Eighty per cent of the Australian businesses surveyed acknowledged a “strong relationship” between investments in their workforce and long-term profitability, ahead of the global average of 77 per cent.

While salary and benefits are still the top factors used by Australian businesses to attract new employees, 46 per cent ranked flexible working policies in their top five factors compared to 39 per cent globally. Thirty-nine per cent placed an emphasis on physical, mental and financial wellbeing in their top five compared to 36 per cent of global businesses.

“The full extent to which the pandemic has changed workplace policies is becoming apparent,” said Steve Hughes, head of commercial banking for HSBC in Australia.

“Business is adapting working arrangements to offer more flexibility and support greater wellbeing, which are becoming pre-requisites to not only retain existing employees, but also attract talent in a competitive marketplace.”

Support measures put in place by employers include financial assistance to set up home offices, which 40 per cent of Australian businesses said they had introduced, along with wellbeing resources such as counselling, which are also being offered by 40 per cent of businesses in Australia.

Fifty-one per cent of Australian employers said they expected to have a partially remote workforce in the office between two and four days each week and 33 per cent said they will maintain a fully flexible or remote working roster.

“The future of work is looking more and more different to 2019. COVID-19 has accelerated both the shift from a physical nine-to-five office and a recognition that employee wellbeing is critical to success,” said Mr Hughes.