlights that close to half (44) of Australian workers donrsquot fully understand or feel on top of their super
28 of employees donrsquot know or havenrsquot thought about whether they will need to rely on the government age pension in retirement
37 of Australian workers say they will need the same or a higher annual income than what they are earning now to fund their lifestyle when they retire
Planned retirement ageMore than a quarter (27) of Australian workers plan to retire before age 60 Those with no children are more likely (31) to plan to retire before age 60 than those who donrsquot have kids (23)
Acc
ess
to f
ree
fina
ncia
l adv
ice
Make
supe
r sim
ple
Hel
p to
pla
n fo
r ret
irem
ent
Acc
ess
to v
iew
my
bala
nce
Acc
ess
to talk
to s
omeo
ne
Acc
ess
to f
ree
supe
r edu
cati
on
39
32 29 2622 21
Those with higher annual incomes are also more likely to understand their super
Again those with higher annual incomes are more financially confident about retiring
No
Yes
Donrsquot know
Irsquoll use other savings
Yes
No
0
20
40
60
49
67
0
20
40
60
55
30
0
20
40
35
lt50 yrs 51-55 yrs 56-60 yrs 61-67 yrs 68+ yrs I donrsquot plan on retiring
I donrsquot think Irsquoll be able to retire
36 2018 Australian Employee Insights Report 2018 Australian Employee Insights Report 37
Sunsuper offers benefits and member services that can help you support your employeesrsquo wellbeing and build an employee experience that will engage and retain your people These include
bull A track record of delivering strong investment returns to members
bull Low fees
bull A range of financial advice options on the phone and face-to-face often at no additional cost1
bull Financial education complimentary seminars and events including in your workplace
bull The ability to manage super on the go through the Sunsuper app
bull Online information education and inspiration start exploring the Dream Project sunsupercomauthedreamproject
bull Everyday discounts from retailers across Australia our Dream Rewards program sunsupercomaudream-rewards can help your employees save money today
bull Opportunities to support and give back to the community through our Dreams for a Better World grants program dreamsforabetterworldcomau
Sunsuper is also committed to help make managing your super obligations as easy as possible and we provide a range of other services for employersrsquo businesses including dedicated support teams research and insights customised reporting and professional development opportunities for leaders and staff
GROWING YOUR BUSINESS BY GROWING YOUR PEOPLE
SUNSUPERIs it time to talk to Sunsuper
Naturally wersquod like you to think so Curiosity can be good for business and at the very least wersquore confident a conversation with Sunsuper will leave you better informed about the right questions to ask for your company to optimise your employee superannuation arrangements It could also lead to understanding what ldquocompetitiverdquo looks like in todayrsquos ever-changing superannuation marketplace and how we could help you to support your employee experience and wellbeing initiatives
Want some help on the right questions to ask to optimise your employeesrsquo super Download our factsheet at sunsupercomaugrowyourbusiness
Join us on the wave of success
With five major award wins in one year Sunsuper has been recognised as the best of the best when it comes to super
At Sunsuper we donrsquot just want our members to have adequate savings for their retirement We also want to help them get to retirement in excellent financial physical and mental health After all what good is reaching retirement if you canrsquot enjoy it
Super Fund of the Year 2017
38 2018 Australian Employee Insights Report 2018 Australian Employee Insights Report 39
Our purpose is to inspire and empower Australians to fulfil their retirement dreams
Copyright 2018 Sunsuper Pty Ltd 2208 (0818)
1 Our qualified financial advisers provide simple advice about your Sunsuper account at no additional cost More comprehensive advice may incur a fee Sunsuper employees provide advice as representatives of Sunsuper Financial Services Pty Ltd (ABN 50 087 154 818 AFSL No 227867) (SFS) wholly owned by the Sunsuper Superannuation Fund
For ratings and awards information refer to sunsupercomauratingsagencies
This publication has been prepared and issued by Sunsuper Pty Ltd (ABN 88 010 720 840) (AFSL 228975) (lsquoSunsuperrsquo) the trustee and issuer of the Sunsuper Superannuation Fund (ABN 98 503 137 921) While it has been prepared with all reasonable care no responsibility or liability is accepted for any errors or omissions or misstatement however caused All forecasts and estimates are based on certain assumptions which may change If those assumptions change our forecasts and estimates may also change
This document has been prepared for general information purposes only and not as specific advice to any particular person Any advice contained in this document does not take into account any particular personrsquos objectives financial situation or needs Accordingly you should consider how appropriate the advice is to your own particular objectives financial circumstances or needs before acting on any advice You should consider the relevant Product Disclosure Statement before acquiring any financial product
40 2018 Australian Employee Insights Report
13 11 84 (+61 7 3121 0700 when overseas)
GPO Box 2924 Brisbane QLD 4001
sunsupercomau
twittercomsunsuper
facebookcomsunsuper
linkedincomcompanysunsuper
Sunsuper Pty Ltd Sunsuper Superannuation FundABN 88 010 720 840 ABN 98 503 137 921 AFSL No 228975 SPIN SSR 0100 AU
Find out how we can help you and your business in our Growing your business by
growing your people publication To start the conversation
please call us on 13 11 84
sunsupercomauemployeeinsightsreport
As emerging technologies such as artificial intelligence (AI) robotics and cognitive computers continue to advance and proliferate there is increasing debate as to the changes these technologies will have in the workplace
AI and robotics have the potential to reinvent workersrsquo roles and companies will need to consider how theyrsquoll design job roles organise work and train and re-train their employees in the future
Preparing for emerging technologies
futurefour
44 of Australian workers say they are concerned about emerging technologies coming into their workplace
1716
18 2018 Australian Employee Insights Report 2018 Australian Employee Insights Report 19
Employers should be aware that employeesrsquo feelings towards emerging technologies coming into the workplace are divided Half (51) of Australian employees arenrsquot concerned about emerging technologies coming into their work and 5 are quite looking forward to it but the remainder are not so sure
Concern about emerging technologies coming into the workplace Millennials are more concerned than older generations about emerging technologies coming into their workplace with more than half (55) of Millennials concerned compared with just 30 of Baby Boomers
Biggest workplace changes from emerging technologiesAustralian workers are also divided when it comes to predicting the biggest changes emerging technologies could have in their industry with 25 saying the biggest change will be time andor cost savings but another 24 saying there will be no change
When emerging technologies might start replacing jobsOverall only one third (36) of Australian workers say emerging technologies will start replacing jobs within the next few years Millennials (48) are most likely to say emerging technologies will start replacing jobs within the next few years
0
20
40
60
80
40
Veryconcerned
A littleconcerned
Notconcerned
Lookingforward to it
Millennials
Generation X
Baby Boomers
68
55
preparing for emerging technologiesFOUR
Workers in the finance and IT industries (57) are most likely to see robots and AI impacting jobs in their industry within a few years Workers in the healthcare social services and arts and media (29) and education (27) industries are most likely to say emerging technologies wonrsquot ever replace jobs in their industry
25 of workers in the finance and IT industries say emerging technologies will mean there wonrsquot be many jobs for humans in their industries compared with just 10 in the education mining and farming industries
62 of Millennials are concerned about finding a new job if emerging technologies replace their current job compared with just 46 of Baby Boomers
Within a few years
48
Not during my career
36
Never it wont happen
16
Not during my career
48
Within a few years
33
Never it wont happen
19
Not during my career
55
Never it wont happen
30
Within a few years
15
Millennials Generation X Baby Boomers
1 25 Save time or cost by automating boring processes and tasks
2 24 No change AIrobotics wonrsquot replace humans in my industry
3 20 I havenrsquot thought about itdonrsquot know
4 19 Will mean Irsquoll need retraining
5 17 Create opportunities to do more interesting work
6 17 There wont be many jobs for humans in my industry
7 15 Increase the pace and pressure of work
0
20
40
60
Emerging technologies will start replacing jobs within a few years
FinanceIT Construction Engineering
Healthcare ArtsMedia
Hospitality Personal Services
Retail Wholesale
distribution
Mining Farming
Government Education
57
4035 33 32 31 29 26 25
Aside from emerging technologies such as AI and robotics technology in general seems to be evolving at ever-increasing rates and it is impacting the ways we live and work
Companies need to balance the need to adapt to new technology quickly enough to remain competitive with ensuring employees build the skills to adopt new technologies All without allowing the expectation to be always connected to adversely impact their general wellbeing and life outside of work
ADOPTING NEW technology
TECHNOLOGYFIVE
12 of workers see the ability to always be connected as the biggest positive impact to workplaces of the increasing speed of new technology A slightly higher 16 see this same always-on connectivity as the biggest negative impact
20 21
22 2018 Australian Employee Insights Report 2018 Australian Employee Insights Report 23
As companies strive to keep abreast of the increasing speed of new technology in their industries itrsquos good to know Australian workers are generally positive about the potential impacts in their workplace with 38 saying it is making work more efficient and 50 saying their company adopts new technology quickly enough to stay competitive
Impact of increasing speed of new technology in the workplaceWorkers believe the biggest positive impact of the increasing speed of technology is that it is making work more efficient (38) On the flipside however they say the biggest negative impact is that it is increasing their workload (21)
Adopting new technology to stay competitiveClose to 60 of workers say their company is adopting new technology quickly enough to stay well ahead of or competitive with others Millennials (13) are almost three times as likely as Baby Boomers (5) to say their organisation is ahead of others in adopting new technology
Company policies for using technology at work Companies seem to have their policies around technology use at work about right with 57 of workers saying their companyrsquos rules around using social media the internet and personal mobile phones at work are appropriate
Impact of technology at work on broader lifeTwo thirds (67) of employees believe technology at work has impacted their broader life Baby Boomers (56) say they are less impacted than their Millennial peers (75) Millennials are more likely than older generations to say they are able to work less hours and more flexibly but also that they have learned to be more careful using social media
ADOPTING NEW TECHNOLOGYFIVE
We are well aheadof others
We are competivite with others
We may be alittle behind others
We are well behind others
9 50 30 11
Workers in the construction and engineering (25) and retail and wholesale distribution (24) industries are most concerned about the increasing speed of new technology resulting in redundancies Government workers (10) are the least concerned
Top 3 positive impacts
Top 3 negative impacts
Resulting in redundancies
Pressure to keep up with new tools and processes
Adding to my workload
Making work more efficient
38
Making work more rewarding
15
Allowing me to always be connected
12
21
18
17
Appropriate
NA there are no rules
Personally constraining but understandable at work
Can make performing my role difficult
Excessive
16
57
12
11
4
I can work more flexibly (hours practices)
29
Work technology means Irsquom always connected
27
It hasnrsquot impacted my broader life
25
The pace of life has increased significantly
23
Irsquom more careful using social media
21
Millennials
It hasnrsquot impacted my broader life
34
Work technology means Irsquom always connected
28
The pace of life has increased significantly
25
I can work more flexibly (hours practices)
20
Irsquom more careful using social media
20
It hasnrsquot impacted my broader life
44
Work technology means Irsquom always connected
30
The pace of life has increased significantly
22
Irsquom working more hours
17
I can work more flexibly (hours practices)
15
Generation X
Irsquom working more hours
18
Irsquom working less hours
16
Irsquom working less hours
7
Irsquom working less hours
5
Irsquom working more hours
15
Irsquom more careful using social media
11
Baby Boomers
Encouraging employee resilience
ResilienceSIX
Stressed employees can take more unplanned leave and be less engaged at work Their physical and emotional wellbeing is also likely to be lower than employees who are relaxed and focused
Encouraging and helping to build employee resilience is one way to reduce stress in the workplace and contribute to more mentally healthy and productive employees
More than half (54) of Australian workers say they feel stressed at work every week
2524
26 2018 Australian Employee Insights Report 2018 Australian Employee Insights Report 27
Resilience is the ability to adjust to adversity and hold on to some sense of control over your environment It is concerning that more than two thirds (68) of Australian workers donrsquot regularly feel a sense of control over their environment at work
Feeling a sense of control at work Feeling a sense of control at work can be the first step to reducing workplace stress and building resilience Overall just one third (32) of workers say they regularly feel a sense of control at work Interestingly Baby Boomers (13) are almost three times as likely as their Millennial peers (5) to always feel a sense of control at work
Feeling stressed at workNot feeling a sense of control and workplace stress seem to go hand in hand and can result in employees who find it challenging to adapt to change and deal with difficult situations So it is concerning that almost one in five (17) employees feel stressed at work daily
Cause of most stress at workThe cause of the most stress at work according to Australian workers is workload pressure including excessive workload and unrealistic expectations (34) followed by personal issues with managers or workmates (16) and lack of workndashlife balance including dealing with issues outside of work (15) Just 8 of employees say they donrsquot get stressed at work
Ways companies can ease stress at workThe good news is workers say there are positive steps their employer can take to ease workplace stress Almost half (47) of employees say a positive workplace including confident managers and good teamwork would help to prevent workplace stress and support employees who are stressed
Encouraging employee resilienceSIX Millennials (25) are more than three times more
likely than Baby Boomers (7) to be stressed at work due to financial stress outside of work
Perhaps unsurprisingly part-time casual and contract employees feel more stressed about job security (23) than their permanently employed colleagues (15) and Baby Boomers feel more stressed about keeping up with technology (13) than their Millennial peers (8)
Millennials are more likely to want their company to offer financial wellbeing benefits (28) and mental health services such as counselling (25) than their Baby Boomer peers (12 and 16 respectively)
Millennials are significantly more likely to feel stressed at work than their older peers Those working in government are the most likely (60) to feel stressed at least weekly and those in the mining and agriculture sectors the least likely (42)
0
20
40
60
Millennials
Generation X
Baby Boomers
47
37
2929
34
1615
8
8
8
11
Workload pressure
Issues with colleagues
Lack of work-life balance
Lack of job security
I donrsquot get stressed at work
Too much change at work
Other
At least weekly
60
Every few weeks to months
28
Rarelynever
12
At least weekly
53
Every few weeks to months
29
Rarelynever
18
At least weekly
46
Rarelynever
35
Every few weeks to months
19
Millennials Generation X Baby Boomers
A p
osit
ive
workplace
Clea
r goa
ls a
nd re
ason
able
workload
Flex
ible
working arr
ange
men
ts
Trai
ning
to
deal
wit
h ne
w t
echn
olog
y
Fina
ncia
l wel
lbei
ng b
enef
its
Stre
ss a
nd c
ompa
ssio
nate
leav
e
47
41 34
24 23 23
Phys
ical
wel
lbei
ng b
enef
its
Men
tal h
ealt
h se
rvic
es
22
18
Wellbeing39 of Australian workers say they feel financial stress at least weekly
Offering employees wellbeing services that focus on improving physical mental and financial health and a sense of community belonging can be central to a companyrsquos EVP and employee experience and help employees cope with stress
In particular with money-related issues causing Australian workers significant stress employee demand for their company to provide financial wellbeing benefits is increasing
Supporting financial wellbeingSEVEN
2928
30 2018 Australian Employee Insights Report 2018 Australian Employee Insights Report 31
More than a quarter (28) of Australian workers define ldquofinancial wellbeingrdquo as not being stressed about their finances And it seems employers can do more to support their employeesrsquo financial wellbeing with workers saying they would most value additional super contributions (40) and financial advice and education (31) from their employer
Causes of stressAustralian workers rank lack of financial security managing household finances and lack of savings for retirement as the factors causing them the most stress
Main reason for feeling financial stressJuggling the general cost of living is the main reason Australian workers feel financial stress across all household incomes genders and employment types Unsurprisingly not having enough super or savings for retirement (29) overtakes the general cost of living (17) as the main reason Baby Boomers feel financial stress
The meaning of financial wellbeing While employees are most likely (28) to equate not feeling stressed about their finances with financial wellbeing they also associate having enough savings to cover unexpected expenses (21) and being able to retire comfortably at a time they choose (19) with being financially ldquowellrdquo
Biggest concern about retiringGiven 19 of Australian workers say they equate financial wellbeing with being able to retire comfortably when they want it is concerning that 42 of workers say their biggest concern about retiring is not having enough money
Employer services to support financial wellbeingEmployees say they would most value additional super contributions (40) and financial advice and education (31) from their employer to support their financial wellbeing
Supporting financial wellbeingSEVEN
Additional supercontributions
Financial adviceand education
Discounts oneveryday items
Budgetingguidance
40 31 21 8
Lack o
f fi
nanc
ial s
ecur
ity
Managing household finances and bills
Lack o
f sa
ving
s fo
r ret
irem
ent
Phys
ical
hea
lth
conc
erns
Fam
ily o
r rel
atio
nshi
p co
ncer
ns
Conc
ern
abou
t jo
b se
curit
y
40
35
29 28 27 26
Millennials (46) and Gen X (40) are twice as likely as Baby Boomers (21) to feel financial stress at least weekly
Only one third (36) of workers believe their company cares about their financial wellbeing
28
2119
16
12
4 7
42
14
12
10
8
7
Not being stressed about my finances
Having enough savings to cover unexpected expenses
Being able to retire comfortably when I want
Being debt free or on top of my debts
Being able to meet day-to-day living expenses
Donrsquot knowother
Not having enough money
Irsquom not concerned
Losing my health
Being bored
Losing my mental sharpness
Losing my purpose
Losing my social connectionshaving to spend more time with my spouse
Juggling the general cost of living
23
Not being able to afford what I want to do now
18
Not enough savings for the unexpected
15
Not having enough super or savings when I retire
7
Fear of losing my job
12
Millennials
Juggling the general cost of living
34
Fear of losing my job
14
Not enough savings for the unexpected
13
Not having enough super or savings when I retire
10
Not being able to afford what I want to do now
12
Juggling the general cost of living
17
Not enough savings for the unexpected
14
Not having enough super or savings when I retire
29
Fear of losing my job
13
Not being able to afford what I want to do now
10
Generation X
Difficulty managing debt
9
Having to provide for my children
8
Not leaving enough for my kids in my will
5
Other
3
Other
3
Not leaving enough for my kids in my will
2
Other
4
Having to provide for my children
2
Having to provide for my children
3
Not leaving enough for my kids in my will
4
Difficulty managing debt
9
Difficulty managing debt
7
Baby Boomers
The insights in this report show that Australian workersrsquo expectations of their employer are increasing Are you doing enough to build an employee experience that your employees value enough to stay with your company and go the extra mile when you need them to And are you offering the support and benefits that will help your employees manage stress adopt new technology and deliver results for your organisation Here are some tips to get you started
New technologyOur insights show that Australian employees believe workplaces that adopt and adapt to new technology can make their work more efficient To realise these efficiencies employees may need training and other support
Are you doing enough to help your employees prepare for the speed of new technology and the impact of emerging technologies At the same time has your company recognised the importance of non-technical skills such as adapting to change open communication and problem solving
Employee resilienceTherersquos a good chance a number of your employees are currently feeling stressed due to the pace and demands of work or issues they are dealing with outside of work
In light of our insights consider whether you are setting clear goals for your teams and individual employees monitoring workloads and ensuring they are manageable encouraging and supporting employeesrsquo physical wellbeing offering financial wellbeing services and providing flexible working arrangements
Financial wellbeingA significant proportion of Australian employeesrsquo stress is caused by money worries Offering support and resources to help employees manage their finances can ease this stress and free up their energy and focus to be more productive at work This could be the most challenging wellbeing deliverable of them all however requiring solutions that cover household budgeting debt management financial hardship and retirement planning
Consider offering tangible financial assistance to employees through additional superannuation contributions financial advice and education services and access to everyday rewards programs
Donrsquot forget that Sunsuper offers our members a range of benefits including financial education and superannuation advice often at no additional cost
The employee experienceJust as businesses need to walk in the shoes of their customer creating a compelling employee experience involves seeing the world through employeesrsquo eyes and focusing on what they most value
Our insights indicate Australian workers are most focused on a positive culture financial and other rewards and flexible working arrangements
Start by involving your employees in focus groups to validate their priorities and then workshop how each could be addressed and improved in your organisation
Company cultureYour culture is shaped by the words and actions of your organisationrsquos leaders and how they make decisions Your culture is also influenced by how your employees are rewarded and how everyone in your organisation interacts with your customers and with each other
Given our insights show a large proportion of Australian employees canrsquot easily describe their companyrsquos culture start by asking yourself if you are doing enough at all levels of your organisation to clearly communicate and engage your employees with your culture
