With high inflation and rising interest rates, financial wellbeing has become a top concern for most Australian households. As employees scramble to keep up with increasing costs, many are looking to move employers in the hopes of a chunky salary rise.
Whilst a company-wide pay rise isn’t possible for many businesses, there are still ways employers can mitigate rising costs of living whilst keeping business costs low.
Employers have an opportunity to support their employees through a challenging time and impact both employees’ and their families’ lives in a meaningful way.
Now is a great time for employers to look at their Employee Value Proposition to determine what’s working, and find areas of improvement to meet the evolving needs of employees. Consider revamping and repackaging your existing benefits, or introducing new benefits that are relevant to employees now and can significantly lower day-to-day expenses.
To help you get started, we've put together resources to plan your strategy, inspiration from others and tools to help you get ahead of the cost of living crisis. Visit our resource hub to uncover ideas to boost your attraction and retention goals both now and in the future.