employee benefits Archives - �鶹ԭ�� Australia & New Zealand News Center

84% of Australian SMBs confident about their growth despite workforce volatility, reveals new report commissioned by �鶹ԭ��

�鶹ԭ�� News — Wed, 06 Jul 2022 00:47:38 +0000

Sydney — 6 July, 2022 — A new study by (NYSE: �鶹ԭ��) has found 84 percent of SMBs in Australia are confident in their growth over the next 12 months despite workforce volatility, including the Great Resignation, having directly impacted the digital transformation plans of 89 percent of SMBs.��

These insights have been revealed in new SMB research study released today, Transformational Talent: The impact of the Great Resignation on Digital Transformation in APJ’s SMBs’, which explores the impact of the Great Resignation on Australia’s SMBs and their growth plans.��

Optimism abounds as SMBs move from resilience to focus on growth��

Having managed significant challenges over the past two years, SMBs in Australia are looking beyond a focus on resilience.��

Two-thirds (66%) of Australian SMBs say their organisation is highly or fully resilient in weathering the pandemic’s impact. Not one respondent said they are not resilient at all. That confidence has resulted in a feeling of optimism about their growth prospects.��

That mindset can only be a positive thing for Australia, according to Sofiane Ainine, SMB Segment Lead, �鶹ԭ�� Australia.��

“Our small and medium-sized businesses are a bellwether for the wider economy, as the nation’s biggest employer. I firmly believe that when SMBs thrive, economies grow, and Australia prospers”, said Ainine. “By harnessing this optimism and putting it together with great innovation, a commitment to talent, and a strong partner ecosystem we can chart a course to the next decade of SMB success in Australia.”��

The impact of the Great Resignation on SME digital transformation in Australia��

Despite this optimism, businesses now face another challenge – the ‘Great Resignation’. Coined in 2021, the phrase refers to a worldwide trend of millions of employees across the world leaving their jobs.��

�鶹ԭ��’s research found the Great Resignation is real and impacting SMBs in Australia today. Almost half (48%) of respondents agreed that more employees are resigning now compared to just 12 months ago, while 57 percent of SMBs said they are not finding it easy to cope with the impact of the Great Resignation. This is critical, given 94 percent of SMBs say digital transformation is very important to their organisation’s survival over the next year.��

The talent crunch is impacting organisation’s ability to digitally transform their businesses. In fact, lack of skilled talent trails only understanding of available digital solutions as challenges to achieving successful transformation for Australian SMBs, ahead of traditional obstacles like cyber security or lack of budgets.��

“This study reveals how the Great Resignation can be seen as an existential threat to many organisations,” said Mr Ainine. “Digital transformation is a fundamental way SMBs not only build resilience, but how they create agile, innovative paths to growth. But without the right people, any transformation will struggle. Investment in talent must match investment in innovation to ensure SMBs in Australia both survive – and thrive.”��

Investing in talent and training to mitigate the Great Resignation��

SMBs in Australia are investing in their workforce to mitigate the effects of the Great Resignation and to bolster their organisations’ ability to deliver digital transformation.��

Survey respondents said they were focusing on introducing flexible working arrangements (45%) and improving financial incentives (39%) to boost talent retention over the next 12 months. Yet, beyond those strategies, SMBs are also focusing on training. Over a third (36%) of SMEs said they would provide upskilling opportunities to retain key talent in the next 12 months.��

The focus on training can’t come too soon. Over half (55%) of SMBs say upskilling to support digital transformation is urgent, leading to 82 percent of Australian SMBs who will focus on digital training throughout this year.��

“The Great Resignation has often been misconstrued as employees leaving to pursue their purpose. That’s not the whole story,” said Mr Ainine. “Talent requires the right remuneration, flexibility, and a clearly communicated progression journey. Prioritising upskilling and career progression, and supporting it with access to the right technology and partners is proven to be a win-win for employees and for SMBs here in Australia.”��

The full report of Transformational Talent study is available for download .��

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Flexibility Is Non-Negotiable When It Comes To The Australian Employee Experience

�鶹ԭ�� News — Thu, 03 Feb 2022 22:07:31 +0000

The future of work is unfolding as we speak and it’s more flexible than we could have ever imagined when the global pandemic hit two years ago. A recent Mercer report found that almost 60% of organisations in Australia were reinventing flexibility as a core part of transforming the employee experience.