Diversity and flexibilityThe majority of Australian employees believe embracing workplace diversity is good for business In particular a flexible workplace is one way to help ensure you treat employees of diverse ages genders and backgrounds equally and as individuals
Workers say they most value varied work hours additional leave options and the ability to work from home when it comes to improving workplace flexibility
Are you already or is it possible for your organisation to adopt strategies to deliver these benefits
ONE TWO THREE FOUR FIVE SIX
USING THE INSIGHTS IN YOUR BUSINESSTIPS
32 2018 Australian Employee Insights Report 2018 Australian Employee Insights Report 33
34 2018 Australian Employee Insights Report 2018 Australian Employee Insights Report 35
AUSTRALIArsquoS VIEW OF SUPER AND RETIREMENTSNAPSHOT
Understanding of superOverall 56 of workers say they fully understand and are on top of their super Baby Boomers (70) are more likely to feel on top of their super than their Millennial peers (53)
Financial confidence for retirementClose to two thirds (62) of employees arenrsquot confident or donrsquot know if they will have enough super when they retire
Employer services to help workers understand superAustralian workers say they would value a range of services offered by their employer to help them feel more on top of their super and retirement
56
47
24
15
14
44
Obstacles to seeking financial adviceThe right financial advice can help in managing financial stress yet workers say they see a number of obstacles to seeking financial advice
41 I think itrsquos expensive 33
I donrsquot know who to trust
29Itrsquos difficult to know where to go
Mill
enni
als
Gen
erat
ion X
Bab
y Bo
omersTrust in employerrsquos choice of super fundThe majority (70) of Australian employees trust or support their employerrsquos choice of super fund Older workers trust their employerrsquos choice of super fund more than their younger peers
61 72 87
Our annual snapshot of Australiarsquos view of super and retirement highlights that close to half (44) of Australian workers donrsquot fully understand or feel on top of their super
28 of employees donrsquot know or havenrsquot thought about whether they will need to rely on the government age pension in retirement
37 of Australian workers say they will need the same or a higher annual income than what they are earning now to fund their lifestyle when they retire
Planned retirement ageMore than a quarter (27) of Australian workers plan to retire before age 60 Those with no children are more likely (31) to plan to retire before age 60 than those who donrsquot have kids (23)
Acc
ess
to f
ree
fina
ncia
l adv
ice
Make
supe
r sim
ple
Hel
p to
pla
n fo
r ret
irem
ent
Acc
ess
to v
iew
my
bala
nce
Acc
ess
to talk
to s
omeo
ne
Acc
ess
to f
ree
supe
r edu
cati
on
39
32 29 2622 21
Those with higher annual incomes are also more likely to understand their super
Again those with higher annual incomes are more financially confident about retiring
No
Yes
Donrsquot know
Irsquoll use other savings
Yes
No
0
20
40
60
49
67
0
20
40
60
55
30
0
20
40
35
lt50 yrs 51-55 yrs 56-60 yrs 61-67 yrs 68+ yrs I donrsquot plan on retiring
I donrsquot think Irsquoll be able to retire
36 2018 Australian Employee Insights Report 2018 Australian Employee Insights Report 37
Sunsuper offers benefits and member services that can help you support your employeesrsquo wellbeing and build an employee experience that will engage and retain your people These include
bull A track record of delivering strong investment returns to members
bull Low fees
bull A range of financial advice options on the phone and face-to-face often at no additional cost1
bull Financial education complimentary seminars and events including in your workplace
bull The ability to manage super on the go through the Sunsuper app
bull Online information education and inspiration start exploring the Dream Project sunsupercomauthedreamproject
bull Everyday discounts from retailers across Australia our Dream Rewards program sunsupercomaudream-rewards can help your employees save money today
bull Opportunities to support and give back to the community through our Dreams for a Better World grants program dreamsforabetterworldcomau
Sunsuper is also committed to help make managing your super obligations as easy as possible and we provide a range of other services for employersrsquo businesses including dedicated support teams research and insights customised reporting and professional development opportunities for leaders and staff
GROWING YOUR BUSINESS BY GROWING YOUR PEOPLE
SUNSUPERIs it time to talk to Sunsuper
Naturally wersquod like you to think so Curiosity can be good for business and at the very least wersquore confident a conversation with Sunsuper will leave you better informed about the right questions to ask for your company to optimise your employee superannuation arrangements It could also lead to understanding what ldquocompetitiverdquo looks like in todayrsquos ever-changing superannuation marketplace and how we could help you to support your employee experience and wellbeing initiatives
Want some help on the right questions to ask to optimise your employeesrsquo super Download our factsheet at sunsupercomaugrowyourbusiness
Join us on the wave of success
With five major award wins in one year Sunsuper has been recognised as the best of the best when it comes to super
At Sunsuper we donrsquot just want our members to have adequate savings for their retirement We also want to help them get to retirement in excellent financial physical and mental health After all what good is reaching retirement if you canrsquot enjoy it
Super Fund of the Year 2017
38 2018 Australian Employee Insights Report 2018 Australian Employee Insights Report 39
Our purpose is to inspire and empower Australians to fulfil their retirement dreams
Copyright 2018 Sunsuper Pty Ltd 2208 (0818)
1 Our qualified financial advisers provide simple advice about your Sunsuper account at no additional cost More comprehensive advice may incur a fee Sunsuper employees provide advice as representatives of Sunsuper Financial Services Pty Ltd (ABN 50 087 154 818 AFSL No 227867) (SFS) wholly owned by the Sunsuper Superannuation Fund
For ratings and awards information refer to sunsupercomauratingsagencies
This publication has been prepared and issued by Sunsuper Pty Ltd (ABN 88 010 720 840) (AFSL 228975) (lsquoSunsuperrsquo) the trustee and issuer of the Sunsuper Superannuation Fund (ABN 98 503 137 921) While it has been prepared with all reasonable care no responsibility or liability is accepted for any errors or omissions or misstatement however caused All forecasts and estimates are based on certain assumptions which may change If those assumptions change our forecasts and estimates may also change
This document has been prepared for general information purposes only and not as specific advice to any particular person Any advice contained in this document does not take into account any particular personrsquos objectives financial situation or needs Accordingly you should consider how appropriate the advice is to your own particular objectives financial circumstances or needs before acting on any advice You should consider the relevant Product Disclosure Statement before acquiring any financial product
40 2018 Australian Employee Insights Report
13 11 84 (+61 7 3121 0700 when overseas)
GPO Box 2924 Brisbane QLD 4001
sunsupercomau
twittercomsunsuper
facebookcomsunsuper
linkedincomcompanysunsuper
Sunsuper Pty Ltd Sunsuper Superannuation FundABN 88 010 720 840 ABN 98 503 137 921 AFSL No 228975 SPIN SSR 0100 AU
Find out how we can help you and your business in our Growing your business by
growing your people publication To start the conversation
please call us on 13 11 84
sunsupercomauemployeeinsightsreport
18 2018 Australian Employee Insights Report 2018 Australian Employee Insights Report 19
Employers should be aware that employeesrsquo feelings towards emerging technologies coming into the workplace are divided Half (51) of Australian employees arenrsquot concerned about emerging technologies coming into their work and 5 are quite looking forward to it but the remainder are not so sure
Concern about emerging technologies coming into the workplace Millennials are more concerned than older generations about emerging technologies coming into their workplace with more than half (55) of Millennials concerned compared with just 30 of Baby Boomers
Biggest workplace changes from emerging technologiesAustralian workers are also divided when it comes to predicting the biggest changes emerging technologies could have in their industry with 25 saying the biggest change will be time andor cost savings but another 24 saying there will be no change
When emerging technologies might start replacing jobsOverall only one third (36) of Australian workers say emerging technologies will start replacing jobs within the next few years Millennials (48) are most likely to say emerging technologies will start replacing jobs within the next few years
0
20
40
60
80
40
Veryconcerned
A littleconcerned
Notconcerned
Lookingforward to it
Millennials
Generation X
Baby Boomers
68
55
preparing for emerging technologiesFOUR
Workers in the finance and IT industries (57) are most likely to see robots and AI impacting jobs in their industry within a few years Workers in the healthcare social services and arts and media (29) and education (27) industries are most likely to say emerging technologies wonrsquot ever replace jobs in their industry
25 of workers in the finance and IT industries say emerging technologies will mean there wonrsquot be many jobs for humans in their industries compared with just 10 in the education mining and farming industries
62 of Millennials are concerned about finding a new job if emerging technologies replace their current job compared with just 46 of Baby Boomers
Within a few years
48
Not during my career
36
Never it wont happen
16
Not during my career
48
Within a few years
33
Never it wont happen
19
Not during my career
55
Never it wont happen
30
Within a few years
15
Millennials Generation X Baby Boomers
1 25 Save time or cost by automating boring processes and tasks
2 24 No change AIrobotics wonrsquot replace humans in my industry
3 20 I havenrsquot thought about itdonrsquot know
4 19 Will mean Irsquoll need retraining
5 17 Create opportunities to do more interesting work
6 17 There wont be many jobs for humans in my industry
7 15 Increase the pace and pressure of work
0
20
40
60
Emerging technologies will start replacing jobs within a few years
FinanceIT Construction Engineering
Healthcare ArtsMedia
Hospitality Personal Services
Retail Wholesale
distribution
Mining Farming
Government Education
57
4035 33 32 31 29 26 25
Aside from emerging technologies such as AI and robotics technology in general seems to be evolving at ever-increasing rates and it is impacting the ways we live and work
Companies need to balance the need to adapt to new technology quickly enough to remain competitive with ensuring employees build the skills to adopt new technologies All without allowing the expectation to be always connected to adversely impact their general wellbeing and life outside of work
ADOPTING NEW technology
TECHNOLOGYFIVE
12 of workers see the ability to always be connected as the biggest positive impact to workplaces of the increasing speed of new technology A slightly higher 16 see this same always-on connectivity as the biggest negative impact
20 21
22 2018 Australian Employee Insights Report 2018 Australian Employee Insights Report 23
As companies strive to keep abreast of the increasing speed of new technology in their industries itrsquos good to know Australian workers are generally positive about the potential impacts in their workplace with 38 saying it is making work more efficient and 50 saying their company adopts new technology quickly enough to stay competitive
Impact of increasing speed of new technology in the workplaceWorkers believe the biggest positive impact of the increasing speed of technology is that it is making work more efficient (38) On the flipside however they say the biggest negative impact is that it is increasing their workload (21)
Adopting new technology to stay competitiveClose to 60 of workers say their company is adopting new technology quickly enough to stay well ahead of or competitive with others Millennials (13) are almost three times as likely as Baby Boomers (5) to say their organisation is ahead of others in adopting new technology
Company policies for using technology at work Companies seem to have their policies around technology use at work about right with 57 of workers saying their companyrsquos rules around using social media the internet and personal mobile phones at work are appropriate
Impact of technology at work on broader lifeTwo thirds (67) of employees believe technology at work has impacted their broader life Baby Boomers (56) say they are less impacted than their Millennial peers (75) Millennials are more likely than older generations to say they are able to work less hours and more flexibly but also that they have learned to be more careful using social media
ADOPTING NEW TECHNOLOGYFIVE
We are well aheadof others
We are competivite with others
We may be alittle behind others
We are well behind others
9 50 30 11
Workers in the construction and engineering (25) and retail and wholesale distribution (24) industries are most concerned about the increasing speed of new technology resulting in redundancies Government workers (10) are the least concerned
Top 3 positive impacts
Top 3 negative impacts
Resulting in redundancies
Pressure to keep up with new tools and processes
Adding to my workload
Making work more efficient
38
Making work more rewarding
15
Allowing me to always be connected
12
21
18
17
Appropriate
NA there are no rules
Personally constraining but understandable at work
Can make performing my role difficult
Excessive
16
57
12
11
4
I can work more flexibly (hours practices)
29
Work technology means Irsquom always connected
27
It hasnrsquot impacted my broader life
25
The pace of life has increased significantly
23
Irsquom more careful using social media
21
Millennials
It hasnrsquot impacted my broader life
34
Work technology means Irsquom always connected
28
The pace of life has increased significantly
25
I can work more flexibly (hours practices)
20
Irsquom more careful using social media
20
It hasnrsquot impacted my broader life
44
Work technology means Irsquom always connected
30
The pace of life has increased significantly
22
Irsquom working more hours
17
I can work more flexibly (hours practices)
15
Generation X
Irsquom working more hours
18
Irsquom working less hours
16
Irsquom working less hours
7
Irsquom working less hours
5
Irsquom working more hours
15
Irsquom more careful using social media
11
Baby Boomers
Encouraging employee resilience
ResilienceSIX
Stressed employees can take more unplanned leave and be less engaged at work Their physical and emotional wellbeing is also likely to be lower than employees who are relaxed and focused
Encouraging and helping to build employee resilience is one way to reduce stress in the workplace and contribute to more mentally healthy and productive employees
More than half (54) of Australian workers say they feel stressed at work every week
2524
26 2018 Australian Employee Insights Report 2018 Australian Employee Insights Report 27
Resilience is the ability to adjust to adversity and hold on to some sense of control over your environment It is concerning that more than two thirds (68) of Australian workers donrsquot regularly feel a sense of control over their environment at work
Feeling a sense of control at work Feeling a sense of control at work can be the first step to reducing workplace stress and building resilience Overall just one third (32) of workers say they regularly feel a sense of control at work Interestingly Baby Boomers (13) are almost three times as likely as their Millennial peers (5) to always feel a sense of control at work
Feeling stressed at workNot feeling a sense of control and workplace stress seem to go hand in hand and can result in employees who find it challenging to adapt to change and deal with difficult situations So it is concerning that almost one in five (17) employees feel stressed at work daily
Cause of most stress at workThe cause of the most stress at work according to Australian workers is workload pressure including excessive workload and unrealistic expectations (34) followed by personal issues with managers or workmates (16) and lack of workndashlife balance including dealing with issues outside of work (15) Just 8 of employees say they donrsquot get stressed at work
Ways companies can ease stress at workThe good news is workers say there are positive steps their employer can take to ease workplace stress Almost half (47) of employees say a positive workplace including confident managers and good teamwork would help to prevent workplace stress and support employees who are stressed
Encouraging employee resilienceSIX Millennials (25) are more than three times more
likely than Baby Boomers (7) to be stressed at work due to financial stress outside of work
Perhaps unsurprisingly part-time casual and contract employees feel more stressed about job security (23) than their permanently employed colleagues (15) and Baby Boomers feel more stressed about keeping up with technology (13) than their Millennial peers (8)
Millennials are more likely to want their company to offer financial wellbeing benefits (28) and mental health services such as counselling (25) than their Baby Boomer peers (12 and 16 respectively)
Millennials are significantly more likely to feel stressed at work than their older peers Those working in government are the most likely (60) to feel stressed at least weekly and those in the mining and agriculture sectors the least likely (42)
0
20
40
60
Millennials
Generation X
Baby Boomers
47
37
2929
34
1615
8
8
8
11
Workload pressure
Issues with colleagues
Lack of work-life balance
Lack of job security
I donrsquot get stressed at work
Too much change at work
Other
At least weekly
60
Every few weeks to months
28
Rarelynever
12
At least weekly
53
Every few weeks to months
29
Rarelynever
18
At least weekly
46
Rarelynever
35
Every few weeks to months
19
Millennials Generation X Baby Boomers
A p
osit
ive
workplace
Clea
r goa
ls a
nd re
ason
able
workload
Flex
ible
working arr
ange
men
ts
Trai
ning
to
deal
wit
h ne
w t
echn
olog
y
Fina
ncia
l wel
lbei
ng b
enef
its
Stre
ss a
nd c
ompa
ssio
nate
leav
e
47
41 34
24 23 23
Phys
ical
wel
lbei
ng b
enef
its
Men
tal h
ealt
h se
rvic
es
22
18
Wellbeing39 of Australian workers say they feel financial stress at least weekly
Offering employees wellbeing services that focus on improving physical mental and financial health and a sense of community belonging can be central to a companyrsquos EVP and employee experience and help employees cope with stress
In particular with money-related issues causing Australian workers significant stress employee demand for their company to provide financial wellbeing benefits is increasing
Supporting financial wellbeingSEVEN
2928
30 2018 Australian Employee Insights Report 2018 Australian Employee Insights Report 31
More than a quarter (28) of Australian workers define ldquofinancial wellbeingrdquo as not being stressed about their finances And it seems employers can do more to support their employeesrsquo financial wellbeing with workers saying they would most value additional super contributions (40) and financial advice and education (31) from their employer
Causes of stressAustralian workers rank lack of financial security managing household finances and lack of savings for retirement as the factors causing them the most stress
Main reason for feeling financial stressJuggling the general cost of living is the main reason Australian workers feel financial stress across all household incomes genders and employment types Unsurprisingly not having enough super or savings for retirement (29) overtakes the general cost of living (17) as the main reason Baby Boomers feel financial stress
The meaning of financial wellbeing While employees are most likely (28) to equate not feeling stressed about their finances with financial wellbeing they also associate having enough savings to cover unexpected expenses (21) and being able to retire comfortably at a time they choose (19) with being financially ldquowellrdquo
Biggest concern about retiringGiven 19 of Australian workers say they equate financial wellbeing with being able to retire comfortably when they want it is concerning that 42 of workers say their biggest concern about retiring is not having enough money
Employer services to support financial wellbeingEmployees say they would most value additional super contributions (40) and financial advice and education (31) from their employer to support their financial wellbeing
Supporting financial wellbeingSEVEN
Additional supercontributions
Financial adviceand education
Discounts oneveryday items
Budgetingguidance
40 31 21 8
Lack o
f fi
nanc
ial s
ecur
ity
Managing household finances and bills
Lack o
f sa
ving
s fo
r ret
irem
ent
Phys
ical
hea
lth
conc
erns
Fam
ily o
r rel
atio
nshi
p co
ncer
ns
Conc
ern
abou
t jo
b se
curit
y
40
35
29 28 27 26
Millennials (46) and Gen X (40) are twice as likely as Baby Boomers (21) to feel financial stress at least weekly
Only one third (36) of workers believe their company cares about their financial wellbeing
28
2119
16
12
4 7
42
14
12
10
8
7
Not being stressed about my finances
Having enough savings to cover unexpected expenses
Being able to retire comfortably when I want
Being debt free or on top of my debts
Being able to meet day-to-day living expenses
Donrsquot knowother
Not having enough money
Irsquom not concerned
Losing my health
Being bored
Losing my mental sharpness
Losing my purpose
Losing my social connectionshaving to spend more time with my spouse
Juggling the general cost of living
23
Not being able to afford what I want to do now
18
Not enough savings for the unexpected
15
Not having enough super or savings when I retire
7
Fear of losing my job
12
Millennials
Juggling the general cost of living
34
Fear of losing my job
14
Not enough savings for the unexpected
13
Not having enough super or savings when I retire
10
Not being able to afford what I want to do now
12
Juggling the general cost of living
17
Not enough savings for the unexpected
14
Not having enough super or savings when I retire
29
Fear of losing my job
13
Not being able to afford what I want to do now
10
Generation X
Difficulty managing debt
9
Having to provide for my children
8
Not leaving enough for my kids in my will
5
Other
3
Other
3
Not leaving enough for my kids in my will
2
Other
4
Having to provide for my children
2
Having to provide for my children
3
Not leaving enough for my kids in my will
4
Difficulty managing debt
9
Difficulty managing debt
7
Baby Boomers
The insights in this report show that Australian workersrsquo expectations of their employer are increasing Are you doing enough to build an employee experience that your employees value enough to stay with your company and go the extra mile when you need them to And are you offering the support and benefits that will help your employees manage stress adopt new technology and deliver results for your organisation Here are some tips to get you started
New technologyOur insights show that Australian employees believe workplaces that adopt and adapt to new technology can make their work more efficient To realise these efficiencies employees may need training and other support
Are you doing enough to help your employees prepare for the speed of new technology and the impact of emerging technologies At the same time has your company recognised the importance of non-technical skills such as adapting to change open communication and problem solving
Employee resilienceTherersquos a good chance a number of your employees are currently feeling stressed due to the pace and demands of work or issues they are dealing with outside of work
In light of our insights consider whether you are setting clear goals for your teams and individual employees monitoring workloads and ensuring they are manageable encouraging and supporting employeesrsquo physical wellbeing offering financial wellbeing services and providing flexible working arrangements
Financial wellbeingA significant proportion of Australian employeesrsquo stress is caused by money worries Offering support and resources to help employees manage their finances can ease this stress and free up their energy and focus to be more productive at work This could be the most challenging wellbeing deliverable of them all however requiring solutions that cover household budgeting debt management financial hardship and retirement planning
