Australian women are more unhappy in the workplace and less likely to be satisfied with their salary than their male counterparts, according to new research.

Gallagher’s third annual Workplace Wellbeing Index, based on just under 2,500 responses from Australian workers, found that there is growing pressure for employers to provide a compelling employee value proposition based around mental, physical, and financial wellbeing.

The report found that with rising cost of living pressures across Australia, financial wellbeing among workers is at a critical point, leading to low wellbeing that can impact a company’s bottom line significantly.

The survey found that just over half of respondents were experiencing high wellbeing at work, just up from 48 per cent last year.

But more than 35 per cent of those surveyed said they are not satisfied with how much their employer is focusing on wellbeing, and one in 10 people said they had resigned from a role because of a lack of wellbeing at work.

Respondents to the survey listed financial aspects such as base salary, incentives and employee benefits as extremely important in the work base but were commonly not satisfied with what they were currently receiving.

These gaps were far more stark for women than they were for men, highlighting the importance of continued efforts to close the gender pay gap in Australia.

Just over three-quarters of men surveyed said that their base salary was important to their wellbeing, and 59 per cent said they were satisfied with it, a gap of 17 per cent.

For women, 82 per cent said base salary was important but just 49 per cent said they were satisfied, equating to a far higher gap of 33 per cent.

When it came to workplace incentives, men reported this gap as being 16 per cent while it was 32 per cent for women, and there was also a major discrepancy when it came to employee perks.

Overall, just under 80 per cent of respondents to the survey said that base salary was important to their wellbeing, but only 54 per cent are currently satisfied with what they are being paid.

Gender pay gap impacts wellbeing

Earlier this year new data revealed the stark gender pay gaps that still exist across Australian companies.

Under new laws, all private companies with more than 100 employees are required to report gender pay information to the Workplace Gender Equality Agency, including median gender pay gap for salaries and median gap for overall remuneration, which takes into account bonuses and overtime.

The overall median gender pay gap in terms of salary was 14.5 per cent, and 19 per cent when it comes to full remuneration.

Of the 5,000 companies that reported data, more than 60 per cent had a median employer gender pay gap of more than 5 per cent in favour of men, and half had a gap of more than 9 per cent.

Corresponding with rising cost of living pressures, this year’s report saw more people rating personal finances as important to their mental health.

“Proactive organisations understand this and are designing compelling remuneration and benefits offerings that better support their people’s wellbeing,” the report said.

Healthier workers = healthier businesses

On top of the health benefits for employees, efforts to improve wellbeing for workers can have a major impact on a business’s bottom line, the report found.

According to the report, employees with high wellbeing are two times more willing to go above and beyond in their jobs, have more than 6 times higher engagement at work and are 3.4 times more likely to remain in their current role.

On top of this, 2.5 times more people with reported low wellbeing have resigned, compared to those with high wellbeing.

The report found that remuneration and benefits are also the most important considerations when individuals are joining a new company, followed by meaningful work, a focus on safety, health and wellbeing, and flexible work.

Included in the must-have benefits for those surveyed were flexible working arrangements, professional training, and development and career development programs.

“The majority of employees see these benefits as crucial and most organisations offer them,” the report said.

“Those who are not are likely struggling to attract talent and getting left behind.

“For organisations looking to introduce new restrictions to their flexible working options, this may come at the cost of retaining employees.”

Companies around the world are contemplating new ways to improve the wellbeing of their employees, including offering four-day working weeks or an additional week of annual leave.