Employee benefits have become more important than ever in helping to increase employee satisfaction and decrease staff turnover.
According to the 2013 Annual Benefits Review (ABR) from Mercer, the most popular benefit being offered is greater flexibility in working hours – 75 per cent of organisations now offer flexible working arrangements.
Garry Adams of Mercer Pacific said that companies who categorised themselves as utilising a benefits strategy have seen improvements in productivity.
“While we can easily get caught up in thinking of the cost of benefits, we can overlook that effective benefits can have a positive impact on the bottom line. Aligning the right benefits with a company’s culture can improve staff turnover and productivity by improving morale,” Adam said.
The ABR found that organisations are becoming increasingly creative with the benefits they offer to employees. According to the ABR, there are companies offering sleep pods, a half day Friday each fortnight during the summer, and an allowance for car pooling or catching public transport.
Health and wellness programs are extremely popular – only 6 per cent of organisations don’t provide any such benefits to employees.
Adams said that while an organisation’s benefits and remuneration program can be one of the most complex aspects of an employment relationship, it doesn’t always have to be so hard.
“Often it’s about trust, flexibility, and enabling the employee’s career to progress with their lifestyle,” he said.