Consider offering tangible financial assistance to employees through additional superannuation contributions financial advice and education services and access to everyday rewards programs
Donrsquot forget that Sunsuper offers our members a range of benefits including financial education and superannuation advice often at no additional cost
The employee experienceJust as businesses need to walk in the shoes of their customer creating a compelling employee experience involves seeing the world through employeesrsquo eyes and focusing on what they most value
Our insights indicate Australian workers are most focused on a positive culture financial and other rewards and flexible working arrangements
Start by involving your employees in focus groups to validate their priorities and then workshop how each could be addressed and improved in your organisation
Company cultureYour culture is shaped by the words and actions of your organisationrsquos leaders and how they make decisions Your culture is also influenced by how your employees are rewarded and how everyone in your organisation interacts with your customers and with each other
Given our insights show a large proportion of Australian employees canrsquot easily describe their companyrsquos culture start by asking yourself if you are doing enough at all levels of your organisation to clearly communicate and engage your employees with your culture
Diversity and flexibilityThe majority of Australian employees believe embracing workplace diversity is good for business In particular a flexible workplace is one way to help ensure you treat employees of diverse ages genders and backgrounds equally and as individuals
Workers say they most value varied work hours additional leave options and the ability to work from home when it comes to improving workplace flexibility
Are you already or is it possible for your organisation to adopt strategies to deliver these benefits
ONE TWO THREE FOUR FIVE SIX
USING THE INSIGHTS IN YOUR BUSINESSTIPS
32 2018 Australian Employee Insights Report 2018 Australian Employee Insights Report 33
34 2018 Australian Employee Insights Report 2018 Australian Employee Insights Report 35
AUSTRALIArsquoS VIEW OF SUPER AND RETIREMENTSNAPSHOT
Understanding of superOverall 56 of workers say they fully understand and are on top of their super Baby Boomers (70) are more likely to feel on top of their super than their Millennial peers (53)
Financial confidence for retirementClose to two thirds (62) of employees arenrsquot confident or donrsquot know if they will have enough super when they retire
Employer services to help workers understand superAustralian workers say they would value a range of services offered by their employer to help them feel more on top of their super and retirement
56
47
24
15
14
44
Obstacles to seeking financial adviceThe right financial advice can help in managing financial stress yet workers say they see a number of obstacles to seeking financial advice
41 I think itrsquos expensive 33
I donrsquot know who to trust
29Itrsquos difficult to know where to go
Mill
enni
als
Gen
erat
ion X
Bab
y Bo
omersTrust in employerrsquos choice of super fundThe majority (70) of Australian employees trust or support their employerrsquos choice of super fund Older workers trust their employerrsquos choice of super fund more than their younger peers
61 72 87
Our annual snapshot of Australiarsquos view of super and retirement highlights that close to half (44) of Australian workers donrsquot fully understand or feel on top of their super
28 of employees donrsquot know or havenrsquot thought about whether they will need to rely on the government age pension in retirement
37 of Australian workers say they will need the same or a higher annual income than what they are earning now to fund their lifestyle when they retire
Planned retirement ageMore than a quarter (27) of Australian workers plan to retire before age 60 Those with no children are more likely (31) to plan to retire before age 60 than those who donrsquot have kids (23)
Acc
ess
to f
ree
fina
ncia
l adv
ice
Make
supe
r sim
ple
Hel
p to
pla
n fo
r ret
irem
ent
Acc
ess
to v
iew
my
bala
nce
Acc
ess
to talk
to s
omeo
ne
Acc
ess
to f
ree
supe
r edu
cati
on
39
32 29 2622 21
Those with higher annual incomes are also more likely to understand their super
Again those with higher annual incomes are more financially confident about retiring
No
Yes
Donrsquot know
Irsquoll use other savings
Yes
No
0
20
40
60
49
67
0
20
40
60
55
30
0
20
40
35
lt50 yrs 51-55 yrs 56-60 yrs 61-67 yrs 68+ yrs I donrsquot plan on retiring
I donrsquot think Irsquoll be able to retire
36 2018 Australian Employee Insights Report 2018 Australian Employee Insights Report 37
Sunsuper offers benefits and member services that can help you support your employeesrsquo wellbeing and build an employee experience that will engage and retain your people These include
bull A track record of delivering strong investment returns to members
bull Low fees
bull A range of financial advice options on the phone and face-to-face often at no additional cost1
bull Financial education complimentary seminars and events including in your workplace
bull The ability to manage super on the go through the Sunsuper app
bull Online information education and inspiration start exploring the Dream Project sunsupercomauthedreamproject
bull Everyday discounts from retailers across Australia our Dream Rewards program sunsupercomaudream-rewards can help your employees save money today
bull Opportunities to support and give back to the community through our Dreams for a Better World grants program dreamsforabetterworldcomau
Sunsuper is also committed to help make managing your super obligations as easy as possible and we provide a range of other services for employersrsquo businesses including dedicated support teams research and insights customised reporting and professional development opportunities for leaders and staff
GROWING YOUR BUSINESS BY GROWING YOUR PEOPLE
SUNSUPERIs it time to talk to Sunsuper
Naturally wersquod like you to think so Curiosity can be good for business and at the very least wersquore confident a conversation with Sunsuper will leave you better informed about the right questions to ask for your company to optimise your employee superannuation arrangements It could also lead to understanding what ldquocompetitiverdquo looks like in todayrsquos ever-changing superannuation marketplace and how we could help you to support your employee experience and wellbeing initiatives
Want some help on the right questions to ask to optimise your employeesrsquo super Download our factsheet at sunsupercomaugrowyourbusiness
Join us on the wave of success
With five major award wins in one year Sunsuper has been recognised as the best of the best when it comes to super
At Sunsuper we donrsquot just want our members to have adequate savings for their retirement We also want to help them get to retirement in excellent financial physical and mental health After all what good is reaching retirement if you canrsquot enjoy it
Super Fund of the Year 2017
38 2018 Australian Employee Insights Report 2018 Australian Employee Insights Report 39
Our purpose is to inspire and empower Australians to fulfil their retirement dreams
Copyright 2018 Sunsuper Pty Ltd 2208 (0818)
1 Our qualified financial advisers provide simple advice about your Sunsuper account at no additional cost More comprehensive advice may incur a fee Sunsuper employees provide advice as representatives of Sunsuper Financial Services Pty Ltd (ABN 50 087 154 818 AFSL No 227867) (SFS) wholly owned by the Sunsuper Superannuation Fund
For ratings and awards information refer to sunsupercomauratingsagencies
This publication has been prepared and issued by Sunsuper Pty Ltd (ABN 88 010 720 840) (AFSL 228975) (lsquoSunsuperrsquo) the trustee and issuer of the Sunsuper Superannuation Fund (ABN 98 503 137 921) While it has been prepared with all reasonable care no responsibility or liability is accepted for any errors or omissions or misstatement however caused All forecasts and estimates are based on certain assumptions which may change If those assumptions change our forecasts and estimates may also change
This document has been prepared for general information purposes only and not as specific advice to any particular person Any advice contained in this document does not take into account any particular personrsquos objectives financial situation or needs Accordingly you should consider how appropriate the advice is to your own particular objectives financial circumstances or needs before acting on any advice You should consider the relevant Product Disclosure Statement before acquiring any financial product
40 2018 Australian Employee Insights Report
13 11 84 (+61 7 3121 0700 when overseas)
GPO Box 2924 Brisbane QLD 4001
sunsupercomau
twittercomsunsuper
facebookcomsunsuper
linkedincomcompanysunsuper
Sunsuper Pty Ltd Sunsuper Superannuation FundABN 88 010 720 840 ABN 98 503 137 921 AFSL No 228975 SPIN SSR 0100 AU
Find out how we can help you and your business in our Growing your business by
growing your people publication To start the conversation
please call us on 13 11 84
sunsupercomauemployeeinsightsreport
Aside from emerging technologies such as AI and robotics technology in general seems to be evolving at ever-increasing rates and it is impacting the ways we live and work
Companies need to balance the need to adapt to new technology quickly enough to remain competitive with ensuring employees build the skills to adopt new technologies All without allowing the expectation to be always connected to adversely impact their general wellbeing and life outside of work
ADOPTING NEW technology
TECHNOLOGYFIVE
12 of workers see the ability to always be connected as the biggest positive impact to workplaces of the increasing speed of new technology A slightly higher 16 see this same always-on connectivity as the biggest negative impact
20 21
22 2018 Australian Employee Insights Report 2018 Australian Employee Insights Report 23
As companies strive to keep abreast of the increasing speed of new technology in their industries itrsquos good to know Australian workers are generally positive about the potential impacts in their workplace with 38 saying it is making work more efficient and 50 saying their company adopts new technology quickly enough to stay competitive
Impact of increasing speed of new technology in the workplaceWorkers believe the biggest positive impact of the increasing speed of technology is that it is making work more efficient (38) On the flipside however they say the biggest negative impact is that it is increasing their workload (21)
Adopting new technology to stay competitiveClose to 60 of workers say their company is adopting new technology quickly enough to stay well ahead of or competitive with others Millennials (13) are almost three times as likely as Baby Boomers (5) to say their organisation is ahead of others in adopting new technology
Company policies for using technology at work Companies seem to have their policies around technology use at work about right with 57 of workers saying their companyrsquos rules around using social media the internet and personal mobile phones at work are appropriate
Impact of technology at work on broader lifeTwo thirds (67) of employees believe technology at work has impacted their broader life Baby Boomers (56) say they are less impacted than their Millennial peers (75) Millennials are more likely than older generations to say they are able to work less hours and more flexibly but also that they have learned to be more careful using social media
ADOPTING NEW TECHNOLOGYFIVE
We are well aheadof others
We are competivite with others
We may be alittle behind others
We are well behind others
9 50 30 11
Workers in the construction and engineering (25) and retail and wholesale distribution (24) industries are most concerned about the increasing speed of new technology resulting in redundancies Government workers (10) are the least concerned
Top 3 positive impacts
Top 3 negative impacts
Resulting in redundancies
Pressure to keep up with new tools and processes
Adding to my workload
Making work more efficient
38
Making work more rewarding
15
Allowing me to always be connected
12
21
18
17
Appropriate
NA there are no rules
Personally constraining but understandable at work
Can make performing my role difficult
Excessive
16
57
12
11
4
I can work more flexibly (hours practices)
29
Work technology means Irsquom always connected
27
It hasnrsquot impacted my broader life
25
The pace of life has increased significantly
23
Irsquom more careful using social media
21
Millennials
It hasnrsquot impacted my broader life
34
Work technology means Irsquom always connected
28
The pace of life has increased significantly
25
I can work more flexibly (hours practices)
20
Irsquom more careful using social media
20
It hasnrsquot impacted my broader life
44
Work technology means Irsquom always connected
30
The pace of life has increased significantly
22
Irsquom working more hours
17
I can work more flexibly (hours practices)
15
Generation X
Irsquom working more hours
18
Irsquom working less hours
16
Irsquom working less hours
7
Irsquom working less hours
5
Irsquom working more hours
15
Irsquom more careful using social media
11
Baby Boomers
Encouraging employee resilience
ResilienceSIX
Stressed employees can take more unplanned leave and be less engaged at work Their physical and emotional wellbeing is also likely to be lower than employees who are relaxed and focused
Encouraging and helping to build employee resilience is one way to reduce stress in the workplace and contribute to more mentally healthy and productive employees
More than half (54) of Australian workers say they feel stressed at work every week
2524
26 2018 Australian Employee Insights Report 2018 Australian Employee Insights Report 27
Resilience is the ability to adjust to adversity and hold on to some sense of control over your environment It is concerning that more than two thirds (68) of Australian workers donrsquot regularly feel a sense of control over their environment at work
Feeling a sense of control at work Feeling a sense of control at work can be the first step to reducing workplace stress and building resilience Overall just one third (32) of workers say they regularly feel a sense of control at work Interestingly Baby Boomers (13) are almost three times as likely as their Millennial peers (5) to always feel a sense of control at work
Feeling stressed at workNot feeling a sense of control and workplace stress seem to go hand in hand and can result in employees who find it challenging to adapt to change and deal with difficult situations So it is concerning that almost one in five (17) employees feel stressed at work daily
Cause of most stress at workThe cause of the most stress at work according to Australian workers is workload pressure including excessive workload and unrealistic expectations (34) followed by personal issues with managers or workmates (16) and lack of workndashlife balance including dealing with issues outside of work (15) Just 8 of employees say they donrsquot get stressed at work
Ways companies can ease stress at workThe good news is workers say there are positive steps their employer can take to ease workplace stress Almost half (47) of employees say a positive workplace including confident managers and good teamwork would help to prevent workplace stress and support employees who are stressed
Encouraging employee resilienceSIX Millennials (25) are more than three times more
likely than Baby Boomers (7) to be stressed at work due to financial stress outside of work
Perhaps unsurprisingly part-time casual and contract employees feel more stressed about job security (23) than their permanently employed colleagues (15) and Baby Boomers feel more stressed about keeping up with technology (13) than their Millennial peers (8)
Millennials are more likely to want their company to offer financial wellbeing benefits (28) and mental health services such as counselling (25) than their Baby Boomer peers (12 and 16 respectively)
Millennials are significantly more likely to feel stressed at work than their older peers Those working in government are the most likely (60) to feel stressed at least weekly and those in the mining and agriculture sectors the least likely (42)
0
20
40
60
Millennials
Generation X
Baby Boomers
47
37
2929
34
1615
8
8
8
11
Workload pressure
Issues with colleagues
Lack of work-life balance
Lack of job security
I donrsquot get stressed at work
Too much change at work
Other
At least weekly
60
Every few weeks to months
28
Rarelynever
12
At least weekly
53
Every few weeks to months
29
Rarelynever
18
At least weekly
46
Rarelynever
35
Every few weeks to months
19
Millennials Generation X Baby Boomers
A p
osit
ive
workplace
Clea
r goa
ls a
nd re
ason
able
workload
Flex
ible
working arr
ange
men
ts
Trai
ning
to
deal
wit
h ne
w t
echn
olog
y
Fina
ncia
l wel
lbei
ng b
enef
its
Stre
ss a
nd c
ompa
ssio
nate
leav
e
47
41 34
24 23 23
Phys
ical
wel
lbei
ng b
enef
its
Men
tal h
ealt
h se
rvic
es
22
18
Wellbeing39 of Australian workers say they feel financial stress at least weekly
Offering employees wellbeing services that focus on improving physical mental and financial health and a sense of community belonging can be central to a companyrsquos EVP and employee experience and help employees cope with stress
In particular with money-related issues causing Australian workers significant stress employee demand for their company to provide financial wellbeing benefits is increasing
Supporting financial wellbeingSEVEN
2928
30 2018 Australian Employee Insights Report 2018 Australian Employee Insights Report 31
More than a quarter (28) of Australian workers define ldquofinancial wellbeingrdquo as not being stressed about their finances And it seems employers can do more to support their employeesrsquo financial wellbeing with workers saying they would most value additional super contributions (40) and financial advice and education (31) from their employer
Causes of stressAustralian workers rank lack of financial security managing household finances and lack of savings for retirement as the factors causing them the most stress
Main reason for feeling financial stressJuggling the general cost of living is the main reason Australian workers feel financial stress across all household incomes genders and employment types Unsurprisingly not having enough super or savings for retirement (29) overtakes the general cost of living (17) as the main reason Baby Boomers feel financial stress
The meaning of financial wellbeing While employees are most likely (28) to equate not feeling stressed about their finances with financial wellbeing they also associate having enough savings to cover unexpected expenses (21) and being able to retire comfortably at a time they choose (19) with being financially ldquowellrdquo
Biggest concern about retiringGiven 19 of Australian workers say they equate financial wellbeing with being able to retire comfortably when they want it is concerning that 42 of workers say their biggest concern about retiring is not having enough money
Employer services to support financial wellbeingEmployees say they would most value additional super contributions (40) and financial advice and education (31) from their employer to support their financial wellbeing
Supporting financial wellbeingSEVEN
Additional supercontributions
Financial adviceand education
Discounts oneveryday items
Budgetingguidance
40 31 21 8
Lack o
f fi
nanc
ial s
ecur
ity
Managing household finances and bills
Lack o
f sa
ving
s fo
r ret
irem
ent
Phys
ical
hea
lth
conc
erns
Fam
ily o
r rel
atio
nshi
p co
ncer
ns
Conc
ern
abou
t jo
b se
curit
y
40
35
29 28 27 26
Millennials (46) and Gen X (40) are twice as likely as Baby Boomers (21) to feel financial stress at least weekly
Only one third (36) of workers believe their company cares about their financial wellbeing
28
2119
16
12
4 7
42
14
12
10
8
7
Not being stressed about my finances
Having enough savings to cover unexpected expenses
Being able to retire comfortably when I want
Being debt free or on top of my debts
Being able to meet day-to-day living expenses
Donrsquot knowother
Not having enough money
Irsquom not concerned
Losing my health
Being bored
Losing my mental sharpness
Losing my purpose
Losing my social connectionshaving to spend more time with my spouse
Juggling the general cost of living
23
Not being able to afford what I want to do now
18
Not enough savings for the unexpected
15
Not having enough super or savings when I retire
7
Fear of losing my job
12
Millennials
Juggling the general cost of living
34
Fear of losing my job
14
Not enough savings for the unexpected
13
Not having enough super or savings when I retire
10
Not being able to afford what I want to do now
12
Juggling the general cost of living
17
Not enough savings for the unexpected
14
Not having enough super or savings when I retire
29
Fear of losing my job
13
Not being able to afford what I want to do now
10
Generation X
Difficulty managing debt
9
Having to provide for my children
8
Not leaving enough for my kids in my will
5
Other
3
Other
3
Not leaving enough for my kids in my will
2
Other
4
Having to provide for my children
2
Having to provide for my children
3
Not leaving enough for my kids in my will
4
Difficulty managing debt
9
Difficulty managing debt
7
Baby Boomers
The insights in this report show that Australian workersrsquo expectations of their employer are increasing Are you doing enough to build an employee experience that your employees value enough to stay with your company and go the extra mile when you need them to And are you offering the support and benefits that will help your employees manage stress adopt new technology and deliver results for your organisation Here are some tips to get you started
New technologyOur insights show that Australian employees believe workplaces that adopt and adapt to new technology can make their work more efficient To realise these efficiencies employees may need training and other support
Are you doing enough to help your employees prepare for the speed of new technology and the impact of emerging technologies At the same time has your company recognised the importance of non-technical skills such as adapting to change open communication and problem solving
Employee resilienceTherersquos a good chance a number of your employees are currently feeling stressed due to the pace and demands of work or issues they are dealing with outside of work
In light of our insights consider whether you are setting clear goals for your teams and individual employees monitoring workloads and ensuring they are manageable encouraging and supporting employeesrsquo physical wellbeing offering financial wellbeing services and providing flexible working arrangements
Financial wellbeingA significant proportion of Australian employeesrsquo stress is caused by money worries Offering support and resources to help employees manage their finances can ease this stress and free up their energy and focus to be more productive at work This could be the most challenging wellbeing deliverable of them all however requiring solutions that cover household budgeting debt management financial hardship and retirement planning
Consider offering tangible financial assistance to employees through additional superannuation contributions financial advice and education services and access to everyday rewards programs
Donrsquot forget that Sunsuper offers our members a range of benefits including financial education and superannuation advice often at no additional cost
The employee experienceJust as businesses need to walk in the shoes of their customer creating a compelling employee experience involves seeing the world through employeesrsquo eyes and focusing on what they most value
Our insights indicate Australian workers are most focused on a positive culture financial and other rewards and flexible working arrangements
Start by involving your employees in focus groups to validate their priorities and then workshop how each could be addressed and improved in your organisation
Company cultureYour culture is shaped by the words and actions of your organisationrsquos leaders and how they make decisions Your culture is also influenced by how your employees are rewarded and how everyone in your organisation interacts with your customers and with each other
Given our insights show a large proportion of Australian employees canrsquot easily describe their companyrsquos culture start by asking yourself if you are doing enough at all levels of your organisation to clearly communicate and engage your employees with your culture
