Staff retention is an important part of business success – boosting productivity and company culture helps to motivate your staff and encourage loyalty, which in turn benefits your organisation. During uncertain economic conditions, business strategies to enhance staff retention levels become even more vital, with companies often competing to attract quality employees. Since changes to the New South Wales workers compensation legislation, workers and businesses statewide have had to adjust to the new scheme, which has reduced the benefits for many employees.
The changes will mean that workers are no longer covered for accidents when travelling to and from work , and payment of medical costs will be capped to one year after returning to work. Businesses could take advantage of the changes, by investing in group income protection policies to entice prospective workers and bolster staff retention levels. Employees aren’t just looking at salaries these days, they are being offered other benefits.
One of the ways employers these days assist employees is through policies that cover an employee for 24 hours a day for injury and major illness. Families are looking to protect their income stream with the knowledge that the mortgage has to be paid. Group income protection policies can provide vital peace of mind to employees and income certainty, giving them the reassurance that in the event that something does happen, financial support is provided by their employer.