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