Diversity and flexibilityThe majority of Australian employees believe embracing workplace diversity is good for business In particular a flexible workplace is one way to help ensure you treat employees of diverse ages genders and backgrounds equally and as individuals
Workers say they most value varied work hours additional leave options and the ability to work from home when it comes to improving workplace flexibility
Are you already or is it possible for your organisation to adopt strategies to deliver these benefits
ONE TWO THREE FOUR FIVE SIX
USING THE INSIGHTS IN YOUR BUSINESSTIPS
32 2018 Australian Employee Insights Report 2018 Australian Employee Insights Report 33
34 2018 Australian Employee Insights Report 2018 Australian Employee Insights Report 35
AUSTRALIArsquoS VIEW OF SUPER AND RETIREMENTSNAPSHOT
Understanding of superOverall 56 of workers say they fully understand and are on top of their super Baby Boomers (70) are more likely to feel on top of their super than their Millennial peers (53)
Financial confidence for retirementClose to two thirds (62) of employees arenrsquot confident or donrsquot know if they will have enough super when they retire
Employer services to help workers understand superAustralian workers say they would value a range of services offered by their employer to help them feel more on top of their super and retirement
56
47
24
15
14
44
Obstacles to seeking financial adviceThe right financial advice can help in managing financial stress yet workers say they see a number of obstacles to seeking financial advice
41 I think itrsquos expensive 33
I donrsquot know who to trust
29Itrsquos difficult to know where to go
Mill
enni
als
Gen
erat
ion X
Bab
y Bo
omersTrust in employerrsquos choice of super fundThe majority (70) of Australian employees trust or support their employerrsquos choice of super fund Older workers trust their employerrsquos choice of super fund more than their younger peers
61 72 87
Our annual snapshot of Australiarsquos view of super and retirement highlights that close to half (44) of Australian workers donrsquot fully understand or feel on top of their super
28 of employees donrsquot know or havenrsquot thought about whether they will need to rely on the government age pension in retirement
37 of Australian workers say they will need the same or a higher annual income than what they are earning now to fund their lifestyle when they retire
Planned retirement ageMore than a quarter (27) of Australian workers plan to retire before age 60 Those with no children are more likely (31) to plan to retire before age 60 than those who donrsquot have kids (23)
Acc
ess
to f
ree
fina
ncia
l adv
ice
Make
supe
r sim
ple
Hel
p to
pla
n fo
r ret
irem
ent
Acc
ess
to v
iew
my
bala
nce
Acc
ess
to talk
to s
omeo
ne
Acc
ess
to f
ree
supe
r edu
cati
on
39
32 29 2622 21
Those with higher annual incomes are also more likely to understand their super
Again those with higher annual incomes are more financially confident about retiring
No
Yes
Donrsquot know
Irsquoll use other savings
Yes
No
0
20
40
60
49
67
0
20
40
60
55
30
0
20
40
35
lt50 yrs 51-55 yrs 56-60 yrs 61-67 yrs 68+ yrs I donrsquot plan on retiring
I donrsquot think Irsquoll be able to retire
36 2018 Australian Employee Insights Report 2018 Australian Employee Insights Report 37
Sunsuper offers benefits and member services that can help you support your employeesrsquo wellbeing and build an employee experience that will engage and retain your people These include
bull A track record of delivering strong investment returns to members
bull Low fees
bull A range of financial advice options on the phone and face-to-face often at no additional cost1
bull Financial education complimentary seminars and events including in your workplace
bull The ability to manage super on the go through the Sunsuper app
bull Online information education and inspiration start exploring the Dream Project sunsupercomauthedreamproject
bull Everyday discounts from retailers across Australia our Dream Rewards program sunsupercomaudream-rewards can help your employees save money today
bull Opportunities to support and give back to the community through our Dreams for a Better World grants program dreamsforabetterworldcomau
Sunsuper is also committed to help make managing your super obligations as easy as possible and we provide a range of other services for employersrsquo businesses including dedicated support teams research and insights customised reporting and professional development opportunities for leaders and staff
GROWING YOUR BUSINESS BY GROWING YOUR PEOPLE
SUNSUPERIs it time to talk to Sunsuper
Naturally wersquod like you to think so Curiosity can be good for business and at the very least wersquore confident a conversation with Sunsuper will leave you better informed about the right questions to ask for your company to optimise your employee superannuation arrangements It could also lead to understanding what ldquocompetitiverdquo looks like in todayrsquos ever-changing superannuation marketplace and how we could help you to support your employee experience and wellbeing initiatives
Want some help on the right questions to ask to optimise your employeesrsquo super Download our factsheet at sunsupercomaugrowyourbusiness
Join us on the wave of success
With five major award wins in one year Sunsuper has been recognised as the best of the best when it comes to super
At Sunsuper we donrsquot just want our members to have adequate savings for their retirement We also want to help them get to retirement in excellent financial physical and mental health After all what good is reaching retirement if you canrsquot enjoy it
Super Fund of the Year 2017
38 2018 Australian Employee Insights Report 2018 Australian Employee Insights Report 39
Our purpose is to inspire and empower Australians to fulfil their retirement dreams
Copyright 2018 Sunsuper Pty Ltd 2208 (0818)
1 Our qualified financial advisers provide simple advice about your Sunsuper account at no additional cost More comprehensive advice may incur a fee Sunsuper employees provide advice as representatives of Sunsuper Financial Services Pty Ltd (ABN 50 087 154 818 AFSL No 227867) (SFS) wholly owned by the Sunsuper Superannuation Fund
For ratings and awards information refer to sunsupercomauratingsagencies
This publication has been prepared and issued by Sunsuper Pty Ltd (ABN 88 010 720 840) (AFSL 228975) (lsquoSunsuperrsquo) the trustee and issuer of the Sunsuper Superannuation Fund (ABN 98 503 137 921) While it has been prepared with all reasonable care no responsibility or liability is accepted for any errors or omissions or misstatement however caused All forecasts and estimates are based on certain assumptions which may change If those assumptions change our forecasts and estimates may also change
This document has been prepared for general information purposes only and not as specific advice to any particular person Any advice contained in this document does not take into account any particular personrsquos objectives financial situation or needs Accordingly you should consider how appropriate the advice is to your own particular objectives financial circumstances or needs before acting on any advice You should consider the relevant Product Disclosure Statement before acquiring any financial product
40 2018 Australian Employee Insights Report
13 11 84 (+61 7 3121 0700 when overseas)
GPO Box 2924 Brisbane QLD 4001
sunsupercomau
twittercomsunsuper
facebookcomsunsuper
linkedincomcompanysunsuper
Sunsuper Pty Ltd Sunsuper Superannuation FundABN 88 010 720 840 ABN 98 503 137 921 AFSL No 228975 SPIN SSR 0100 AU
Find out how we can help you and your business in our Growing your business by
growing your people publication To start the conversation
please call us on 13 11 84
sunsupercomauemployeeinsightsreport
22 2018 Australian Employee Insights Report 2018 Australian Employee Insights Report 23
As companies strive to keep abreast of the increasing speed of new technology in their industries itrsquos good to know Australian workers are generally positive about the potential impacts in their workplace with 38 saying it is making work more efficient and 50 saying their company adopts new technology quickly enough to stay competitive
Impact of increasing speed of new technology in the workplaceWorkers believe the biggest positive impact of the increasing speed of technology is that it is making work more efficient (38) On the flipside however they say the biggest negative impact is that it is increasing their workload (21)
Adopting new technology to stay competitiveClose to 60 of workers say their company is adopting new technology quickly enough to stay well ahead of or competitive with others Millennials (13) are almost three times as likely as Baby Boomers (5) to say their organisation is ahead of others in adopting new technology
Company policies for using technology at work Companies seem to have their policies around technology use at work about right with 57 of workers saying their companyrsquos rules around using social media the internet and personal mobile phones at work are appropriate
Impact of technology at work on broader lifeTwo thirds (67) of employees believe technology at work has impacted their broader life Baby Boomers (56) say they are less impacted than their Millennial peers (75) Millennials are more likely than older generations to say they are able to work less hours and more flexibly but also that they have learned to be more careful using social media
ADOPTING NEW TECHNOLOGYFIVE
We are well aheadof others
We are competivite with others
We may be alittle behind others
We are well behind others
9 50 30 11
Workers in the construction and engineering (25) and retail and wholesale distribution (24) industries are most concerned about the increasing speed of new technology resulting in redundancies Government workers (10) are the least concerned
Top 3 positive impacts
Top 3 negative impacts
Resulting in redundancies
Pressure to keep up with new tools and processes
Adding to my workload
Making work more efficient
38
Making work more rewarding
15
Allowing me to always be connected
12
21
18
17
Appropriate
NA there are no rules
Personally constraining but understandable at work
Can make performing my role difficult
Excessive
16
57
12
11
4
I can work more flexibly (hours practices)
29
Work technology means Irsquom always connected
27
It hasnrsquot impacted my broader life
25
The pace of life has increased significantly
23
Irsquom more careful using social media
21
Millennials
It hasnrsquot impacted my broader life
34
Work technology means Irsquom always connected
28
The pace of life has increased significantly
25
I can work more flexibly (hours practices)
20
Irsquom more careful using social media
20
It hasnrsquot impacted my broader life
44
Work technology means Irsquom always connected
30
The pace of life has increased significantly
22
Irsquom working more hours
17
I can work more flexibly (hours practices)
15
Generation X
Irsquom working more hours
18
Irsquom working less hours
16
Irsquom working less hours
7
Irsquom working less hours
5
Irsquom working more hours
15
Irsquom more careful using social media
11
Baby Boomers
Encouraging employee resilience
ResilienceSIX
Stressed employees can take more unplanned leave and be less engaged at work Their physical and emotional wellbeing is also likely to be lower than employees who are relaxed and focused
Encouraging and helping to build employee resilience is one way to reduce stress in the workplace and contribute to more mentally healthy and productive employees
More than half (54) of Australian workers say they feel stressed at work every week
2524
26 2018 Australian Employee Insights Report 2018 Australian Employee Insights Report 27
Resilience is the ability to adjust to adversity and hold on to some sense of control over your environment It is concerning that more than two thirds (68) of Australian workers donrsquot regularly feel a sense of control over their environment at work
Feeling a sense of control at work Feeling a sense of control at work can be the first step to reducing workplace stress and building resilience Overall just one third (32) of workers say they regularly feel a sense of control at work Interestingly Baby Boomers (13) are almost three times as likely as their Millennial peers (5) to always feel a sense of control at work
Feeling stressed at workNot feeling a sense of control and workplace stress seem to go hand in hand and can result in employees who find it challenging to adapt to change and deal with difficult situations So it is concerning that almost one in five (17) employees feel stressed at work daily
Cause of most stress at workThe cause of the most stress at work according to Australian workers is workload pressure including excessive workload and unrealistic expectations (34) followed by personal issues with managers or workmates (16) and lack of workndashlife balance including dealing with issues outside of work (15) Just 8 of employees say they donrsquot get stressed at work
Ways companies can ease stress at workThe good news is workers say there are positive steps their employer can take to ease workplace stress Almost half (47) of employees say a positive workplace including confident managers and good teamwork would help to prevent workplace stress and support employees who are stressed
Encouraging employee resilienceSIX Millennials (25) are more than three times more
likely than Baby Boomers (7) to be stressed at work due to financial stress outside of work
Perhaps unsurprisingly part-time casual and contract employees feel more stressed about job security (23) than their permanently employed colleagues (15) and Baby Boomers feel more stressed about keeping up with technology (13) than their Millennial peers (8)
Millennials are more likely to want their company to offer financial wellbeing benefits (28) and mental health services such as counselling (25) than their Baby Boomer peers (12 and 16 respectively)
Millennials are significantly more likely to feel stressed at work than their older peers Those working in government are the most likely (60) to feel stressed at least weekly and those in the mining and agriculture sectors the least likely (42)
0
20
40
60
Millennials
Generation X
Baby Boomers
47
37
2929
34
1615
8
8
8
11
Workload pressure
Issues with colleagues
Lack of work-life balance
Lack of job security
I donrsquot get stressed at work
Too much change at work
Other
At least weekly
60
Every few weeks to months
28
Rarelynever
12
At least weekly
53
Every few weeks to months
29
Rarelynever
18
At least weekly
46
Rarelynever
35
Every few weeks to months
19
Millennials Generation X Baby Boomers
A p
osit
ive
workplace
Clea
r goa
ls a
nd re
ason
able
workload
Flex
ible
working arr
ange
men
ts
Trai
ning
to
deal
wit
h ne
w t
echn
olog
y
Fina
ncia
l wel
lbei
ng b
enef
its
Stre
ss a
nd c
ompa
ssio
nate
leav
e
47
41 34
24 23 23
Phys
ical
wel
lbei
ng b
enef
its
Men
tal h
ealt
h se
rvic
es
22
18
Wellbeing39 of Australian workers say they feel financial stress at least weekly
Offering employees wellbeing services that focus on improving physical mental and financial health and a sense of community belonging can be central to a companyrsquos EVP and employee experience and help employees cope with stress
In particular with money-related issues causing Australian workers significant stress employee demand for their company to provide financial wellbeing benefits is increasing
Supporting financial wellbeingSEVEN
2928
30 2018 Australian Employee Insights Report 2018 Australian Employee Insights Report 31
More than a quarter (28) of Australian workers define ldquofinancial wellbeingrdquo as not being stressed about their finances And it seems employers can do more to support their employeesrsquo financial wellbeing with workers saying they would most value additional super contributions (40) and financial advice and education (31) from their employer
Causes of stressAustralian workers rank lack of financial security managing household finances and lack of savings for retirement as the factors causing them the most stress
Main reason for feeling financial stressJuggling the general cost of living is the main reason Australian workers feel financial stress across all household incomes genders and employment types Unsurprisingly not having enough super or savings for retirement (29) overtakes the general cost of living (17) as the main reason Baby Boomers feel financial stress
The meaning of financial wellbeing While employees are most likely (28) to equate not feeling stressed about their finances with financial wellbeing they also associate having enough savings to cover unexpected expenses (21) and being able to retire comfortably at a time they choose (19) with being financially ldquowellrdquo
Biggest concern about retiringGiven 19 of Australian workers say they equate financial wellbeing with being able to retire comfortably when they want it is concerning that 42 of workers say their biggest concern about retiring is not having enough money
Employer services to support financial wellbeingEmployees say they would most value additional super contributions (40) and financial advice and education (31) from their employer to support their financial wellbeing
Supporting financial wellbeingSEVEN
Additional supercontributions
Financial adviceand education
Discounts oneveryday items
Budgetingguidance
40 31 21 8
Lack o
f fi
nanc
ial s
ecur
ity
Managing household finances and bills
Lack o
f sa
ving
s fo
r ret
irem
ent
Phys
ical
hea
lth
conc
erns
Fam
ily o
r rel
atio
nshi
p co
ncer
ns
Conc
ern
abou
t jo
b se
curit
y
40
35
29 28 27 26
Millennials (46) and Gen X (40) are twice as likely as Baby Boomers (21) to feel financial stress at least weekly
Only one third (36) of workers believe their company cares about their financial wellbeing
28
2119
16
12
4 7
42
14
12
10
8
7
Not being stressed about my finances
Having enough savings to cover unexpected expenses
Being able to retire comfortably when I want
Being debt free or on top of my debts
Being able to meet day-to-day living expenses
Donrsquot knowother
Not having enough money
Irsquom not concerned
Losing my health
Being bored
Losing my mental sharpness
Losing my purpose
Losing my social connectionshaving to spend more time with my spouse
Juggling the general cost of living
23
Not being able to afford what I want to do now
18
Not enough savings for the unexpected
15
Not having enough super or savings when I retire
7
Fear of losing my job
12
Millennials
Juggling the general cost of living
34
Fear of losing my job
14
Not enough savings for the unexpected
13
Not having enough super or savings when I retire
10
Not being able to afford what I want to do now
12
Juggling the general cost of living
17
Not enough savings for the unexpected
14
Not having enough super or savings when I retire
29
Fear of losing my job
13
Not being able to afford what I want to do now
10
Generation X
Difficulty managing debt
9
Having to provide for my children
8
Not leaving enough for my kids in my will
5
Other
3
Other
3
Not leaving enough for my kids in my will
2
Other
4
Having to provide for my children
2
Having to provide for my children
3
Not leaving enough for my kids in my will
4
Difficulty managing debt
9
Difficulty managing debt
7
Baby Boomers
The insights in this report show that Australian workersrsquo expectations of their employer are increasing Are you doing enough to build an employee experience that your employees value enough to stay with your company and go the extra mile when you need them to And are you offering the support and benefits that will help your employees manage stress adopt new technology and deliver results for your organisation Here are some tips to get you started
New technologyOur insights show that Australian employees believe workplaces that adopt and adapt to new technology can make their work more efficient To realise these efficiencies employees may need training and other support
Are you doing enough to help your employees prepare for the speed of new technology and the impact of emerging technologies At the same time has your company recognised the importance of non-technical skills such as adapting to change open communication and problem solving
Employee resilienceTherersquos a good chance a number of your employees are currently feeling stressed due to the pace and demands of work or issues they are dealing with outside of work
In light of our insights consider whether you are setting clear goals for your teams and individual employees monitoring workloads and ensuring they are manageable encouraging and supporting employeesrsquo physical wellbeing offering financial wellbeing services and providing flexible working arrangements
Financial wellbeingA significant proportion of Australian employeesrsquo stress is caused by money worries Offering support and resources to help employees manage their finances can ease this stress and free up their energy and focus to be more productive at work This could be the most challenging wellbeing deliverable of them all however requiring solutions that cover household budgeting debt management financial hardship and retirement planning
Consider offering tangible financial assistance to employees through additional superannuation contributions financial advice and education services and access to everyday rewards programs
Donrsquot forget that Sunsuper offers our members a range of benefits including financial education and superannuation advice often at no additional cost
The employee experienceJust as businesses need to walk in the shoes of their customer creating a compelling employee experience involves seeing the world through employeesrsquo eyes and focusing on what they most value
Our insights indicate Australian workers are most focused on a positive culture financial and other rewards and flexible working arrangements
Start by involving your employees in focus groups to validate their priorities and then workshop how each could be addressed and improved in your organisation
Company cultureYour culture is shaped by the words and actions of your organisationrsquos leaders and how they make decisions Your culture is also influenced by how your employees are rewarded and how everyone in your organisation interacts with your customers and with each other
Given our insights show a large proportion of Australian employees canrsquot easily describe their companyrsquos culture start by asking yourself if you are doing enough at all levels of your organisation to clearly communicate and engage your employees with your culture
Diversity and flexibilityThe majority of Australian employees believe embracing workplace diversity is good for business In particular a flexible workplace is one way to help ensure you treat employees of diverse ages genders and backgrounds equally and as individuals
Workers say they most value varied work hours additional leave options and the ability to work from home when it comes to improving workplace flexibility
Are you already or is it possible for your organisation to adopt strategies to deliver these benefits
ONE TWO THREE FOUR FIVE SIX
USING THE INSIGHTS IN YOUR BUSINESSTIPS
32 2018 Australian Employee Insights Report 2018 Australian Employee Insights Report 33
34 2018 Australian Employee Insights Report 2018 Australian Employee Insights Report 35
AUSTRALIArsquoS VIEW OF SUPER AND RETIREMENTSNAPSHOT
Understanding of superOverall 56 of workers say they fully understand and are on top of their super Baby Boomers (70) are more likely to feel on top of their super than their Millennial peers (53)
Financial confidence for retirementClose to two thirds (62) of employees arenrsquot confident or donrsquot know if they will have enough super when they retire
Employer services to help workers understand superAustralian workers say they would value a range of services offered by their employer to help them feel more on top of their super and retirement
56
47
24
15
14
44
Obstacles to seeking financial adviceThe right financial advice can help in managing financial stress yet workers say they see a number of obstacles to seeking financial advice
41 I think itrsquos expensive 33
I donrsquot know who to trust
29Itrsquos difficult to know where to go
Mill
enni
als
Gen
erat
ion X
Bab
y Bo
omersTrust in employerrsquos choice of super fundThe majority (70) of Australian employees trust or support their employerrsquos choice of super fund Older workers trust their employerrsquos choice of super fund more than their younger peers
61 72 87
Our annual snapshot of Australiarsquos view of super and retirement highlights that close to half (44) of Australian workers donrsquot fully understand or feel on top of their super
28 of employees donrsquot know or havenrsquot thought about whether they will need to rely on the government age pension in retirement
