In my last post I spoke about how nervous I was about the brain drain from Australia to almost everywhere else – and despite the skills shortages already biting here in Australia!
Today I want to focus a little more on those ‘real incentives’ that attract our workers to take off and work elsewhere in the world. It used to be the UK, USA and Europe now it is China, India & South America……
I really don’t think Australian companies are innovative enough when it comes to remuneration and rewards for employees.
The USA has been using incentive payments for all levels of workers for years and it is very common for workers to own a bit of the company. It’s also common for employees to have other rewards in their remuneration packages such as easy, subsidised access to childcare or health care and so on.
I have come across employees who have the option to access subsidised legal services so, if they have an accident or a divorce or need a lawyer for any reason they can get it through their company. The company (quite cleverly) uses it buying power to purchase reduced rates and then, through a contribution scheme has invited employees to opt into it so that when they need legal services they can access them for no further costs. Clever hey!
A few years ago Australia Post, as part of its employer of choice program, launched a personal financial service for employees. The service provided some support for employees who struggled to develop personal budgets and manage their money. It all become a bit too hard in the end but the concept was good!
So, why then don’t Australian companies do more of it?
I fear they just don’t see the need.
Yet we know our gen Y’s especially are looking for more than just a pay packet and we know that Australia has a skills shortage – about to be further exacerbated by the demand for talent coming from our near (and far) neighbours – China, India, Brazil, even Russia to name a few!
Surely it makes good business sense to address the issue now and start to put in place attractive remuneration and reward or benefits that will attract and keep the talent we need?
A great way to start would be with the issues arising out of the climate change debate. Why not consider options for working from home or perhaps providing transport from key public transport depots to the work location. Perhaps you could look at a longer term strategy for decentralising your work locations into smaller hubs or making sure any fleet cars are hybrids. The lists are endless.
On a more immediate front why not think about inviting the local cafe to bring a lunch cart through the office or perhaps you could subsidise lunches 1 day per week. Whatever the option this encourages staff to stay in the office and cuts down on extra time spent travelling to purchase lunch elsewhere.
Subsidised childcare, flexi-time options all allow employees to care for children, or perhaps care for elderly parents and so on are all relatively simple options. Other incentives to consider include gym memberships, season tickets or club memberships, options to purchase from your suppliers at a discounted rate, theatre or movie tickets and so on.
Benefits such as those I’ve mentioned make your company a more attractive place to work and that’s without even considering incentive payments.
In my next post I’ll explore the pros and cons of incentive payments and why I think they are important for Australian business.
Helen Sabell
CEO
The College For Adult Learning