It has long been accepted that benefits play an important role in attracting and retaining employees and creating workplaces that work. And with the job market becoming increasingly competitive, and the number of employees looking for new opportunities, you need to put more than just an attractive salary on the table.
Employees looking at joining, or thinking about leaving you, consider ‘the whole package’ – not just what they will take home at the end of the week. They want workplaces that offer them extra benefits.
And we are not talking about free coffee and biscuits.
A well-designed benefits program gives your employees lifestyle savings and discounts across everyday products and services, leaving more in their pocket at the end of the month.
And in return, you will reduce turnover and attract top talent. That’s benefits for your employees, and benefits for you.
The Towers Watson 2014 Global Workforce Study found that in Australia, 31% of employees are likely to leave their current job within the next two years. That means by now, many of them already may have.
In Australia, it is estimated that the cost to replace a single employee is about 2.5 times their annual salary. Based on the average annual salary of $77,194 (ABS, May 2015) losing one employee can cost as much as $192,985.
When you consider all the associated costs of lost productivity, vacancies, re-training, temp hires, and recruitment costs, turnover is costing you significantly. With the job market in Australia as competitive as it is maintaining employee loyalty is not only a priority, it’s a necessity. Investing in a benefits program to attract and retain top talent could save you millions.
Strategic Rewards runs program to help you do just that.