25 January, 2020

Do your employee benefits stack up?

Do your employee benefits stack up?

Aon’s recent 2018 Best Employer study has revealed that 80% of Aon Best Employers consider “employee engagement and motivation” as one of their top three HR priorities.

But these go beyond a quarterly team outing and a year-end bonus. According to Aon, expectations around employee engagement and benefits are changing.

"In today’s shifting employment landscape, employee priorities and motivations are complex, and as a result, organisations need to be creative in their offerings," Aon notes.

"With a solid benefits plan – and looking outside of the box for options to engage staff – organisations can ensure they are market leaders who can attract and retain top talent in the process. Not only do Best Employers offer better benefits, they tailor their benefits to foster a high performance culture."

On average, 73% of employees at Best Employer organisations believe that their organisation's benefits meet the needs of them and their family compared to only 49% at other organisations.

According to Aon research, organisations are shifting away from monetary rewards and are moving toward employee-based benefits.

Here are some of the benefits being adopted by the 2018 Best Employers.

Extra leave: one Best Employer has introduced an Ambassador Club program that provides employees with two or more years of tenure with an additional month of parental leave, and more days of annual leave when they meet identified performance criteria.

Parental leave support: some employers are offering maternity leave superannuation top ups, plus coaching sessions on returning to work, and mentors to assist new parents as they navigate managing workloads with family.

Passion projects: many Best Employers offer financial assistance for further study, as well as time off for classes. Some even providing a lump sum for career sabbaticals. One organisation has even introduced a $15,000 cash reward for innovative ideas.

Cash rewards: employers are looking at small, regular rewards to motivate performance. It could be as simple as a $250 quarterly spa voucher, or a $100 cash gift to spend on family and friends.
Regular reviews: Best Employers have recognised that performance and salary reviews need to occur more regularly than annually. 

Agile work practices: .many Best Employers are adopting a “work anywhere, anytime” model. With flexible hours and remote working options, high performing team members can enjoy the elusive work/life balance - picking up children from school, making time for fitness or simply avoiding the morning commute - while continuing to deliver results.