37 of Australian workers say they will need the same or a higher annual income than what they are earning now to fund their lifestyle when they retire
Planned retirement ageMore than a quarter (27) of Australian workers plan to retire before age 60 Those with no children are more likely (31) to plan to retire before age 60 than those who donrsquot have kids (23)
Acc
ess
to f
ree
fina
ncia
l adv
ice
Make
supe
r sim
ple
Hel
p to
pla
n fo
r ret
irem
ent
Acc
ess
to v
iew
my
bala
nce
Acc
ess
to talk
to s
omeo
ne
Acc
ess
to f
ree
supe
r edu
cati
on
39
32 29 2622 21
Those with higher annual incomes are also more likely to understand their super
Again those with higher annual incomes are more financially confident about retiring
No
Yes
Donrsquot know
Irsquoll use other savings
Yes
No
0
20
40
60
49
67
0
20
40
60
55
30
0
20
40
35
lt50 yrs 51-55 yrs 56-60 yrs 61-67 yrs 68+ yrs I donrsquot plan on retiring
I donrsquot think Irsquoll be able to retire
36 2018 Australian Employee Insights Report 2018 Australian Employee Insights Report 37
Sunsuper offers benefits and member services that can help you support your employeesrsquo wellbeing and build an employee experience that will engage and retain your people These include
bull A track record of delivering strong investment returns to members
bull Low fees
bull A range of financial advice options on the phone and face-to-face often at no additional cost1
bull Financial education complimentary seminars and events including in your workplace
bull The ability to manage super on the go through the Sunsuper app
bull Online information education and inspiration start exploring the Dream Project sunsupercomauthedreamproject
bull Everyday discounts from retailers across Australia our Dream Rewards program sunsupercomaudream-rewards can help your employees save money today
bull Opportunities to support and give back to the community through our Dreams for a Better World grants program dreamsforabetterworldcomau
Sunsuper is also committed to help make managing your super obligations as easy as possible and we provide a range of other services for employersrsquo businesses including dedicated support teams research and insights customised reporting and professional development opportunities for leaders and staff
GROWING YOUR BUSINESS BY GROWING YOUR PEOPLE
SUNSUPERIs it time to talk to Sunsuper
Naturally wersquod like you to think so Curiosity can be good for business and at the very least wersquore confident a conversation with Sunsuper will leave you better informed about the right questions to ask for your company to optimise your employee superannuation arrangements It could also lead to understanding what ldquocompetitiverdquo looks like in todayrsquos ever-changing superannuation marketplace and how we could help you to support your employee experience and wellbeing initiatives
Want some help on the right questions to ask to optimise your employeesrsquo super Download our factsheet at sunsupercomaugrowyourbusiness
Join us on the wave of success
With five major award wins in one year Sunsuper has been recognised as the best of the best when it comes to super
At Sunsuper we donrsquot just want our members to have adequate savings for their retirement We also want to help them get to retirement in excellent financial physical and mental health After all what good is reaching retirement if you canrsquot enjoy it
Super Fund of the Year 2017
38 2018 Australian Employee Insights Report 2018 Australian Employee Insights Report 39
Our purpose is to inspire and empower Australians to fulfil their retirement dreams
Copyright 2018 Sunsuper Pty Ltd 2208 (0818)
1 Our qualified financial advisers provide simple advice about your Sunsuper account at no additional cost More comprehensive advice may incur a fee Sunsuper employees provide advice as representatives of Sunsuper Financial Services Pty Ltd (ABN 50 087 154 818 AFSL No 227867) (SFS) wholly owned by the Sunsuper Superannuation Fund
For ratings and awards information refer to sunsupercomauratingsagencies
This publication has been prepared and issued by Sunsuper Pty Ltd (ABN 88 010 720 840) (AFSL 228975) (lsquoSunsuperrsquo) the trustee and issuer of the Sunsuper Superannuation Fund (ABN 98 503 137 921) While it has been prepared with all reasonable care no responsibility or liability is accepted for any errors or omissions or misstatement however caused All forecasts and estimates are based on certain assumptions which may change If those assumptions change our forecasts and estimates may also change
This document has been prepared for general information purposes only and not as specific advice to any particular person Any advice contained in this document does not take into account any particular personrsquos objectives financial situation or needs Accordingly you should consider how appropriate the advice is to your own particular objectives financial circumstances or needs before acting on any advice You should consider the relevant Product Disclosure Statement before acquiring any financial product
40 2018 Australian Employee Insights Report
13 11 84 (+61 7 3121 0700 when overseas)
GPO Box 2924 Brisbane QLD 4001
sunsupercomau
twittercomsunsuper
facebookcomsunsuper
linkedincomcompanysunsuper
Sunsuper Pty Ltd Sunsuper Superannuation FundABN 88 010 720 840 ABN 98 503 137 921 AFSL No 228975 SPIN SSR 0100 AU
Find out how we can help you and your business in our Growing your business by
growing your people publication To start the conversation
please call us on 13 11 84
sunsupercomauemployeeinsightsreport
Encouraging employee resilience
ResilienceSIX
Stressed employees can take more unplanned leave and be less engaged at work Their physical and emotional wellbeing is also likely to be lower than employees who are relaxed and focused
Encouraging and helping to build employee resilience is one way to reduce stress in the workplace and contribute to more mentally healthy and productive employees
More than half (54) of Australian workers say they feel stressed at work every week
2524
26 2018 Australian Employee Insights Report 2018 Australian Employee Insights Report 27
Resilience is the ability to adjust to adversity and hold on to some sense of control over your environment It is concerning that more than two thirds (68) of Australian workers donrsquot regularly feel a sense of control over their environment at work
Feeling a sense of control at work Feeling a sense of control at work can be the first step to reducing workplace stress and building resilience Overall just one third (32) of workers say they regularly feel a sense of control at work Interestingly Baby Boomers (13) are almost three times as likely as their Millennial peers (5) to always feel a sense of control at work
Feeling stressed at workNot feeling a sense of control and workplace stress seem to go hand in hand and can result in employees who find it challenging to adapt to change and deal with difficult situations So it is concerning that almost one in five (17) employees feel stressed at work daily
Cause of most stress at workThe cause of the most stress at work according to Australian workers is workload pressure including excessive workload and unrealistic expectations (34) followed by personal issues with managers or workmates (16) and lack of workndashlife balance including dealing with issues outside of work (15) Just 8 of employees say they donrsquot get stressed at work
Ways companies can ease stress at workThe good news is workers say there are positive steps their employer can take to ease workplace stress Almost half (47) of employees say a positive workplace including confident managers and good teamwork would help to prevent workplace stress and support employees who are stressed
Encouraging employee resilienceSIX Millennials (25) are more than three times more
likely than Baby Boomers (7) to be stressed at work due to financial stress outside of work
Perhaps unsurprisingly part-time casual and contract employees feel more stressed about job security (23) than their permanently employed colleagues (15) and Baby Boomers feel more stressed about keeping up with technology (13) than their Millennial peers (8)
Millennials are more likely to want their company to offer financial wellbeing benefits (28) and mental health services such as counselling (25) than their Baby Boomer peers (12 and 16 respectively)
Millennials are significantly more likely to feel stressed at work than their older peers Those working in government are the most likely (60) to feel stressed at least weekly and those in the mining and agriculture sectors the least likely (42)
0
20
40
60
Millennials
Generation X
Baby Boomers
47
37
2929
34
1615
8
8
8
11
Workload pressure
Issues with colleagues
Lack of work-life balance
Lack of job security
I donrsquot get stressed at work
Too much change at work
Other
At least weekly
60
Every few weeks to months
28
Rarelynever
12
At least weekly
53
Every few weeks to months
29
Rarelynever
18
At least weekly
46
Rarelynever
35
Every few weeks to months
19
Millennials Generation X Baby Boomers
A p
osit
ive
workplace
Clea
r goa
ls a
nd re
ason
able
workload
Flex
ible
working arr
ange
men
ts
Trai
ning
to
deal
wit
h ne
w t
echn
olog
y
Fina
ncia
l wel
lbei
ng b
enef
its
Stre
ss a
nd c
ompa
ssio
nate
leav
e
47
41 34
24 23 23
Phys
ical
wel
lbei
ng b
enef
its
Men
tal h
ealt
h se
rvic
es
22
18
Wellbeing39 of Australian workers say they feel financial stress at least weekly
Offering employees wellbeing services that focus on improving physical mental and financial health and a sense of community belonging can be central to a companyrsquos EVP and employee experience and help employees cope with stress
In particular with money-related issues causing Australian workers significant stress employee demand for their company to provide financial wellbeing benefits is increasing
Supporting financial wellbeingSEVEN
2928
30 2018 Australian Employee Insights Report 2018 Australian Employee Insights Report 31
More than a quarter (28) of Australian workers define ldquofinancial wellbeingrdquo as not being stressed about their finances And it seems employers can do more to support their employeesrsquo financial wellbeing with workers saying they would most value additional super contributions (40) and financial advice and education (31) from their employer
Causes of stressAustralian workers rank lack of financial security managing household finances and lack of savings for retirement as the factors causing them the most stress
Main reason for feeling financial stressJuggling the general cost of living is the main reason Australian workers feel financial stress across all household incomes genders and employment types Unsurprisingly not having enough super or savings for retirement (29) overtakes the general cost of living (17) as the main reason Baby Boomers feel financial stress
The meaning of financial wellbeing While employees are most likely (28) to equate not feeling stressed about their finances with financial wellbeing they also associate having enough savings to cover unexpected expenses (21) and being able to retire comfortably at a time they choose (19) with being financially ldquowellrdquo
Biggest concern about retiringGiven 19 of Australian workers say they equate financial wellbeing with being able to retire comfortably when they want it is concerning that 42 of workers say their biggest concern about retiring is not having enough money
Employer services to support financial wellbeingEmployees say they would most value additional super contributions (40) and financial advice and education (31) from their employer to support their financial wellbeing
Supporting financial wellbeingSEVEN
Additional supercontributions
Financial adviceand education
Discounts oneveryday items
Budgetingguidance
40 31 21 8
Lack o
f fi
nanc
ial s
ecur
ity
Managing household finances and bills
Lack o
f sa
ving
s fo
r ret
irem
ent
Phys
ical
hea
lth
conc
erns
Fam
ily o
r rel
atio
nshi
p co
ncer
ns
Conc
ern
abou
t jo
b se
curit
y
40
35
29 28 27 26
Millennials (46) and Gen X (40) are twice as likely as Baby Boomers (21) to feel financial stress at least weekly
Only one third (36) of workers believe their company cares about their financial wellbeing
28
2119
16
12
4 7
42
14
12
10
8
7
Not being stressed about my finances
Having enough savings to cover unexpected expenses
Being able to retire comfortably when I want
Being debt free or on top of my debts
Being able to meet day-to-day living expenses
Donrsquot knowother
Not having enough money
Irsquom not concerned
Losing my health
Being bored
Losing my mental sharpness
Losing my purpose
Losing my social connectionshaving to spend more time with my spouse
Juggling the general cost of living
23
Not being able to afford what I want to do now
18
Not enough savings for the unexpected
15
Not having enough super or savings when I retire
7
Fear of losing my job
12
Millennials
Juggling the general cost of living
34
Fear of losing my job
14
Not enough savings for the unexpected
13
Not having enough super or savings when I retire
10
Not being able to afford what I want to do now
12
Juggling the general cost of living
17
Not enough savings for the unexpected
14
Not having enough super or savings when I retire
29
Fear of losing my job
13
Not being able to afford what I want to do now
10
Generation X
Difficulty managing debt
9
Having to provide for my children
8
Not leaving enough for my kids in my will
5
Other
3
Other
3
Not leaving enough for my kids in my will
2
Other
4
Having to provide for my children
2
Having to provide for my children
3
Not leaving enough for my kids in my will
4
Difficulty managing debt
9
Difficulty managing debt
7
Baby Boomers
The insights in this report show that Australian workersrsquo expectations of their employer are increasing Are you doing enough to build an employee experience that your employees value enough to stay with your company and go the extra mile when you need them to And are you offering the support and benefits that will help your employees manage stress adopt new technology and deliver results for your organisation Here are some tips to get you started
New technologyOur insights show that Australian employees believe workplaces that adopt and adapt to new technology can make their work more efficient To realise these efficiencies employees may need training and other support
Are you doing enough to help your employees prepare for the speed of new technology and the impact of emerging technologies At the same time has your company recognised the importance of non-technical skills such as adapting to change open communication and problem solving
Employee resilienceTherersquos a good chance a number of your employees are currently feeling stressed due to the pace and demands of work or issues they are dealing with outside of work
In light of our insights consider whether you are setting clear goals for your teams and individual employees monitoring workloads and ensuring they are manageable encouraging and supporting employeesrsquo physical wellbeing offering financial wellbeing services and providing flexible working arrangements
Financial wellbeingA significant proportion of Australian employeesrsquo stress is caused by money worries Offering support and resources to help employees manage their finances can ease this stress and free up their energy and focus to be more productive at work This could be the most challenging wellbeing deliverable of them all however requiring solutions that cover household budgeting debt management financial hardship and retirement planning
Consider offering tangible financial assistance to employees through additional superannuation contributions financial advice and education services and access to everyday rewards programs
Donrsquot forget that Sunsuper offers our members a range of benefits including financial education and superannuation advice often at no additional cost
The employee experienceJust as businesses need to walk in the shoes of their customer creating a compelling employee experience involves seeing the world through employeesrsquo eyes and focusing on what they most value
Our insights indicate Australian workers are most focused on a positive culture financial and other rewards and flexible working arrangements
Start by involving your employees in focus groups to validate their priorities and then workshop how each could be addressed and improved in your organisation
Company cultureYour culture is shaped by the words and actions of your organisationrsquos leaders and how they make decisions Your culture is also influenced by how your employees are rewarded and how everyone in your organisation interacts with your customers and with each other
Given our insights show a large proportion of Australian employees canrsquot easily describe their companyrsquos culture start by asking yourself if you are doing enough at all levels of your organisation to clearly communicate and engage your employees with your culture
Diversity and flexibilityThe majority of Australian employees believe embracing workplace diversity is good for business In particular a flexible workplace is one way to help ensure you treat employees of diverse ages genders and backgrounds equally and as individuals
Workers say they most value varied work hours additional leave options and the ability to work from home when it comes to improving workplace flexibility
Are you already or is it possible for your organisation to adopt strategies to deliver these benefits
ONE TWO THREE FOUR FIVE SIX
USING THE INSIGHTS IN YOUR BUSINESSTIPS
32 2018 Australian Employee Insights Report 2018 Australian Employee Insights Report 33
34 2018 Australian Employee Insights Report 2018 Australian Employee Insights Report 35
AUSTRALIArsquoS VIEW OF SUPER AND RETIREMENTSNAPSHOT
Understanding of superOverall 56 of workers say they fully understand and are on top of their super Baby Boomers (70) are more likely to feel on top of their super than their Millennial peers (53)
Financial confidence for retirementClose to two thirds (62) of employees arenrsquot confident or donrsquot know if they will have enough super when they retire
Employer services to help workers understand superAustralian workers say they would value a range of services offered by their employer to help them feel more on top of their super and retirement
56
47
24
15
14
44
Obstacles to seeking financial adviceThe right financial advice can help in managing financial stress yet workers say they see a number of obstacles to seeking financial advice
41 I think itrsquos expensive 33
I donrsquot know who to trust
29Itrsquos difficult to know where to go
Mill
enni
als
Gen
erat
ion X
Bab
y Bo
omersTrust in employerrsquos choice of super fundThe majority (70) of Australian employees trust or support their employerrsquos choice of super fund Older workers trust their employerrsquos choice of super fund more than their younger peers
61 72 87
Our annual snapshot of Australiarsquos view of super and retirement highlights that close to half (44) of Australian workers donrsquot fully understand or feel on top of their super
28 of employees donrsquot know or havenrsquot thought about whether they will need to rely on the government age pension in retirement
37 of Australian workers say they will need the same or a higher annual income than what they are earning now to fund their lifestyle when they retire
Planned retirement ageMore than a quarter (27) of Australian workers plan to retire before age 60 Those with no children are more likely (31) to plan to retire before age 60 than those who donrsquot have kids (23)
Acc
ess
to f
ree
fina
ncia
l adv
ice
Make
supe
r sim
ple
Hel
p to
pla
n fo
r ret
irem
ent
Acc
ess
to v
iew
my
bala
nce
Acc
ess
to talk
to s
omeo
ne
Acc
ess
to f
ree
supe
r edu
cati
on
39
32 29 2622 21
Those with higher annual incomes are also more likely to understand their super
Again those with higher annual incomes are more financially confident about retiring
No
Yes
Donrsquot know
Irsquoll use other savings
Yes
No
0
20
40
60
49
67
0
20
40
60
55
30
0
20
40
35
lt50 yrs 51-55 yrs 56-60 yrs 61-67 yrs 68+ yrs I donrsquot plan on retiring
I donrsquot think Irsquoll be able to retire
36 2018 Australian Employee Insights Report 2018 Australian Employee Insights Report 37
Sunsuper offers benefits and member services that can help you support your employeesrsquo wellbeing and build an employee experience that will engage and retain your people These include
bull A track record of delivering strong investment returns to members
bull Low fees
bull A range of financial advice options on the phone and face-to-face often at no additional cost1
bull Financial education complimentary seminars and events including in your workplace
bull The ability to manage super on the go through the Sunsuper app
bull Online information education and inspiration start exploring the Dream Project sunsupercomauthedreamproject
bull Everyday discounts from retailers across Australia our Dream Rewards program sunsupercomaudream-rewards can help your employees save money today
bull Opportunities to support and give back to the community through our Dreams for a Better World grants program dreamsforabetterworldcomau
Sunsuper is also committed to help make managing your super obligations as easy as possible and we provide a range of other services for employersrsquo businesses including dedicated support teams research and insights customised reporting and professional development opportunities for leaders and staff
GROWING YOUR BUSINESS BY GROWING YOUR PEOPLE
SUNSUPERIs it time to talk to Sunsuper
Naturally wersquod like you to think so Curiosity can be good for business and at the very least wersquore confident a conversation with Sunsuper will leave you better informed about the right questions to ask for your company to optimise your employee superannuation arrangements It could also lead to understanding what ldquocompetitiverdquo looks like in todayrsquos ever-changing superannuation marketplace and how we could help you to support your employee experience and wellbeing initiatives
Want some help on the right questions to ask to optimise your employeesrsquo super Download our factsheet at sunsupercomaugrowyourbusiness
Join us on the wave of success
With five major award wins in one year Sunsuper has been recognised as the best of the best when it comes to super
At Sunsuper we donrsquot just want our members to have adequate savings for their retirement We also want to help them get to retirement in excellent financial physical and mental health After all what good is reaching retirement if you canrsquot enjoy it
Super Fund of the Year 2017
38 2018 Australian Employee Insights Report 2018 Australian Employee Insights Report 39
Our purpose is to inspire and empower Australians to fulfil their retirement dreams
Copyright 2018 Sunsuper Pty Ltd 2208 (0818)
1 Our qualified financial advisers provide simple advice about your Sunsuper account at no additional cost More comprehensive advice may incur a fee Sunsuper employees provide advice as representatives of Sunsuper Financial Services Pty Ltd (ABN 50 087 154 818 AFSL No 227867) (SFS) wholly owned by the Sunsuper Superannuation Fund
For ratings and awards information refer to sunsupercomauratingsagencies
This publication has been prepared and issued by Sunsuper Pty Ltd (ABN 88 010 720 840) (AFSL 228975) (lsquoSunsuperrsquo) the trustee and issuer of the Sunsuper Superannuation Fund (ABN 98 503 137 921) While it has been prepared with all reasonable care no responsibility or liability is accepted for any errors or omissions or misstatement however caused All forecasts and estimates are based on certain assumptions which may change If those assumptions change our forecasts and estimates may also change
This document has been prepared for general information purposes only and not as specific advice to any particular person Any advice contained in this document does not take into account any particular personrsquos objectives financial situation or needs Accordingly you should consider how appropriate the advice is to your own particular objectives financial circumstances or needs before acting on any advice You should consider the relevant Product Disclosure Statement before acquiring any financial product
40 2018 Australian Employee Insights Report
13 11 84 (+61 7 3121 0700 when overseas)
GPO Box 2924 Brisbane QLD 4001
sunsupercomau
twittercomsunsuper
facebookcomsunsuper
linkedincomcompanysunsuper
Sunsuper Pty Ltd Sunsuper Superannuation FundABN 88 010 720 840 ABN 98 503 137 921 AFSL No 228975 SPIN SSR 0100 AU
Find out how we can help you and your business in our Growing your business by
growing your people publication To start the conversation
please call us on 13 11 84
sunsupercomauemployeeinsightsreport
26 2018 Australian Employee Insights Report 2018 Australian Employee Insights Report 27
