How would your business cope if you lost one of your top performing employees?
What are you doing to keep your people motivated? How do you recruit and attract the best employees? What remuneration options can your business offer above and beyond your competitor offering? What could your employees possibly value more than cash …
Attracting top quality employees is a challenge faced by most business owners. That’s why many employers are now providing more than basic salary and wages as a way of differentiating their workplace in the market.
Don’t settle for second best
Understanding and offering alternative forms of remuneration (and any potential tax costs and benefits) might mean the difference between attracting, recruiting, motivating and retaining top quality talent … or simply settling for second best.
Following are some alternative ideas to enhance traditional salary package arrangements:
- Motor vehicle benefits
- Profit sharing
- Additional leave
- Employee share schemes
- Child care assistance
- Professional development
- Further education
- Financial planning and wellness services
- Company sponsored annual trip
- Personal insurances
- Superannuation contributions
- Any many more!
Shape the culture of your business
If used correctly, a well thought out and presented compensation plan can shape the culture of your business. It can provide a unique competitive advantage that attracts potential employees and be a key difference when it comes to successfully bringing them on board.
Remember to show your appreciation
Your people should feel their hard work is appreciated and recognised by you on a personal level. Considering options and alternative benefits will allow you to tailor packages suitable to individual employees, leaving them feeling personally appreciated and recognised.
Having a discussion with your staff around the remuneration you are offering helps identify what motivates your workforce. You may find that some want to develop their skills, or have the opportunity to travel, whereas others might place more value on additional leave so they can spend more time with family.
Like to know how to achieve this?
With a new financial year about to begin, this is the perfect opportunity to review the benefits you provide to your employees and consider … do you need to raise the bar when rewarding your people?
If you would like to learn more about how you, your business and your employees could benefit from a remuneration review please contact your Fordham Partner.
This publication has been prepared by Fordham Business Advisors Pty Ltd and Perpetual Trustee Company Limited ABN 42 000 001 007, AFSL 236643 (PTCo). Fordham is part of the Perpetual Limited Group. Perpetual Private advice and services are provided by PTCo. This information is believed to be accurate at the time of compilation and is provided in good faith. However, it contains general information only and is not intended to provide you with advice or take into account your personal objectives, financial situation or needs. You should consider whether the information is suitable for your circumstances and we recommend that you seek professional advice. To the extent permitted by law, no liability is accepted for any loss or damage as a result of any reliance on this information.