The Great Resignation - the million dollar catch-phrase, which mid to late last year many believed wouldn’t hit our shores, and that Australia somehow, unlike the United States and other countries, wouldn’t be as adversely impacted by it. 

Skip ahead a few months, and data from the Australian Bureau of Statistics (ABS) paints a very different picture. The ABS data has revealed that the national turnover or ‘quit’ rate rose to 9.5% in February 2022 – its highest level since 2012. 

However, workers aren’t necessarily quitting to do nothing. As per the ABS data, 1.3 million people (or 9.5% of employed people) changed jobs, the highest annual job mobility rate since 2012. 

So what’s the driving force behind the change? Many would like to point the finger at the pandemic for spurring many to reconsider their relationship with work or their chosen career path. 

Or could it be the writing on the wall, which pre-pandemic several organisations had failed to see, that now with a plethora of options available, people are seeking out new employers that provide the compensation, flexibility, and culture they want?

One of the hardest hit sectors when it comes to attraction and retention of staff has been Not-for-Profits. Particularly those organisations operating in the broader human service sectors of disability, public health, and aged care. 

So, what options do these organisations have available when it comes to attracting and retaining their most valuable asset -their people? 

Surprisingly according to the HR Institute, “the lure of better pay elsewhere is reported as the second-strongest factor in why employees say they leave.” Statistics show that over 70% of employees are more likely to stay with their employer because of their employee benefits package or to choose one job over another if it offered better benefits. 

For NFP, one of the best employee benefits they can employ is Salary Packaging, also known as Salary Sacrifice. This ATO-approved incentive allows employees to increase their take-home pay without working longer hours, while helping organisations to attract and retain high-quality staff, enhancing sustainability and creating a stronger social impact

The beauty of employee benefits, such as Salary Packaging, is it not only has a huge impact on the talent you attract it helps to underpin your company’s success and can be an indicator of a strong culture within an organisation that values the welfare of their people.

With Salary Packaging one of its greatest advantages is the security it gives to employees, as it isn’t linked to company profits or revenue - it’s something that can be relied on even during the most challenging times.

So how does it work? In a nutshell, Salary Packaging makes it possible for employees to pay for selected everyday items and expenses, from their pre-tax salary, which ultimately reduces their taxable income. These expenses, also known as benefits, range from mortgage & car repayments to restaurant bills & all-inclusive holidays. 

Salary packaging opens a range of attractive lifestyle benefits thanks to the tax savings and the nature of benefits available, all with the peace of mind that it’s 100% ATO approved. 

All in all, Salary Packaging is generally one of those benefits that’s a win, win for both employers and employees. 

With close to two decades of experience as NFP Salary Packaging Specialists, Eziway has set the pace in Salary Packaging for outstanding customer service and innovation. 

Their well-oiled team of industry experts makes salary packaging easy to understand, easy to set up and easy to make changes, so it’s as effortless as internet banking. 

Eziway’s brand DNA cuts through the noise and gets to the core of what NFP organisations need and want to get the most out of this employee benefit.

Visit eziway.net.au to learn more about the service solutions available to NFPs.

AUTHOR

Bertha Conde | Eziway Group

T 03 8768 5777

E bertha@eziway.net.au