Resilience is the ability to adjust to adversity and hold on to some sense of control over your environment It is concerning that more than two thirds (68) of Australian workers donrsquot regularly feel a sense of control over their environment at work
Feeling a sense of control at work Feeling a sense of control at work can be the first step to reducing workplace stress and building resilience Overall just one third (32) of workers say they regularly feel a sense of control at work Interestingly Baby Boomers (13) are almost three times as likely as their Millennial peers (5) to always feel a sense of control at work
Feeling stressed at workNot feeling a sense of control and workplace stress seem to go hand in hand and can result in employees who find it challenging to adapt to change and deal with difficult situations So it is concerning that almost one in five (17) employees feel stressed at work daily
Cause of most stress at workThe cause of the most stress at work according to Australian workers is workload pressure including excessive workload and unrealistic expectations (34) followed by personal issues with managers or workmates (16) and lack of workndashlife balance including dealing with issues outside of work (15) Just 8 of employees say they donrsquot get stressed at work
Ways companies can ease stress at workThe good news is workers say there are positive steps their employer can take to ease workplace stress Almost half (47) of employees say a positive workplace including confident managers and good teamwork would help to prevent workplace stress and support employees who are stressed
Encouraging employee resilienceSIX Millennials (25) are more than three times more
likely than Baby Boomers (7) to be stressed at work due to financial stress outside of work
Perhaps unsurprisingly part-time casual and contract employees feel more stressed about job security (23) than their permanently employed colleagues (15) and Baby Boomers feel more stressed about keeping up with technology (13) than their Millennial peers (8)
Millennials are more likely to want their company to offer financial wellbeing benefits (28) and mental health services such as counselling (25) than their Baby Boomer peers (12 and 16 respectively)
Millennials are significantly more likely to feel stressed at work than their older peers Those working in government are the most likely (60) to feel stressed at least weekly and those in the mining and agriculture sectors the least likely (42)
0
20
40
60
Millennials
Generation X
Baby Boomers
47
37
2929
34
1615
8
8
8
11
Workload pressure
Issues with colleagues
Lack of work-life balance
Lack of job security
I donrsquot get stressed at work
Too much change at work
Other
At least weekly
60
Every few weeks to months
28
Rarelynever
12
At least weekly
53
Every few weeks to months
29
Rarelynever
18
At least weekly
46
Rarelynever
35
Every few weeks to months
19
Millennials Generation X Baby Boomers
A p
osit
ive
workplace
Clea
r goa
ls a
nd re
ason
able
workload
Flex
ible
working arr
ange
men
ts
Trai
ning
to
deal
wit
h ne
w t
echn
olog
y
Fina
ncia
l wel
lbei
ng b
enef
its
Stre
ss a
nd c
ompa
ssio
nate
leav
e
47
41 34
24 23 23
Phys
ical
wel
lbei
ng b
enef
its
Men
tal h
ealt
h se
rvic
es
22
18
Wellbeing39 of Australian workers say they feel financial stress at least weekly
Offering employees wellbeing services that focus on improving physical mental and financial health and a sense of community belonging can be central to a companyrsquos EVP and employee experience and help employees cope with stress
In particular with money-related issues causing Australian workers significant stress employee demand for their company to provide financial wellbeing benefits is increasing
Supporting financial wellbeingSEVEN
2928
30 2018 Australian Employee Insights Report 2018 Australian Employee Insights Report 31
More than a quarter (28) of Australian workers define ldquofinancial wellbeingrdquo as not being stressed about their finances And it seems employers can do more to support their employeesrsquo financial wellbeing with workers saying they would most value additional super contributions (40) and financial advice and education (31) from their employer
Causes of stressAustralian workers rank lack of financial security managing household finances and lack of savings for retirement as the factors causing them the most stress
Main reason for feeling financial stressJuggling the general cost of living is the main reason Australian workers feel financial stress across all household incomes genders and employment types Unsurprisingly not having enough super or savings for retirement (29) overtakes the general cost of living (17) as the main reason Baby Boomers feel financial stress
The meaning of financial wellbeing While employees are most likely (28) to equate not feeling stressed about their finances with financial wellbeing they also associate having enough savings to cover unexpected expenses (21) and being able to retire comfortably at a time they choose (19) with being financially ldquowellrdquo
Biggest concern about retiringGiven 19 of Australian workers say they equate financial wellbeing with being able to retire comfortably when they want it is concerning that 42 of workers say their biggest concern about retiring is not having enough money
Employer services to support financial wellbeingEmployees say they would most value additional super contributions (40) and financial advice and education (31) from their employer to support their financial wellbeing
Supporting financial wellbeingSEVEN
Additional supercontributions
Financial adviceand education
Discounts oneveryday items
Budgetingguidance
40 31 21 8
Lack o
f fi
nanc
ial s
ecur
ity
Managing household finances and bills
Lack o
f sa
ving
s fo
r ret
irem
ent
Phys
ical
hea
lth
conc
erns
Fam
ily o
r rel
atio
nshi
p co
ncer
ns
Conc
ern
abou
t jo
b se
curit
y
40
35
29 28 27 26
Millennials (46) and Gen X (40) are twice as likely as Baby Boomers (21) to feel financial stress at least weekly
Only one third (36) of workers believe their company cares about their financial wellbeing
28
2119
16
12
4 7
42
14
12
10
8
7
Not being stressed about my finances
Having enough savings to cover unexpected expenses
Being able to retire comfortably when I want
Being debt free or on top of my debts
Being able to meet day-to-day living expenses
Donrsquot knowother
Not having enough money
Irsquom not concerned
Losing my health
Being bored
Losing my mental sharpness
Losing my purpose
Losing my social connectionshaving to spend more time with my spouse
Juggling the general cost of living
23
Not being able to afford what I want to do now
18
Not enough savings for the unexpected
15
Not having enough super or savings when I retire
7
Fear of losing my job
12
Millennials
Juggling the general cost of living
34
Fear of losing my job
14
Not enough savings for the unexpected
13
Not having enough super or savings when I retire
10
Not being able to afford what I want to do now
12
Juggling the general cost of living
17
Not enough savings for the unexpected
14
Not having enough super or savings when I retire
29
Fear of losing my job
13
Not being able to afford what I want to do now
10
Generation X
Difficulty managing debt
9
Having to provide for my children
8
Not leaving enough for my kids in my will
5
Other
3
Other
3
Not leaving enough for my kids in my will
2
Other
4
Having to provide for my children
2
Having to provide for my children
3
Not leaving enough for my kids in my will
4
Difficulty managing debt
9
Difficulty managing debt
7
Baby Boomers
The insights in this report show that Australian workersrsquo expectations of their employer are increasing Are you doing enough to build an employee experience that your employees value enough to stay with your company and go the extra mile when you need them to And are you offering the support and benefits that will help your employees manage stress adopt new technology and deliver results for your organisation Here are some tips to get you started
New technologyOur insights show that Australian employees believe workplaces that adopt and adapt to new technology can make their work more efficient To realise these efficiencies employees may need training and other support
Are you doing enough to help your employees prepare for the speed of new technology and the impact of emerging technologies At the same time has your company recognised the importance of non-technical skills such as adapting to change open communication and problem solving
Employee resilienceTherersquos a good chance a number of your employees are currently feeling stressed due to the pace and demands of work or issues they are dealing with outside of work
In light of our insights consider whether you are setting clear goals for your teams and individual employees monitoring workloads and ensuring they are manageable encouraging and supporting employeesrsquo physical wellbeing offering financial wellbeing services and providing flexible working arrangements
Financial wellbeingA significant proportion of Australian employeesrsquo stress is caused by money worries Offering support and resources to help employees manage their finances can ease this stress and free up their energy and focus to be more productive at work This could be the most challenging wellbeing deliverable of them all however requiring solutions that cover household budgeting debt management financial hardship and retirement planning
Consider offering tangible financial assistance to employees through additional superannuation contributions financial advice and education services and access to everyday rewards programs
Donrsquot forget that Sunsuper offers our members a range of benefits including financial education and superannuation advice often at no additional cost
The employee experienceJust as businesses need to walk in the shoes of their customer creating a compelling employee experience involves seeing the world through employeesrsquo eyes and focusing on what they most value
Our insights indicate Australian workers are most focused on a positive culture financial and other rewards and flexible working arrangements
Start by involving your employees in focus groups to validate their priorities and then workshop how each could be addressed and improved in your organisation
Company cultureYour culture is shaped by the words and actions of your organisationrsquos leaders and how they make decisions Your culture is also influenced by how your employees are rewarded and how everyone in your organisation interacts with your customers and with each other
Given our insights show a large proportion of Australian employees canrsquot easily describe their companyrsquos culture start by asking yourself if you are doing enough at all levels of your organisation to clearly communicate and engage your employees with your culture
Diversity and flexibilityThe majority of Australian employees believe embracing workplace diversity is good for business In particular a flexible workplace is one way to help ensure you treat employees of diverse ages genders and backgrounds equally and as individuals
Workers say they most value varied work hours additional leave options and the ability to work from home when it comes to improving workplace flexibility
Are you already or is it possible for your organisation to adopt strategies to deliver these benefits
ONE TWO THREE FOUR FIVE SIX
USING THE INSIGHTS IN YOUR BUSINESSTIPS
32 2018 Australian Employee Insights Report 2018 Australian Employee Insights Report 33
34 2018 Australian Employee Insights Report 2018 Australian Employee Insights Report 35
AUSTRALIArsquoS VIEW OF SUPER AND RETIREMENTSNAPSHOT
Understanding of superOverall 56 of workers say they fully understand and are on top of their super Baby Boomers (70) are more likely to feel on top of their super than their Millennial peers (53)
Financial confidence for retirementClose to two thirds (62) of employees arenrsquot confident or donrsquot know if they will have enough super when they retire
Employer services to help workers understand superAustralian workers say they would value a range of services offered by their employer to help them feel more on top of their super and retirement
56
47
24
15
14
44
Obstacles to seeking financial adviceThe right financial advice can help in managing financial stress yet workers say they see a number of obstacles to seeking financial advice
41 I think itrsquos expensive 33
I donrsquot know who to trust
29Itrsquos difficult to know where to go
Mill
enni
als
Gen
erat
ion X
Bab
y Bo
omersTrust in employerrsquos choice of super fundThe majority (70) of Australian employees trust or support their employerrsquos choice of super fund Older workers trust their employerrsquos choice of super fund more than their younger peers
61 72 87
Our annual snapshot of Australiarsquos view of super and retirement highlights that close to half (44) of Australian workers donrsquot fully understand or feel on top of their super
28 of employees donrsquot know or havenrsquot thought about whether they will need to rely on the government age pension in retirement
37 of Australian workers say they will need the same or a higher annual income than what they are earning now to fund their lifestyle when they retire
Planned retirement ageMore than a quarter (27) of Australian workers plan to retire before age 60 Those with no children are more likely (31) to plan to retire before age 60 than those who donrsquot have kids (23)
Acc
ess
to f
ree
fina
ncia
l adv
ice
Make
supe
r sim
ple
Hel
p to
pla
n fo
r ret
irem
ent
Acc
ess
to v
iew
my
bala
nce
Acc
ess
to talk
to s
omeo
ne
Acc
ess
to f
ree
supe
r edu
cati
on
39
32 29 2622 21
Those with higher annual incomes are also more likely to understand their super
Again those with higher annual incomes are more financially confident about retiring
No
Yes
Donrsquot know
Irsquoll use other savings
Yes
No
0
20
40
60
49
67
0
20
40
60
55
30
0
20
40
35
lt50 yrs 51-55 yrs 56-60 yrs 61-67 yrs 68+ yrs I donrsquot plan on retiring
I donrsquot think Irsquoll be able to retire
36 2018 Australian Employee Insights Report 2018 Australian Employee Insights Report 37
Sunsuper offers benefits and member services that can help you support your employeesrsquo wellbeing and build an employee experience that will engage and retain your people These include
bull A track record of delivering strong investment returns to members
bull Low fees
bull A range of financial advice options on the phone and face-to-face often at no additional cost1
bull Financial education complimentary seminars and events including in your workplace
bull The ability to manage super on the go through the Sunsuper app
bull Online information education and inspiration start exploring the Dream Project sunsupercomauthedreamproject
bull Everyday discounts from retailers across Australia our Dream Rewards program sunsupercomaudream-rewards can help your employees save money today
bull Opportunities to support and give back to the community through our Dreams for a Better World grants program dreamsforabetterworldcomau
Sunsuper is also committed to help make managing your super obligations as easy as possible and we provide a range of other services for employersrsquo businesses including dedicated support teams research and insights customised reporting and professional development opportunities for leaders and staff
GROWING YOUR BUSINESS BY GROWING YOUR PEOPLE
SUNSUPERIs it time to talk to Sunsuper
Naturally wersquod like you to think so Curiosity can be good for business and at the very least wersquore confident a conversation with Sunsuper will leave you better informed about the right questions to ask for your company to optimise your employee superannuation arrangements It could also lead to understanding what ldquocompetitiverdquo looks like in todayrsquos ever-changing superannuation marketplace and how we could help you to support your employee experience and wellbeing initiatives
Want some help on the right questions to ask to optimise your employeesrsquo super Download our factsheet at sunsupercomaugrowyourbusiness
Join us on the wave of success
With five major award wins in one year Sunsuper has been recognised as the best of the best when it comes to super
At Sunsuper we donrsquot just want our members to have adequate savings for their retirement We also want to help them get to retirement in excellent financial physical and mental health After all what good is reaching retirement if you canrsquot enjoy it
Super Fund of the Year 2017
38 2018 Australian Employee Insights Report 2018 Australian Employee Insights Report 39
Our purpose is to inspire and empower Australians to fulfil their retirement dreams
Copyright 2018 Sunsuper Pty Ltd 2208 (0818)
1 Our qualified financial advisers provide simple advice about your Sunsuper account at no additional cost More comprehensive advice may incur a fee Sunsuper employees provide advice as representatives of Sunsuper Financial Services Pty Ltd (ABN 50 087 154 818 AFSL No 227867) (SFS) wholly owned by the Sunsuper Superannuation Fund
For ratings and awards information refer to sunsupercomauratingsagencies
This publication has been prepared and issued by Sunsuper Pty Ltd (ABN 88 010 720 840) (AFSL 228975) (lsquoSunsuperrsquo) the trustee and issuer of the Sunsuper Superannuation Fund (ABN 98 503 137 921) While it has been prepared with all reasonable care no responsibility or liability is accepted for any errors or omissions or misstatement however caused All forecasts and estimates are based on certain assumptions which may change If those assumptions change our forecasts and estimates may also change
This document has been prepared for general information purposes only and not as specific advice to any particular person Any advice contained in this document does not take into account any particular personrsquos objectives financial situation or needs Accordingly you should consider how appropriate the advice is to your own particular objectives financial circumstances or needs before acting on any advice You should consider the relevant Product Disclosure Statement before acquiring any financial product
40 2018 Australian Employee Insights Report
13 11 84 (+61 7 3121 0700 when overseas)
GPO Box 2924 Brisbane QLD 4001
sunsupercomau
twittercomsunsuper
facebookcomsunsuper
linkedincomcompanysunsuper
Sunsuper Pty Ltd Sunsuper Superannuation FundABN 88 010 720 840 ABN 98 503 137 921 AFSL No 228975 SPIN SSR 0100 AU
Find out how we can help you and your business in our Growing your business by
growing your people publication To start the conversation
please call us on 13 11 84
sunsupercomauemployeeinsightsreport
Wellbeing39 of Australian workers say they feel financial stress at least weekly
Offering employees wellbeing services that focus on improving physical mental and financial health and a sense of community belonging can be central to a companyrsquos EVP and employee experience and help employees cope with stress
In particular with money-related issues causing Australian workers significant stress employee demand for their company to provide financial wellbeing benefits is increasing
Supporting financial wellbeingSEVEN
2928
30 2018 Australian Employee Insights Report 2018 Australian Employee Insights Report 31
More than a quarter (28) of Australian workers define ldquofinancial wellbeingrdquo as not being stressed about their finances And it seems employers can do more to support their employeesrsquo financial wellbeing with workers saying they would most value additional super contributions (40) and financial advice and education (31) from their employer
Causes of stressAustralian workers rank lack of financial security managing household finances and lack of savings for retirement as the factors causing them the most stress
Main reason for feeling financial stressJuggling the general cost of living is the main reason Australian workers feel financial stress across all household incomes genders and employment types Unsurprisingly not having enough super or savings for retirement (29) overtakes the general cost of living (17) as the main reason Baby Boomers feel financial stress
The meaning of financial wellbeing While employees are most likely (28) to equate not feeling stressed about their finances with financial wellbeing they also associate having enough savings to cover unexpected expenses (21) and being able to retire comfortably at a time they choose (19) with being financially ldquowellrdquo
Biggest concern about retiringGiven 19 of Australian workers say they equate financial wellbeing with being able to retire comfortably when they want it is concerning that 42 of workers say their biggest concern about retiring is not having enough money
Employer services to support financial wellbeingEmployees say they would most value additional super contributions (40) and financial advice and education (31) from their employer to support their financial wellbeing
Supporting financial wellbeingSEVEN
Additional supercontributions
Financial adviceand education
Discounts oneveryday items
Budgetingguidance
40 31 21 8
Lack o
f fi
nanc
ial s
ecur
ity
Managing household finances and bills
Lack o
f sa
ving
s fo
r ret
irem
ent
Phys
ical
hea
lth
conc
erns
Fam
ily o
r rel
atio
nshi
p co
ncer
ns
Conc
ern
abou
t jo
b se
curit
y
40
35
29 28 27 26
Millennials (46) and Gen X (40) are twice as likely as Baby Boomers (21) to feel financial stress at least weekly
Only one third (36) of workers believe their company cares about their financial wellbeing
28
2119
16
12
4 7
42
14
12
10
8
7
Not being stressed about my finances
Having enough savings to cover unexpected expenses
Being able to retire comfortably when I want
Being debt free or on top of my debts
Being able to meet day-to-day living expenses
Donrsquot knowother
Not having enough money
Irsquom not concerned
Losing my health
Being bored
Losing my mental sharpness
Losing my purpose
Losing my social connectionshaving to spend more time with my spouse
Juggling the general cost of living
23
Not being able to afford what I want to do now
18
Not enough savings for the unexpected
15
Not having enough super or savings when I retire
7
Fear of losing my job
12
Millennials
Juggling the general cost of living
34
Fear of losing my job
14
Not enough savings for the unexpected
13
Not having enough super or savings when I retire
10
Not being able to afford what I want to do now
12
Juggling the general cost of living
17
Not enough savings for the unexpected
14
Not having enough super or savings when I retire
29
Fear of losing my job
13
Not being able to afford what I want to do now
10
Generation X
Difficulty managing debt
9
Having to provide for my children
8
Not leaving enough for my kids in my will
5
Other
3
Other
3
Not leaving enough for my kids in my will
2
Other
4
Having to provide for my children
2
Having to provide for my children
3
Not leaving enough for my kids in my will
4
Difficulty managing debt
9
Difficulty managing debt
7
Baby Boomers
The insights in this report show that Australian workersrsquo expectations of their employer are increasing Are you doing enough to build an employee experience that your employees value enough to stay with your company and go the extra mile when you need them to And are you offering the support and benefits that will help your employees manage stress adopt new technology and deliver results for your organisation Here are some tips to get you started
New technologyOur insights show that Australian employees believe workplaces that adopt and adapt to new technology can make their work more efficient To realise these efficiencies employees may need training and other support
Are you doing enough to help your employees prepare for the speed of new technology and the impact of emerging technologies At the same time has your company recognised the importance of non-technical skills such as adapting to change open communication and problem solving
Employee resilienceTherersquos a good chance a number of your employees are currently feeling stressed due to the pace and demands of work or issues they are dealing with outside of work
In light of our insights consider whether you are setting clear goals for your teams and individual employees monitoring workloads and ensuring they are manageable encouraging and supporting employeesrsquo physical wellbeing offering financial wellbeing services and providing flexible working arrangements
Financial wellbeingA significant proportion of Australian employeesrsquo stress is caused by money worries Offering support and resources to help employees manage their finances can ease this stress and free up their energy and focus to be more productive at work This could be the most challenging wellbeing deliverable of them all however requiring solutions that cover household budgeting debt management financial hardship and retirement planning
