With the end of financial year nearly upon us, typically this is the time for businesses to attend to employee performance reviews and tackle the conversations around salary increases. With an influx of new jobs being created and the continuing war on talent how do small and medium sized businesses compete with the deep pockets of larger organisations?
Whist money is important to a lot of people and should be constantly reviewed to remain competitive, many smaller organisation are talking about other company perks to sweeten the deal when it comes to annual remuneration reviews. It is important for organisations to look at various differences in their workplace demographic and what benefits will appeal to their particular workforce.
For example 16 to 18 year olds may prefer a cost-effective mobile phone plan, maybe a mobile handset or tablet, a gym membership and entertainment discounts.
As employees move into their 20s and 30s, products such as health and life insurance, utility subsidies such as gas and electricity, credit cards, novated leasing and mortgages become more important.
Older employees may be looking toward retirement or they might have some long-service leave, so they’ll be looking at perks such as holidays.
If you get the benefits right and make them an integral part of an employment package, they can become a powerful retention tool. It can make employees think twice about leaving an employer, and weigh up that they’re really walking away from something of significant value.
So what is your company doing this year in this area? and is it all about the money? food for thought!