Helping employees' money 'go further' amid financial challenges

Employers seeking to provide impactful perks to their employees should look into offering financial benefits to help them remain afloat, according to a new white paper.

The paper, released by Reward Gateway, pointed out that the high inflation and soaring cost of living have put Australians "under significant financial pressure."

Offering a big pay rise is an option - but it may not always be feasible for employers, according to the paper.

"If increasing salaries isn't within your budget, the next best thing is to help your employees make their money go further," the report read.

It suggested building a financial toolkit for employees, underscoring the importance of helping employees get the information or resources that can educate them.

"Equipping your team with access to financial resources such as debt support, credit and borrowing advice, saving and investment guidance, and budget planners can help them establish better practices and empower them to improve their financial wellbeing," the report said.

Other financial perks to offer

It also recommended offering a healthcare plan, which is popular among Baby Boomer and Traditionalist professionals.

"Offering private healthcare treatment provides your people with quick access to medical support, with additional cover also available for mental health services and dental care," the report read.

It added that employers should provide a "wellbeing allowance" for employees, which can be offered instead of free or subsidised gym memberships.

"Whether it's spent on Pilates classes, home gym equipment, boxing lessons, or something entirely different like a wellness retreat, you're much more likely to make a difference in your employees lives by trusting them to invest in their wellbeing," the report said.

Other benefits that would make an impact to employees include those that support productivity, work-life balance, and career advancement. Read all about these benefits in the white paper.