Consider offering tangible financial assistance to employees through additional superannuation contributions financial advice and education services and access to everyday rewards programs
Donrsquot forget that Sunsuper offers our members a range of benefits including financial education and superannuation advice often at no additional cost
The employee experienceJust as businesses need to walk in the shoes of their customer creating a compelling employee experience involves seeing the world through employeesrsquo eyes and focusing on what they most value
Our insights indicate Australian workers are most focused on a positive culture financial and other rewards and flexible working arrangements
Start by involving your employees in focus groups to validate their priorities and then workshop how each could be addressed and improved in your organisation
Company cultureYour culture is shaped by the words and actions of your organisationrsquos leaders and how they make decisions Your culture is also influenced by how your employees are rewarded and how everyone in your organisation interacts with your customers and with each other
Given our insights show a large proportion of Australian employees canrsquot easily describe their companyrsquos culture start by asking yourself if you are doing enough at all levels of your organisation to clearly communicate and engage your employees with your culture
Diversity and flexibilityThe majority of Australian employees believe embracing workplace diversity is good for business In particular a flexible workplace is one way to help ensure you treat employees of diverse ages genders and backgrounds equally and as individuals
Workers say they most value varied work hours additional leave options and the ability to work from home when it comes to improving workplace flexibility
Are you already or is it possible for your organisation to adopt strategies to deliver these benefits
ONE TWO THREE FOUR FIVE SIX
USING THE INSIGHTS IN YOUR BUSINESSTIPS
32 2018 Australian Employee Insights Report 2018 Australian Employee Insights Report 33
34 2018 Australian Employee Insights Report 2018 Australian Employee Insights Report 35
AUSTRALIArsquoS VIEW OF SUPER AND RETIREMENTSNAPSHOT
Understanding of superOverall 56 of workers say they fully understand and are on top of their super Baby Boomers (70) are more likely to feel on top of their super than their Millennial peers (53)
Financial confidence for retirementClose to two thirds (62) of employees arenrsquot confident or donrsquot know if they will have enough super when they retire
Employer services to help workers understand superAustralian workers say they would value a range of services offered by their employer to help them feel more on top of their super and retirement
56
47
24
15
14
44
Obstacles to seeking financial adviceThe right financial advice can help in managing financial stress yet workers say they see a number of obstacles to seeking financial advice
41 I think itrsquos expensive 33
I donrsquot know who to trust
29Itrsquos difficult to know where to go
Mill
enni
als
Gen
erat
ion X
Bab
y Bo
omersTrust in employerrsquos choice of super fundThe majority (70) of Australian employees trust or support their employerrsquos choice of super fund Older workers trust their employerrsquos choice of super fund more than their younger peers
61 72 87
Our annual snapshot of Australiarsquos view of super and retirement highlights that close to half (44) of Australian workers donrsquot fully understand or feel on top of their super
28 of employees donrsquot know or havenrsquot thought about whether they will need to rely on the government age pension in retirement
37 of Australian workers say they will need the same or a higher annual income than what they are earning now to fund their lifestyle when they retire
Planned retirement ageMore than a quarter (27) of Australian workers plan to retire before age 60 Those with no children are more likely (31) to plan to retire before age 60 than those who donrsquot have kids (23)
Acc
ess
to f
ree
fina
ncia
l adv
ice
Make
supe
r sim
ple
Hel
p to
pla
n fo
r ret
irem
ent
Acc
ess
to v
iew
my
bala
nce
Acc
ess
to talk
to s
omeo
ne
Acc
ess
to f
ree
supe
r edu
cati
on
39
32 29 2622 21
Those with higher annual incomes are also more likely to understand their super
Again those with higher annual incomes are more financially confident about retiring
No
Yes
Donrsquot know
Irsquoll use other savings
Yes
No
0
20
40
60
49
67
0
20
40
60
55
30
0
20
40
35
lt50 yrs 51-55 yrs 56-60 yrs 61-67 yrs 68+ yrs I donrsquot plan on retiring
I donrsquot think Irsquoll be able to retire
36 2018 Australian Employee Insights Report 2018 Australian Employee Insights Report 37
Sunsuper offers benefits and member services that can help you support your employeesrsquo wellbeing and build an employee experience that will engage and retain your people These include
bull A track record of delivering strong investment returns to members
bull Low fees
bull A range of financial advice options on the phone and face-to-face often at no additional cost1
bull Financial education complimentary seminars and events including in your workplace
bull The ability to manage super on the go through the Sunsuper app
bull Online information education and inspiration start exploring the Dream Project sunsupercomauthedreamproject
bull Everyday discounts from retailers across Australia our Dream Rewards program sunsupercomaudream-rewards can help your employees save money today
bull Opportunities to support and give back to the community through our Dreams for a Better World grants program dreamsforabetterworldcomau
Sunsuper is also committed to help make managing your super obligations as easy as possible and we provide a range of other services for employersrsquo businesses including dedicated support teams research and insights customised reporting and professional development opportunities for leaders and staff
GROWING YOUR BUSINESS BY GROWING YOUR PEOPLE
SUNSUPERIs it time to talk to Sunsuper
Naturally wersquod like you to think so Curiosity can be good for business and at the very least wersquore confident a conversation with Sunsuper will leave you better informed about the right questions to ask for your company to optimise your employee superannuation arrangements It could also lead to understanding what ldquocompetitiverdquo looks like in todayrsquos ever-changing superannuation marketplace and how we could help you to support your employee experience and wellbeing initiatives
Want some help on the right questions to ask to optimise your employeesrsquo super Download our factsheet at sunsupercomaugrowyourbusiness
Join us on the wave of success
With five major award wins in one year Sunsuper has been recognised as the best of the best when it comes to super
At Sunsuper we donrsquot just want our members to have adequate savings for their retirement We also want to help them get to retirement in excellent financial physical and mental health After all what good is reaching retirement if you canrsquot enjoy it
Super Fund of the Year 2017
38 2018 Australian Employee Insights Report 2018 Australian Employee Insights Report 39
Our purpose is to inspire and empower Australians to fulfil their retirement dreams
Copyright 2018 Sunsuper Pty Ltd 2208 (0818)
1 Our qualified financial advisers provide simple advice about your Sunsuper account at no additional cost More comprehensive advice may incur a fee Sunsuper employees provide advice as representatives of Sunsuper Financial Services Pty Ltd (ABN 50 087 154 818 AFSL No 227867) (SFS) wholly owned by the Sunsuper Superannuation Fund
For ratings and awards information refer to sunsupercomauratingsagencies
This publication has been prepared and issued by Sunsuper Pty Ltd (ABN 88 010 720 840) (AFSL 228975) (lsquoSunsuperrsquo) the trustee and issuer of the Sunsuper Superannuation Fund (ABN 98 503 137 921) While it has been prepared with all reasonable care no responsibility or liability is accepted for any errors or omissions or misstatement however caused All forecasts and estimates are based on certain assumptions which may change If those assumptions change our forecasts and estimates may also change
This document has been prepared for general information purposes only and not as specific advice to any particular person Any advice contained in this document does not take into account any particular personrsquos objectives financial situation or needs Accordingly you should consider how appropriate the advice is to your own particular objectives financial circumstances or needs before acting on any advice You should consider the relevant Product Disclosure Statement before acquiring any financial product
40 2018 Australian Employee Insights Report
13 11 84 (+61 7 3121 0700 when overseas)
GPO Box 2924 Brisbane QLD 4001
sunsupercomau
twittercomsunsuper
facebookcomsunsuper
linkedincomcompanysunsuper
Sunsuper Pty Ltd Sunsuper Superannuation FundABN 88 010 720 840 ABN 98 503 137 921 AFSL No 228975 SPIN SSR 0100 AU
Find out how we can help you and your business in our Growing your business by
growing your people publication To start the conversation
please call us on 13 11 84
sunsupercomauemployeeinsightsreport
30 2018 Australian Employee Insights Report 2018 Australian Employee Insights Report 31
More than a quarter (28) of Australian workers define ldquofinancial wellbeingrdquo as not being stressed about their finances And it seems employers can do more to support their employeesrsquo financial wellbeing with workers saying they would most value additional super contributions (40) and financial advice and education (31) from their employer
Causes of stressAustralian workers rank lack of financial security managing household finances and lack of savings for retirement as the factors causing them the most stress
Main reason for feeling financial stressJuggling the general cost of living is the main reason Australian workers feel financial stress across all household incomes genders and employment types Unsurprisingly not having enough super or savings for retirement (29) overtakes the general cost of living (17) as the main reason Baby Boomers feel financial stress
The meaning of financial wellbeing While employees are most likely (28) to equate not feeling stressed about their finances with financial wellbeing they also associate having enough savings to cover unexpected expenses (21) and being able to retire comfortably at a time they choose (19) with being financially ldquowellrdquo
Biggest concern about retiringGiven 19 of Australian workers say they equate financial wellbeing with being able to retire comfortably when they want it is concerning that 42 of workers say their biggest concern about retiring is not having enough money
Employer services to support financial wellbeingEmployees say they would most value additional super contributions (40) and financial advice and education (31) from their employer to support their financial wellbeing
Supporting financial wellbeingSEVEN
Additional supercontributions
Financial adviceand education
Discounts oneveryday items
Budgetingguidance
40 31 21 8
Lack o
f fi
nanc
ial s
ecur
ity
Managing household finances and bills
Lack o
f sa
ving
s fo
r ret
irem
ent
Phys
ical
hea
lth
conc
erns
Fam
ily o
r rel
atio
nshi
p co
ncer
ns
Conc
ern
abou
t jo
b se
curit
y
40
35
29 28 27 26
Millennials (46) and Gen X (40) are twice as likely as Baby Boomers (21) to feel financial stress at least weekly
Only one third (36) of workers believe their company cares about their financial wellbeing
28
2119
16
12
4 7
42
14
12
10
8
7
Not being stressed about my finances
Having enough savings to cover unexpected expenses
Being able to retire comfortably when I want
Being debt free or on top of my debts
Being able to meet day-to-day living expenses
Donrsquot knowother
Not having enough money
Irsquom not concerned
Losing my health
Being bored
Losing my mental sharpness
Losing my purpose
Losing my social connectionshaving to spend more time with my spouse
Juggling the general cost of living
23
Not being able to afford what I want to do now
18
Not enough savings for the unexpected
15
Not having enough super or savings when I retire
7
Fear of losing my job
12
Millennials
Juggling the general cost of living
34
Fear of losing my job
14
Not enough savings for the unexpected
13
Not having enough super or savings when I retire
10
Not being able to afford what I want to do now
12
Juggling the general cost of living
17
Not enough savings for the unexpected
14
Not having enough super or savings when I retire
29
Fear of losing my job
13
Not being able to afford what I want to do now
10
Generation X
Difficulty managing debt
9
Having to provide for my children
8
Not leaving enough for my kids in my will
5
Other
3
Other
3
Not leaving enough for my kids in my will
2
Other
4
Having to provide for my children
2
Having to provide for my children
3
Not leaving enough for my kids in my will
4
Difficulty managing debt
9
Difficulty managing debt
7
Baby Boomers
The insights in this report show that Australian workersrsquo expectations of their employer are increasing Are you doing enough to build an employee experience that your employees value enough to stay with your company and go the extra mile when you need them to And are you offering the support and benefits that will help your employees manage stress adopt new technology and deliver results for your organisation Here are some tips to get you started
New technologyOur insights show that Australian employees believe workplaces that adopt and adapt to new technology can make their work more efficient To realise these efficiencies employees may need training and other support
Are you doing enough to help your employees prepare for the speed of new technology and the impact of emerging technologies At the same time has your company recognised the importance of non-technical skills such as adapting to change open communication and problem solving
Employee resilienceTherersquos a good chance a number of your employees are currently feeling stressed due to the pace and demands of work or issues they are dealing with outside of work
In light of our insights consider whether you are setting clear goals for your teams and individual employees monitoring workloads and ensuring they are manageable encouraging and supporting employeesrsquo physical wellbeing offering financial wellbeing services and providing flexible working arrangements
Financial wellbeingA significant proportion of Australian employeesrsquo stress is caused by money worries Offering support and resources to help employees manage their finances can ease this stress and free up their energy and focus to be more productive at work This could be the most challenging wellbeing deliverable of them all however requiring solutions that cover household budgeting debt management financial hardship and retirement planning
Consider offering tangible financial assistance to employees through additional superannuation contributions financial advice and education services and access to everyday rewards programs
Donrsquot forget that Sunsuper offers our members a range of benefits including financial education and superannuation advice often at no additional cost
The employee experienceJust as businesses need to walk in the shoes of their customer creating a compelling employee experience involves seeing the world through employeesrsquo eyes and focusing on what they most value
Our insights indicate Australian workers are most focused on a positive culture financial and other rewards and flexible working arrangements
Start by involving your employees in focus groups to validate their priorities and then workshop how each could be addressed and improved in your organisation
Company cultureYour culture is shaped by the words and actions of your organisationrsquos leaders and how they make decisions Your culture is also influenced by how your employees are rewarded and how everyone in your organisation interacts with your customers and with each other
Given our insights show a large proportion of Australian employees canrsquot easily describe their companyrsquos culture start by asking yourself if you are doing enough at all levels of your organisation to clearly communicate and engage your employees with your culture
Diversity and flexibilityThe majority of Australian employees believe embracing workplace diversity is good for business In particular a flexible workplace is one way to help ensure you treat employees of diverse ages genders and backgrounds equally and as individuals
Workers say they most value varied work hours additional leave options and the ability to work from home when it comes to improving workplace flexibility
Are you already or is it possible for your organisation to adopt strategies to deliver these benefits
ONE TWO THREE FOUR FIVE SIX
USING THE INSIGHTS IN YOUR BUSINESSTIPS
32 2018 Australian Employee Insights Report 2018 Australian Employee Insights Report 33
34 2018 Australian Employee Insights Report 2018 Australian Employee Insights Report 35
AUSTRALIArsquoS VIEW OF SUPER AND RETIREMENTSNAPSHOT
Understanding of superOverall 56 of workers say they fully understand and are on top of their super Baby Boomers (70) are more likely to feel on top of their super than their Millennial peers (53)
Financial confidence for retirementClose to two thirds (62) of employees arenrsquot confident or donrsquot know if they will have enough super when they retire
Employer services to help workers understand superAustralian workers say they would value a range of services offered by their employer to help them feel more on top of their super and retirement
56
47
24
15
14
44
Obstacles to seeking financial adviceThe right financial advice can help in managing financial stress yet workers say they see a number of obstacles to seeking financial advice
41 I think itrsquos expensive 33
I donrsquot know who to trust
29Itrsquos difficult to know where to go
Mill
enni
als
Gen
erat
ion X
Bab
y Bo
omersTrust in employerrsquos choice of super fundThe majority (70) of Australian employees trust or support their employerrsquos choice of super fund Older workers trust their employerrsquos choice of super fund more than their younger peers
61 72 87
Our annual snapshot of Australiarsquos view of super and retirement highlights that close to half (44) of Australian workers donrsquot fully understand or feel on top of their super
28 of employees donrsquot know or havenrsquot thought about whether they will need to rely on the government age pension in retirement
37 of Australian workers say they will need the same or a higher annual income than what they are earning now to fund their lifestyle when they retire
Planned retirement ageMore than a quarter (27) of Australian workers plan to retire before age 60 Those with no children are more likely (31) to plan to retire before age 60 than those who donrsquot have kids (23)
Acc
ess
to f
ree
fina
ncia
l adv
ice
Make
supe
r sim
ple
Hel
p to
pla
n fo
r ret
irem
ent
Acc
ess
to v
iew
my
bala
nce
Acc
ess
to talk
to s
omeo
ne
Acc
ess
to f
ree
supe
r edu
cati
on
39
32 29 2622 21
Those with higher annual incomes are also more likely to understand their super
Again those with higher annual incomes are more financially confident about retiring
No
Yes
Donrsquot know
Irsquoll use other savings
Yes
No
0
20
40
60
49
67
0
20
40
60
55
30
0
20
40
35
lt50 yrs 51-55 yrs 56-60 yrs 61-67 yrs 68+ yrs I donrsquot plan on retiring
I donrsquot think Irsquoll be able to retire
36 2018 Australian Employee Insights Report 2018 Australian Employee Insights Report 37
Sunsuper offers benefits and member services that can help you support your employeesrsquo wellbeing and build an employee experience that will engage and retain your people These include
bull A track record of delivering strong investment returns to members
bull Low fees
bull A range of financial advice options on the phone and face-to-face often at no additional cost1
bull Financial education complimentary seminars and events including in your workplace
bull The ability to manage super on the go through the Sunsuper app
bull Online information education and inspiration start exploring the Dream Project sunsupercomauthedreamproject
bull Everyday discounts from retailers across Australia our Dream Rewards program sunsupercomaudream-rewards can help your employees save money today
bull Opportunities to support and give back to the community through our Dreams for a Better World grants program dreamsforabetterworldcomau
Sunsuper is also committed to help make managing your super obligations as easy as possible and we provide a range of other services for employersrsquo businesses including dedicated support teams research and insights customised reporting and professional development opportunities for leaders and staff
GROWING YOUR BUSINESS BY GROWING YOUR PEOPLE
SUNSUPERIs it time to talk to Sunsuper
Naturally wersquod like you to think so Curiosity can be good for business and at the very least wersquore confident a conversation with Sunsuper will leave you better informed about the right questions to ask for your company to optimise your employee superannuation arrangements It could also lead to understanding what ldquocompetitiverdquo looks like in todayrsquos ever-changing superannuation marketplace and how we could help you to support your employee experience and wellbeing initiatives
Want some help on the right questions to ask to optimise your employeesrsquo super Download our factsheet at sunsupercomaugrowyourbusiness
Join us on the wave of success
With five major award wins in one year Sunsuper has been recognised as the best of the best when it comes to super
At Sunsuper we donrsquot just want our members to have adequate savings for their retirement We also want to help them get to retirement in excellent financial physical and mental health After all what good is reaching retirement if you canrsquot enjoy it
Super Fund of the Year 2017
38 2018 Australian Employee Insights Report 2018 Australian Employee Insights Report 39
Our purpose is to inspire and empower Australians to fulfil their retirement dreams
Copyright 2018 Sunsuper Pty Ltd 2208 (0818)
1 Our qualified financial advisers provide simple advice about your Sunsuper account at no additional cost More comprehensive advice may incur a fee Sunsuper employees provide advice as representatives of Sunsuper Financial Services Pty Ltd (ABN 50 087 154 818 AFSL No 227867) (SFS) wholly owned by the Sunsuper Superannuation Fund
For ratings and awards information refer to sunsupercomauratingsagencies
This publication has been prepared and issued by Sunsuper Pty Ltd (ABN 88 010 720 840) (AFSL 228975) (lsquoSunsuperrsquo) the trustee and issuer of the Sunsuper Superannuation Fund (ABN 98 503 137 921) While it has been prepared with all reasonable care no responsibility or liability is accepted for any errors or omissions or misstatement however caused All forecasts and estimates are based on certain assumptions which may change If those assumptions change our forecasts and estimates may also change
This document has been prepared for general information purposes only and not as specific advice to any particular person Any advice contained in this document does not take into account any particular personrsquos objectives financial situation or needs Accordingly you should consider how appropriate the advice is to your own particular objectives financial circumstances or needs before acting on any advice You should consider the relevant Product Disclosure Statement before acquiring any financial product
40 2018 Australian Employee Insights Report
13 11 84 (+61 7 3121 0700 when overseas)
GPO Box 2924 Brisbane QLD 4001
sunsupercomau
twittercomsunsuper
facebookcomsunsuper
linkedincomcompanysunsuper
Sunsuper Pty Ltd Sunsuper Superannuation FundABN 88 010 720 840 ABN 98 503 137 921 AFSL No 228975 SPIN SSR 0100 AU
Find out how we can help you and your business in our Growing your business by
growing your people publication To start the conversation
please call us on 13 11 84
sunsupercomauemployeeinsightsreport
The insights in this report show that Australian workersrsquo expectations of their employer are increasing Are you doing enough to build an employee experience that your employees value enough to stay with your company and go the extra mile when you need them to And are you offering the support and benefits that will help your employees manage stress adopt new technology and deliver results for your organisation Here are some tips to get you started
New technologyOur insights show that Australian employees believe workplaces that adopt and adapt to new technology can make their work more efficient To realise these efficiencies employees may need training and other support