“Employee benefits around health and well-being are a major topic within the Australian culture because people in this country expect more work-life balance,” said Chi Tran, head of workforce market insights and data at Mercer. “Organisations want to make sure they have the flexible programs in place to attract and retain people. We see well-being benefits becoming increasingly non-negotiable as a core component of an organization’s ability to deliver an effective employee experience.”

The same study also showed that 97% of organisations had a health and wellness benefits program in place, and employees were more attracted to organisations that have a sense of purpose.

Pandemic puts employee wellness at center stage

Like everything else, the pandemic has fast-tracked the future of work. Another Mercer poll revealed that respondents from one in two companies in Asia-Pacific saw indications of worsening employee burnout and pandemic fatigue. As a result, Tran said many organisations are taking a risk-based approach with data-driven prevention programs to reduce insurance premiums while addressing worker well-being, particularly mental health.

“In addition to keeping responsive employee assistance programs in place, many companies are shifting to proactive strategies that bring people in with virtual wellness workshops on a more regular basis,” she said. “There’s no one-size-fits-all program. Organisations need to listen to their different employee cohorts, investing in benefits that will resonate with everyone’s unique needs.”

Personalised, flexible benefit programs

One example is �鶹ԭ��’s global “Pledge to Flex” program designed to fit every employee’s role, style, and location while continuing to meet business and customer needs. At �鶹ԭ�� ANZ, where the pandemic’s impact was nascent in 2020, but revved up through 2021, the company established a framework for employees to consider when determining their work style preferences.

“We want people empowered to find the ideal working style that will meet their individual, team, and customer success responsibilities,” said Debbie Rigger, head of HR at �鶹ԭ�� Australia and New Zealand “We have parents with young children or other caregiving responsibilities. We have early talent working at home out of their bedroom. We want them to ask themselves, what is my role? Who are my stakeholders and what are their expectations? What family-related and other personal commitments do I have? Given all these factors, what do I need to do my best work?”

Looking ahead, Rigger expects to see the unexpected, meaning employee requests for things HR has never thought of before. Meantime, the �鶹ԭ�� ANZ team as doubled down on creating a safe in-person reentry experience for employees based on legislation and government guidance, as well as the company’s global policies.

“This has been more of a re-education for employees about the options they have, and being transparent about what’s possible when it comes to working schedules that span full-time, part-time, compressed hours, job sharing, and even geographies,” said Rigger. “Given the border closures, people have been interested in traveling within the country, while also being able to work remotely for a specified time period. Through candid conversations with managers, employees determine how, when, and where they work based on their personal circumstances and the needs of the business.”

Organisations adjust employee experience to the new normal

Flexible working practices are likely here to stay. analysts predicted that by 2023, digital transformation and business volatility would drive 70% of G2000 organisations to deploy remote or hybrid-first work models, redefining work processes and engaging diverse talent pools. The beauty of being flexible is obvious during these times of rapid change and market uncertainty.

Rigger said �鶹ԭ�� ANZ was already exploring how to make the most of the company’s office spaces in compliance with local legislation guidance. Hybrid work models might demand new spacial configurations, not just for social distancing, but for fundamentally changed workplace norms. From impermanent individual workstations to virtual tools that let people effectively brainstorm when they aren’t in the same room, organizations need to create that employee community again, bringing people back into a space so they can continue to be more productive.

Companies still struggling with remote versus in-person work mandates are missing the point about addressing the opportunities the global pandemic continues to reveal. Innovative organisations will jump at this historic inflection point to redefine the future of work with benefits for both organisations and their employees.

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