Protect Your Most Valuable Business Asset - Your employees
For employers, attracting, retaining, and growing human resources is hard. The 'Great Resignation' and a post Covid world, has seen many businesses collapse. If Collective Enterprise Bargaining becomes the new norm, a new layer of complexity and costs will bring a new enterprise dilemma. With high employment, the ability to attract and retain employees is just getting harder. Its a matter of public record and news.
For employees, rapid inflation, wage growth, economic uncertainty, RBA forcing mortgage cost increases and the cost-of-living spiralling out of control, employees are looking elsewhere for better pay and conditions because wage increases are not enough, other employers are offering more, have never been more exposed to the loss of the family home, possessions, health, and wellbeing.
Employees have limited protection for work related injuries under workers compensation law in all Australian states and territories. Generally this cover is about health and recovery of your worker and how to achieve this safely to meeting your statutory obligations.
There are limitations however such as work must be the major contributing factor. The broad nature of hard to identify psychological, anxiety, stress and bullying related claims, or falsely alleged work site injuries, make this insurance problematic and often very expensive.
The Albanese government has now passed through the senate, the new Industrial Relations bill designed improve gender pay equity and multi-employer bargaining. Consultations confirmed the reform will not be limited to low-paid workers. For employers it represents another substantial human resources risk and if passed into law, will accelerate further wages growth, additional input payroll costs, increased workers compensation premiums.
Inflation is expected to peak at 7 ¾ per cent later this year, before moderating over time, to 3 ½ per cent through 2023–24, and returning to the Reserve Bank’s target range in 2024–25 according to Dr Jim Chalmers treasury speech on the 25th October 2022.
So what does this mean? It just got a little harder again for employers.
All employers however want to retain and reward good employees.
If a valued employee was off work and not covered by workers compensation or private insurance, would you carry their wages for several months?
So how would you do this with other costs inputs and financial costs still increasing?
Simple direct wage increases will be eroded by inflation and taxation.
We have an innovative and cost-effective way to compliment your strategies, to grow and retain your most valuable resource – your people
What will you do before it’s too late and your best resource has resigned?
The Life Work Shield provides a low cost tax deductible solution to cover 100% of your workforce.
With our affiliates we can provide an innovative solution to secure your business future.
As an employer funder benefit, it can prevent employees losing their homes through sickness or accident, especially now as mortgage costs have escalated dramatically . It can restore financial well being and keep families together. Keeping valuable employees protected means secure and happy employees and happy employees dont leave.
Ask us now if your business qualifies
It’s your choice to retain your best asset.
Some of the valued benefits you can choose include:
- Replacement of salary in the event of any illness or injury
- Automatic acceptance of all employees
- A single plan with no heath checks or medicals
- Lump payment for death
- Lump payment or permanent incapacitation
- With 24/7 employee protection at home, work or leisure
- Choices of waiting periods
- Tax deductible,
- Easy to manage processes with all employees automatically included.
- Demonstrates commitment to wellbeing
- Takes care of and retains talent
- Mitigate the risk of potential non genuine workers compensation claims