Are you doing enough to help your employees prepare for the speed of new technology and the impact of emerging technologies At the same time has your company recognised the importance of non-technical skills such as adapting to change open communication and problem solving
Employee resilienceTherersquos a good chance a number of your employees are currently feeling stressed due to the pace and demands of work or issues they are dealing with outside of work
In light of our insights consider whether you are setting clear goals for your teams and individual employees monitoring workloads and ensuring they are manageable encouraging and supporting employeesrsquo physical wellbeing offering financial wellbeing services and providing flexible working arrangements
Financial wellbeingA significant proportion of Australian employeesrsquo stress is caused by money worries Offering support and resources to help employees manage their finances can ease this stress and free up their energy and focus to be more productive at work This could be the most challenging wellbeing deliverable of them all however requiring solutions that cover household budgeting debt management financial hardship and retirement planning
Consider offering tangible financial assistance to employees through additional superannuation contributions financial advice and education services and access to everyday rewards programs
Donrsquot forget that Sunsuper offers our members a range of benefits including financial education and superannuation advice often at no additional cost
The employee experienceJust as businesses need to walk in the shoes of their customer creating a compelling employee experience involves seeing the world through employeesrsquo eyes and focusing on what they most value
Our insights indicate Australian workers are most focused on a positive culture financial and other rewards and flexible working arrangements
Start by involving your employees in focus groups to validate their priorities and then workshop how each could be addressed and improved in your organisation
Company cultureYour culture is shaped by the words and actions of your organisationrsquos leaders and how they make decisions Your culture is also influenced by how your employees are rewarded and how everyone in your organisation interacts with your customers and with each other
Given our insights show a large proportion of Australian employees canrsquot easily describe their companyrsquos culture start by asking yourself if you are doing enough at all levels of your organisation to clearly communicate and engage your employees with your culture
Diversity and flexibilityThe majority of Australian employees believe embracing workplace diversity is good for business In particular a flexible workplace is one way to help ensure you treat employees of diverse ages genders and backgrounds equally and as individuals
Workers say they most value varied work hours additional leave options and the ability to work from home when it comes to improving workplace flexibility
Are you already or is it possible for your organisation to adopt strategies to deliver these benefits
ONE TWO THREE FOUR FIVE SIX
USING THE INSIGHTS IN YOUR BUSINESSTIPS
32 2018 Australian Employee Insights Report 2018 Australian Employee Insights Report 33
34 2018 Australian Employee Insights Report 2018 Australian Employee Insights Report 35
AUSTRALIArsquoS VIEW OF SUPER AND RETIREMENTSNAPSHOT
Understanding of superOverall 56 of workers say they fully understand and are on top of their super Baby Boomers (70) are more likely to feel on top of their super than their Millennial peers (53)
Financial confidence for retirementClose to two thirds (62) of employees arenrsquot confident or donrsquot know if they will have enough super when they retire
Employer services to help workers understand superAustralian workers say they would value a range of services offered by their employer to help them feel more on top of their super and retirement
56
47
24
15
14
44
Obstacles to seeking financial adviceThe right financial advice can help in managing financial stress yet workers say they see a number of obstacles to seeking financial advice
41 I think itrsquos expensive 33
I donrsquot know who to trust
29Itrsquos difficult to know where to go
Mill
enni
als
Gen
erat
ion X
Bab
y Bo
omersTrust in employerrsquos choice of super fundThe majority (70) of Australian employees trust or support their employerrsquos choice of super fund Older workers trust their employerrsquos choice of super fund more than their younger peers
61 72 87
Our annual snapshot of Australiarsquos view of super and retirement highlights that close to half (44) of Australian workers donrsquot fully understand or feel on top of their super
28 of employees donrsquot know or havenrsquot thought about whether they will need to rely on the government age pension in retirement
37 of Australian workers say they will need the same or a higher annual income than what they are earning now to fund their lifestyle when they retire
Planned retirement ageMore than a quarter (27) of Australian workers plan to retire before age 60 Those with no children are more likely (31) to plan to retire before age 60 than those who donrsquot have kids (23)
Acc
ess
to f
ree
fina
ncia
l adv
ice
Make
supe
r sim
ple
Hel
p to
pla
n fo
r ret
irem
ent
Acc
ess
to v
iew
my
bala
nce
Acc
ess
to talk
to s
omeo
ne
Acc
ess
to f
ree
supe
r edu
cati
on
39
32 29 2622 21
Those with higher annual incomes are also more likely to understand their super
Again those with higher annual incomes are more financially confident about retiring
No
Yes
Donrsquot know
Irsquoll use other savings
Yes
No
0
20
40
60
49
67
0
20
40
60
55
30
0
20
40
35
lt50 yrs 51-55 yrs 56-60 yrs 61-67 yrs 68+ yrs I donrsquot plan on retiring
I donrsquot think Irsquoll be able to retire
36 2018 Australian Employee Insights Report 2018 Australian Employee Insights Report 37
Sunsuper offers benefits and member services that can help you support your employeesrsquo wellbeing and build an employee experience that will engage and retain your people These include
bull A track record of delivering strong investment returns to members
bull Low fees
bull A range of financial advice options on the phone and face-to-face often at no additional cost1
bull Financial education complimentary seminars and events including in your workplace
bull The ability to manage super on the go through the Sunsuper app
bull Online information education and inspiration start exploring the Dream Project sunsupercomauthedreamproject
bull Everyday discounts from retailers across Australia our Dream Rewards program sunsupercomaudream-rewards can help your employees save money today
bull Opportunities to support and give back to the community through our Dreams for a Better World grants program dreamsforabetterworldcomau
Sunsuper is also committed to help make managing your super obligations as easy as possible and we provide a range of other services for employersrsquo businesses including dedicated support teams research and insights customised reporting and professional development opportunities for leaders and staff
GROWING YOUR BUSINESS BY GROWING YOUR PEOPLE
SUNSUPERIs it time to talk to Sunsuper
Naturally wersquod like you to think so Curiosity can be good for business and at the very least wersquore confident a conversation with Sunsuper will leave you better informed about the right questions to ask for your company to optimise your employee superannuation arrangements It could also lead to understanding what ldquocompetitiverdquo looks like in todayrsquos ever-changing superannuation marketplace and how we could help you to support your employee experience and wellbeing initiatives
Want some help on the right questions to ask to optimise your employeesrsquo super Download our factsheet at sunsupercomaugrowyourbusiness
Join us on the wave of success
With five major award wins in one year Sunsuper has been recognised as the best of the best when it comes to super
At Sunsuper we donrsquot just want our members to have adequate savings for their retirement We also want to help them get to retirement in excellent financial physical and mental health After all what good is reaching retirement if you canrsquot enjoy it
Super Fund of the Year 2017
38 2018 Australian Employee Insights Report 2018 Australian Employee Insights Report 39
Our purpose is to inspire and empower Australians to fulfil their retirement dreams
Copyright 2018 Sunsuper Pty Ltd 2208 (0818)
1 Our qualified financial advisers provide simple advice about your Sunsuper account at no additional cost More comprehensive advice may incur a fee Sunsuper employees provide advice as representatives of Sunsuper Financial Services Pty Ltd (ABN 50 087 154 818 AFSL No 227867) (SFS) wholly owned by the Sunsuper Superannuation Fund
For ratings and awards information refer to sunsupercomauratingsagencies
This publication has been prepared and issued by Sunsuper Pty Ltd (ABN 88 010 720 840) (AFSL 228975) (lsquoSunsuperrsquo) the trustee and issuer of the Sunsuper Superannuation Fund (ABN 98 503 137 921) While it has been prepared with all reasonable care no responsibility or liability is accepted for any errors or omissions or misstatement however caused All forecasts and estimates are based on certain assumptions which may change If those assumptions change our forecasts and estimates may also change
This document has been prepared for general information purposes only and not as specific advice to any particular person Any advice contained in this document does not take into account any particular personrsquos objectives financial situation or needs Accordingly you should consider how appropriate the advice is to your own particular objectives financial circumstances or needs before acting on any advice You should consider the relevant Product Disclosure Statement before acquiring any financial product
40 2018 Australian Employee Insights Report
13 11 84 (+61 7 3121 0700 when overseas)
GPO Box 2924 Brisbane QLD 4001
sunsupercomau
twittercomsunsuper
facebookcomsunsuper
linkedincomcompanysunsuper
Sunsuper Pty Ltd Sunsuper Superannuation FundABN 88 010 720 840 ABN 98 503 137 921 AFSL No 228975 SPIN SSR 0100 AU
Find out how we can help you and your business in our Growing your business by
growing your people publication To start the conversation
please call us on 13 11 84
sunsupercomauemployeeinsightsreport
34 2018 Australian Employee Insights Report 2018 Australian Employee Insights Report 35
AUSTRALIArsquoS VIEW OF SUPER AND RETIREMENTSNAPSHOT
Understanding of superOverall 56 of workers say they fully understand and are on top of their super Baby Boomers (70) are more likely to feel on top of their super than their Millennial peers (53)
Financial confidence for retirementClose to two thirds (62) of employees arenrsquot confident or donrsquot know if they will have enough super when they retire
Employer services to help workers understand superAustralian workers say they would value a range of services offered by their employer to help them feel more on top of their super and retirement
56
47
24
15
14
44
Obstacles to seeking financial adviceThe right financial advice can help in managing financial stress yet workers say they see a number of obstacles to seeking financial advice
41 I think itrsquos expensive 33
I donrsquot know who to trust
29Itrsquos difficult to know where to go
Mill
enni
als
Gen
erat
ion X
Bab
y Bo
omersTrust in employerrsquos choice of super fundThe majority (70) of Australian employees trust or support their employerrsquos choice of super fund Older workers trust their employerrsquos choice of super fund more than their younger peers
61 72 87
Our annual snapshot of Australiarsquos view of super and retirement highlights that close to half (44) of Australian workers donrsquot fully understand or feel on top of their super
28 of employees donrsquot know or havenrsquot thought about whether they will need to rely on the government age pension in retirement
37 of Australian workers say they will need the same or a higher annual income than what they are earning now to fund their lifestyle when they retire
Planned retirement ageMore than a quarter (27) of Australian workers plan to retire before age 60 Those with no children are more likely (31) to plan to retire before age 60 than those who donrsquot have kids (23)
Acc
ess
to f
ree
fina
ncia
l adv
ice
Make
supe
r sim
ple
Hel
p to
pla
n fo
r ret
irem
ent
Acc
ess
to v
iew
my
bala
nce
Acc
ess
to talk
to s
omeo
ne
Acc
ess
to f
ree
supe
r edu
cati
on
39
32 29 2622 21
Those with higher annual incomes are also more likely to understand their super
Again those with higher annual incomes are more financially confident about retiring
No
Yes
Donrsquot know
Irsquoll use other savings
Yes
No
0
20
40
60
49
67
0
20
40
60
55
30
0
20
40
35
lt50 yrs 51-55 yrs 56-60 yrs 61-67 yrs 68+ yrs I donrsquot plan on retiring
I donrsquot think Irsquoll be able to retire
36 2018 Australian Employee Insights Report 2018 Australian Employee Insights Report 37
Sunsuper offers benefits and member services that can help you support your employeesrsquo wellbeing and build an employee experience that will engage and retain your people These include
bull A track record of delivering strong investment returns to members
bull Low fees
bull A range of financial advice options on the phone and face-to-face often at no additional cost1
bull Financial education complimentary seminars and events including in your workplace
bull The ability to manage super on the go through the Sunsuper app
bull Online information education and inspiration start exploring the Dream Project sunsupercomauthedreamproject
bull Everyday discounts from retailers across Australia our Dream Rewards program sunsupercomaudream-rewards can help your employees save money today
bull Opportunities to support and give back to the community through our Dreams for a Better World grants program dreamsforabetterworldcomau
Sunsuper is also committed to help make managing your super obligations as easy as possible and we provide a range of other services for employersrsquo businesses including dedicated support teams research and insights customised reporting and professional development opportunities for leaders and staff
GROWING YOUR BUSINESS BY GROWING YOUR PEOPLE
SUNSUPERIs it time to talk to Sunsuper
Naturally wersquod like you to think so Curiosity can be good for business and at the very least wersquore confident a conversation with Sunsuper will leave you better informed about the right questions to ask for your company to optimise your employee superannuation arrangements It could also lead to understanding what ldquocompetitiverdquo looks like in todayrsquos ever-changing superannuation marketplace and how we could help you to support your employee experience and wellbeing initiatives
Want some help on the right questions to ask to optimise your employeesrsquo super Download our factsheet at sunsupercomaugrowyourbusiness
Join us on the wave of success
With five major award wins in one year Sunsuper has been recognised as the best of the best when it comes to super
At Sunsuper we donrsquot just want our members to have adequate savings for their retirement We also want to help them get to retirement in excellent financial physical and mental health After all what good is reaching retirement if you canrsquot enjoy it
Super Fund of the Year 2017
38 2018 Australian Employee Insights Report 2018 Australian Employee Insights Report 39
Our purpose is to inspire and empower Australians to fulfil their retirement dreams
Copyright 2018 Sunsuper Pty Ltd 2208 (0818)
1 Our qualified financial advisers provide simple advice about your Sunsuper account at no additional cost More comprehensive advice may incur a fee Sunsuper employees provide advice as representatives of Sunsuper Financial Services Pty Ltd (ABN 50 087 154 818 AFSL No 227867) (SFS) wholly owned by the Sunsuper Superannuation Fund
For ratings and awards information refer to sunsupercomauratingsagencies
This publication has been prepared and issued by Sunsuper Pty Ltd (ABN 88 010 720 840) (AFSL 228975) (lsquoSunsuperrsquo) the trustee and issuer of the Sunsuper Superannuation Fund (ABN 98 503 137 921) While it has been prepared with all reasonable care no responsibility or liability is accepted for any errors or omissions or misstatement however caused All forecasts and estimates are based on certain assumptions which may change If those assumptions change our forecasts and estimates may also change
This document has been prepared for general information purposes only and not as specific advice to any particular person Any advice contained in this document does not take into account any particular personrsquos objectives financial situation or needs Accordingly you should consider how appropriate the advice is to your own particular objectives financial circumstances or needs before acting on any advice You should consider the relevant Product Disclosure Statement before acquiring any financial product
40 2018 Australian Employee Insights Report
13 11 84 (+61 7 3121 0700 when overseas)
GPO Box 2924 Brisbane QLD 4001
sunsupercomau
twittercomsunsuper
facebookcomsunsuper
linkedincomcompanysunsuper
Sunsuper Pty Ltd Sunsuper Superannuation FundABN 88 010 720 840 ABN 98 503 137 921 AFSL No 228975 SPIN SSR 0100 AU
Find out how we can help you and your business in our Growing your business by
growing your people publication To start the conversation
please call us on 13 11 84
sunsupercomauemployeeinsightsreport
36 2018 Australian Employee Insights Report 2018 Australian Employee Insights Report 37
Sunsuper offers benefits and member services that can help you support your employeesrsquo wellbeing and build an employee experience that will engage and retain your people These include
bull A track record of delivering strong investment returns to members
bull Low fees
bull A range of financial advice options on the phone and face-to-face often at no additional cost1
bull Financial education complimentary seminars and events including in your workplace
bull The ability to manage super on the go through the Sunsuper app
bull Online information education and inspiration start exploring the Dream Project sunsupercomauthedreamproject
bull Everyday discounts from retailers across Australia our Dream Rewards program sunsupercomaudream-rewards can help your employees save money today
bull Opportunities to support and give back to the community through our Dreams for a Better World grants program dreamsforabetterworldcomau
Sunsuper is also committed to help make managing your super obligations as easy as possible and we provide a range of other services for employersrsquo businesses including dedicated support teams research and insights customised reporting and professional development opportunities for leaders and staff
GROWING YOUR BUSINESS BY GROWING YOUR PEOPLE
SUNSUPERIs it time to talk to Sunsuper
Naturally wersquod like you to think so Curiosity can be good for business and at the very least wersquore confident a conversation with Sunsuper will leave you better informed about the right questions to ask for your company to optimise your employee superannuation arrangements It could also lead to understanding what ldquocompetitiverdquo looks like in todayrsquos ever-changing superannuation marketplace and how we could help you to support your employee experience and wellbeing initiatives
Want some help on the right questions to ask to optimise your employeesrsquo super Download our factsheet at sunsupercomaugrowyourbusiness
Join us on the wave of success
With five major award wins in one year Sunsuper has been recognised as the best of the best when it comes to super
At Sunsuper we donrsquot just want our members to have adequate savings for their retirement We also want to help them get to retirement in excellent financial physical and mental health After all what good is reaching retirement if you canrsquot enjoy it
Super Fund of the Year 2017
38 2018 Australian Employee Insights Report 2018 Australian Employee Insights Report 39
Our purpose is to inspire and empower Australians to fulfil their retirement dreams
Copyright 2018 Sunsuper Pty Ltd 2208 (0818)
1 Our qualified financial advisers provide simple advice about your Sunsuper account at no additional cost More comprehensive advice may incur a fee Sunsuper employees provide advice as representatives of Sunsuper Financial Services Pty Ltd (ABN 50 087 154 818 AFSL No 227867) (SFS) wholly owned by the Sunsuper Superannuation Fund
For ratings and awards information refer to sunsupercomauratingsagencies
This publication has been prepared and issued by Sunsuper Pty Ltd (ABN 88 010 720 840) (AFSL 228975) (lsquoSunsuperrsquo) the trustee and issuer of the Sunsuper Superannuation Fund (ABN 98 503 137 921) While it has been prepared with all reasonable care no responsibility or liability is accepted for any errors or omissions or misstatement however caused All forecasts and estimates are based on certain assumptions which may change If those assumptions change our forecasts and estimates may also change
This document has been prepared for general information purposes only and not as specific advice to any particular person Any advice contained in this document does not take into account any particular personrsquos objectives financial situation or needs Accordingly you should consider how appropriate the advice is to your own particular objectives financial circumstances or needs before acting on any advice You should consider the relevant Product Disclosure Statement before acquiring any financial product
40 2018 Australian Employee Insights Report
13 11 84 (+61 7 3121 0700 when overseas)
GPO Box 2924 Brisbane QLD 4001
sunsupercomau
twittercomsunsuper
facebookcomsunsuper
linkedincomcompanysunsuper
Sunsuper Pty Ltd Sunsuper Superannuation FundABN 88 010 720 840 ABN 98 503 137 921 AFSL No 228975 SPIN SSR 0100 AU
Find out how we can help you and your business in our Growing your business by
growing your people publication To start the conversation
please call us on 13 11 84
sunsupercomauemployeeinsightsreport
38 2018 Australian Employee Insights Report 2018 Australian Employee Insights Report 39
Our purpose is to inspire and empower Australians to fulfil their retirement dreams
Copyright 2018 Sunsuper Pty Ltd 2208 (0818)
1 Our qualified financial advisers provide simple advice about your Sunsuper account at no additional cost More comprehensive advice may incur a fee Sunsuper employees provide advice as representatives of Sunsuper Financial Services Pty Ltd (ABN 50 087 154 818 AFSL No 227867) (SFS) wholly owned by the Sunsuper Superannuation Fund
For ratings and awards information refer to sunsupercomauratingsagencies
This publication has been prepared and issued by Sunsuper Pty Ltd (ABN 88 010 720 840) (AFSL 228975) (lsquoSunsuperrsquo) the trustee and issuer of the Sunsuper Superannuation Fund (ABN 98 503 137 921) While it has been prepared with all reasonable care no responsibility or liability is accepted for any errors or omissions or misstatement however caused All forecasts and estimates are based on certain assumptions which may change If those assumptions change our forecasts and estimates may also change
This document has been prepared for general information purposes only and not as specific advice to any particular person Any advice contained in this document does not take into account any particular personrsquos objectives financial situation or needs Accordingly you should consider how appropriate the advice is to your own particular objectives financial circumstances or needs before acting on any advice You should consider the relevant Product Disclosure Statement before acquiring any financial product
40 2018 Australian Employee Insights Report
13 11 84 (+61 7 3121 0700 when overseas)
GPO Box 2924 Brisbane QLD 4001
sunsupercomau
twittercomsunsuper
facebookcomsunsuper
linkedincomcompanysunsuper
Sunsuper Pty Ltd Sunsuper Superannuation FundABN 88 010 720 840 ABN 98 503 137 921 AFSL No 228975 SPIN SSR 0100 AU
Find out how we can help you and your business in our Growing your business by
growing your people publication To start the conversation
please call us on 13 11 84
sunsupercomauemployeeinsightsreport
40 2018 Australian Employee Insights Report
13 11 84 (+61 7 3121 0700 when overseas)
GPO Box 2924 Brisbane QLD 4001
sunsupercomau
twittercomsunsuper
facebookcomsunsuper
linkedincomcompanysunsuper
Sunsuper Pty Ltd Sunsuper Superannuation FundABN 88 010 720 840 ABN 98 503 137 921 AFSL No 228975 SPIN SSR 0100 AU
Find out how we can help you and your business in our Growing your business by
growing your people publication To start the conversation
please call us on 13 11 84
sunsupercomauemployeeinsightsreport
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