18 February 2011
I spent some time over the past week looking at what employee benefits are on offer by some of Australia’s largest corporates. What was quite evident is that there is a big difference in what is made available to staff between the large corporates and the SME end of the market. This could be a result of the varying focus placed on the function played by the Human Resources and Remuneration and Benefits departments.
What was quite clear, is that when researching companies, particularly as a potential employee, what is potentially on offer outside of the basic remuneration and super can make a difference between selecting one company over another.
Employee Discounts
Employee discounts can range from 10% - 50% depending on the product and the industry.
Financial Services
Many corporates offer their employees discounted access to Financial Advice, and Loans directly through relationships with financial institutions and adviser firms.
Superannuation
In addition to the statutory 9%, some employers also offer super matching, where they match your voluntary contributions up to a specified amount.
Salary Packaging
What is available for salary packaging varies by employer and by industry. The private sector will normally offer packaging of Insurance, Novated Lease, Parking, Airline Lounge Membership, subscriptions to industry associations, laptops/tablets. Not For Profits for instance have a much broader selection and can package a larger amount of their pay FBT free.
Career Development
Employers will assist you financially with your studies if they are directly related to the industry that you work within.
Career Breaks
Allowing staff to take a career break to pursue other ambitions (usually up to 12 months unpaid) with guaranteed employment upon return.
Productivity Days
Where upon achieving agreed targets, you become entitled to additional paid leave.
Employee Referral
It is quite common for employers to offer a bonus where a staff person can recommend a candidate for a position and is subsequently hired.
Counselling
Free counselling (external provider) is also a common offer for staff to assist them to work through either work-related or personal life concerns that might be affecting their work performance.
Health/Wellbeing
Some employers allow you access to a free health check as well as access to a dietician/sports instructor to help you with your diet and exercise program. Others offer child care support, flu vaccinations, parenting workshops and health seminars.
Parental Leave
Paid parental leave beyond the govt mandated leave plus emergency family leave.
Community Work
Some employers allow you to donate pre-tax directly from your salary to certain organisations (obviously not tax deductible as well).
The more community minded will allow you to contribute time (work time) to an agreed charity or cause.
One employer I found allowed you to swap a non national public holiday with a recognised religious holiday.
Flexible working arrangements
The ability to negotiate the hours you wish to work in agreement with your employer.
Annual Leave
Employers are also beginning to look at offering additional annual leave each year that can be purchased by the employee.
Equity
Where staff are provided with shares each year depending on performance and their position as well as with the option to purchase them at a discounted rate.