Thursday, December 9, 2010

Better Staff anyone?

In the current job market, attracting and retaining quality skilled staff is becoming an increasingly difficult task. Those few great employees that are out there looking for employment know their worth and as a consequence interviews are becoming much more of a two way process than ever before. Gone are the days when an annual pay review was all that was required to keep staff happy, these days you need to offer something extra to attract the cream of the crop.
Whilst increasing the pay offered may get new employees through the door initially, it doesn’t really go a long way to differentiate you as an employer of choice.
To avoid tripling your wage bill, it might be worthwhile to think outside the square and consider offering alternative benefits to both your current and would-be employees.
There are two options you may not have considered, that could help to set you apart in the job market as an employer of choice, they are NEST and Group Income Protection Insurance.
National Entitlement Security Trust (NEST) is a not-for-profit industry trust that secures both yours and your employees entitlements, so that in the event of your company not having the capacity to pay, all benefits owing will still be paid out in full. By participating in NEST employers demonstrate their integrity and genuinely high regard for the security of their employees entitlements.  
Any type of non-superannuation entitlement can be paid into NEST, the most common being; Annual Leave, Long Service Leave, Productivity Payments and Sick Leave. The best part about NEST for employers is that there are no fees, and great tax benefits. This one’s a “win, win” really.
Group Income Protection
The second possibility is Group Income Protection Insurance. Group Income Protection Insurance (also known as Group Risk and Group Salary Continuance Insurance) is a low cost insurance cover, that is taken out in addition to your existing workers compensation cover.
Group Income Protection Insurance provides your valued employees with accidental injury and optional sickness cover - both in and out of the workplace 24 hours per day, 7 days per week, anywhere in the world.
Providing your employees with these kind of benefits shows your sincerity and promotes employee loyalty – not to mention gives you a great dose of that warm fuzzy feeling.
To find out more about NEST or Group Income Protection Insurance you can contact Coverforce on 1-3000-COVER or visit our website.

IMPORTANT: General Advice Warning General advice on this website has been prepared without taking into account your objectives, financial situation or needs. Before acting on the advice, consider its appropriateness. Consider our disclosure documents, which include our FSG and Product Disclosure Statements PDS) for some products.

No comments:

Post a Comment