Time: The Hidden Bonus In Your Benefits Program
To stay competitive, organisations are working hard to protect their most critical asset – human capital. From defining and developing workplace culture, to career progression and training, getting the right staff on board – and retaining them – has never been such a priority.
For many organisations, an attractive employee benefits program forms a key part of their retention strategy. It helps foster engagement by delivering financial benefits in the form of dollars saved and reduced tax.
But there is another perk that’s often overlooked – time.
“There are two main ways employees gain from their benefits package,” says Andrew Daly, Group Executive Customer Development, Maxxia. “Not only do benefits packages give back to staff in terms of money saved but they also save them time and hassle. It’s easy to overlook non-monetary benefits, but sometimes they can be the most valuable.”
With novated leasing, for example, convenience is an important benefit. Indeed, in a company survey recently conducted by Maxxia the hassle-factor was key.
“We asked employees what they valued most about their novated leasing package and found that they place a lot of importance on not having to secure a vehicle, organise servicing and maintenance, or renew their registration,” said Daly.
“Most of all, employees revealed that their novated lease means they don’t need to worry about budgeting for these large, occasional expenses because they’re all included in a regular pre-tax payment.”
Dollars versus time saved. Whilst the former offers tangible value, the latter is just as important – for both staff and employers. More time, reduced stress and a more balanced life away from work means more focused and productive employees. Wins all around.
This website contains general information and doesn't take your personal circumstances into account. Seek professional independent advice before making a decision.