Employees need a healthy wage, and using benefits to top up an uncompetitive salary isn't wise. In fact, it will most likely result in employees feeling under-valued to the point that they start looking for opportunities elsewhere. Ideally, offer a mix of both, health cash back plans and help with childcare costs are sought-after benefits — in addition to a liveable salary, of course.
Pay increases should happen yearly to keep employees' salaries in line with inflation, but this isn't an obligation.
Introducing or revising employee benefits is one way an organisation can boost its perceived value. However, this approach, if not done well, can be very short-sighted and may even backfire.
Stronger benefits like healthcare plans, help with childcare costs, and generous learning and development opportunities go a long way in keeping a workforce engaged. But, they aren't the be-all and end-all. Employees generally want a mix of the two, so a competitive wage and solid benefits are preferred over having extremes of one or the other.
Paying staff fairly needs to be a top priority within a business. Run frequent reviews (at least once a quarter) on payroll systems. Also, keep up to date on Fair Work announcements and updates.
The task of setting the minimum wage rate has always been the responsibility of the Fair Work Commission. The commission takes a variety of factors into consideration, including inflation, the health of the economy, and the cost of living.
Each year, the Fair Work Commission reviews the minimum wage and announces any relevant changes at the start of the financial year.
As of 1 July 2024, the National Minimum Wage is $24.10 per hour or $915.90 per week.
According to Australian government policy, the minimum wage is supposed to provide enough money for housing, food, utilities, and a basic phone and data plan.
It goes without saying that if employees receive the bare minimum, retention will be an uphill battle. While large organisations have the budget to pay their staff competitive wages and lucrative bonus opportunities, the story is very different for small or new businesses.
That said, offering employees a range of perks and discounts can keep them content, especially if they are able to save considerably on their everyday spending. An all-in-one employee experience solution, such as Perkbox, is a cost-effective way of doing this.
Due to the increasing cost of living, everyone wants to save wherever possible, and discounts and freebies are a great way to stretch your employees' salaries further.
With Perkbox, employees get discounts on everyday items and bigger luxury purchases, such as hotels. Moreover, they also don't have to worry about the cost of picking up new hobbies as there are plenty of deals on courses too.
Freebies or free perks include coffees, films, ebooks, and more. Employees get free perks from exchanging points. The amount of points they get per month is set by their employer — the more points they have, the bigger the free perk they can claim.
All-in-one employee experience solutions offer the best value as everything is in one app.
Perkbox, for example, includes:
Comprehensive solutions also have another advantage in that they offer a great ROI. Because everything is in one place, employees can easily find what they need and, consequently, are more inclined to use their benefits and perks.
You can also track things, such as how often employees use perks and who receives the most recognition. Perkbox, has enhanced administration features so you can easily generate reports to find out how your employees are using the app.
The most affordable perks are extracurricular activities, as they promote a sense of fulfilment and belonging without breaking the bank.
Examples include:
The common thread between these activities is that they all involve teamwork, socialising — and perhaps most importantly, are all good fun.
Employees need to feel happy and healthy to do their best work, and they can't do this if they are stressed from struggling to make ends meet.
Everyone is feeling the pinch recently, and as an employer, it's important to check in with employees to see how they are coping.
Do their salaries need adjusting? Is your current perks and benefits offering still providing value?
Perkbox supports all of your employees. It doesn't matter if they work from home or in the office — they only need an internet connection to access everything in the app.
Share