Employee Benefits
In August 2021, a record 4.3 million Americans voluntarily resigned. The mass movement of talent in the US has business leaders anticipating a similar shift in the Australian workforce. So how ready is your organisation and what can you do to limit the loss of top talent?

A recent national survey by PwC found 38% of Australian workers plan to leave their current employer within the next 12 months. Fuelled by various factors, including restlessness following the prolonged effects of the pandemic and employees seeking greater control over their lives, the most likely employees to leave are Gen Zs and Senior Executives (often the most costly to replace).

 

 

REMUNERATION & REWARD

Remuneration and Reward consistently rank in the top reasons employees join or leave an employer. At the same time, remuneration is often considered a hygiene factor and does not necessarily drive engagement or job satisfaction. In fact, employees rarely understand the true financial value of their total rewards package which includes their pay and other benefits because the organisation has failed to articulate this properly.

 

WHAT CAN BUSINESSES DO? 

1. ENSURE REMUNERATION IS COMPETITIVE

Remuneration data is widely available through recruiters, on job websites, and via social media. Not only should remuneration be market competitive, but businesses should be transparent in communicating the reasoning behind their offering.

2. COMMUNICATE THE TOTAL VALUE OF YOUR BENEFITS PACKAGE

Many organisations struggle to communicate the true financial value of their rewards packages. Honan has partnered with benefits platform Zest to deliver a market-leading experience that helps organisations showcase the true value of their pay and benefits. Get in touch with Honan to book a Zest demonstration.

 

WELLBEING

Wellbeing (22%) is the second most important factor for employees deciding to join or leave an employer (PWC, 2021). 85% of workers reported their wellbeing has deteriorated during the pandemic, with 1 in 2 workers experiencing mental health challenges over this time.

 

WHAT CAN BUSINESSES DO? 

INVEST IN EMPLOYEES’ MENTAL AND FINANCIAL WELLBEING

Beyond physical health, employees now expect employers to support their holistic wellbeing. Financial anxiety is a leading cause of stress among Australian employees (Metlife EBTS, 2021), meaning organisations that prioritise this support will be best positioned to attract and retain talent. Core support areas include:

  • Structured Group Life and Income Protection policies offer financial security and peace of mind in the event of death or inability to work due to injury or illness.
  • Financial Wellbeing Programs such as educational webinars, budgeting tools, and information give employees greater control of their finances.
  • Holistic Wellbeing Programs can build resilience and enhance mental wellbeing and physical health. Common examples include Private Health Insurance Plans, Employee Assistance Programs, mental resilience workshops, skin checks, and gym sessions.  

 

NEXT STEPS

Closed borders and reduced migration have led to a shortage of talent in the local market and proactive organisations with structured and holistic employee benefits propositions are more likely to win and retain the best talent.   

Reach out to the Honan Employee Benefits Team for a complimentary review of your organisation’s employee benefits strategy.

 

Alexandra Slimming

Head of Global Benefits

alexandra.slimming@honan.com.au

+61 499 799 150

 

Shabab Maqsud

Head of Client Service – Global Benefits

shabab.maqsud@honan.com.au

+61 427 177 653

 

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