Flare's National Employee Benefits Index
Considering the cost of living crisis and ballooning interest rates, financial stress is one of the most significant pressures facing working Australians.
As a result, employee benefits can go far in shaping employee attitudes toward their earnings.
To build a healthy talent attraction pipeline, Flare’s National Employee Benefits Index provides a representative study of the attitudes on benefits and remuneration across 1,500 working Australians.
In an increasingly competitive job market, and as companies grapple with the economic aftereffects of a global pandemic, the challenge of attracting and retaining talent is more significant than ever.
It’s not hard to draw a connection between job satisfaction and turnover, according to David Brudenell, Chief Revenue Officer at Flare.
“When employees feel undervalued, poorly compensated, or underutilised, they’re significantly more likely to consider other opportunities.”
Given the challenging times, employers and managers are trying to cultivate an environment that recognises and benefits employees on their terms, he says.
“But what are those terms? What are employees looking for? How happy are they with their compensation and benefits?”
“In order to pull in great candidates and create loyalty, companies need to consider what matters most to their employees, and offer benefits that align with their needs and values.”
While the current inflation rate is at 6.9%, businesses have not increased salaries proportionally, Brudenell says, “showing that sustained wage growth at this level isn’t feasible. Instead, more businesses are moving to alternative, financially scalable solutions to enhance pay packages… like benefits.”
Benefits have proven their effectiveness in boosting employee engagement, reducing frustration over compensation, and increasing retention by elevating overall job satisfaction.
“But not all benefits are created equal, so the challenge is offering the right benefits that drive employee engagement and wellbeing,” he says.
Businesses need to conduct a thorough evaluation of benefits that genuinely matter — those that make a tangible difference to the work and personal lives of their employees and can bring about greater engagement, satisfaction, and retention.
“The best benefits don’t need to cost companies the world — rather, they should focus on providing practical solutions and real financial advantages that effectively address the evolving needs and concerns of employees in today’s, well, merciless economic landscape,” Brudenell says.
Finally, the HR industry is no stranger to regulatory complexities, and 2023 brings its own set of compliance challenges. Changes in labour laws, tax regulations, and employee rights can significantly impact HR operations and benefits administration.
“To overcome these obstacles, HR professionals must prioritise financial wellness, craft competitive and customisable benefits packages, and remain vigilant about compliance with ever-changing regulations. By adopting a proactive and employee-centric approach, organisations can successfully navigate these challenges and cultivate a satisfied, engaged, and productive workforce,” he says.
Moreover, by fostering a workplace culture that values employees and their well-being, businesses can position themselves as employers of choice in the dynamic and competitive job market of today.
The National Employees Benefits Index collected data from employees all over the country and show that a strong and customisable benefits program can play a big role in keeping employees happy and satisfied.
Register now and reserve your spot for this webinar here.
