Ask any company that has recruited new employees into staff and they will tell you the costs of putting on new staff is high. Be that as it may, the costs of staff turnover are even higher. Recent studies show that the cost of staff turnover to a business could be between 50 and 150% of the individual's salary. This may seem exceedingly high, but when you consider that there is the cost of training, the cost of lost productivity during the training phase and then the costs of paying out leave when and if they resign from the company, this unfortunately can be achieved relatively easily.
One of the main reasons that staff leave a job to go to another is often due to dissatisfaction with their working conditions. Sure the money may be better in another role, but if the role they were in was one they truly loved, then they would find it harder to leave. As you are reading this blog, I believe it is safe to assume that you too are looking at a new role, either imminently, or the not too distant future. What we now need to do, is help you think about what you want from a role which will help keep you passionate in the role and willing to stay on for years to come. Below is a list of some of the perks you may want to consider factoring into your contract negotiations when it comes time to sign:
Flexible working hours
As the population of Australia grows, more and more people are moving further away from the cities. Thus they need to commute for longer to get to the jobs they like. If this sounds like you, you may want to ask a future employer about the possibility of having more flexible working hours. Perhaps you want to start the day at 11 and finish at 7 so you avoid peak hour traffic, or perhaps 2 days a week you would like to work from home. Whatever it is, if you don't ask, you won't receive.
An allowance for an industry related service
Remuneration should not be limited to your take home pay. Look to ask employers about other advantages they offer. For example if you are interviewing with a bank, ask them if they offer discounted home loans, or discounted credit card rates. If you are working for an oil company, ask them for a fuel card. Again, they can only say no, but as you are asking about something with a low cost to them, you may just be surprised.
Topped-up superannuation benefits
Ask your interviewer if the company would consider contributing more than 9% of your salary to your superannuation account. This is a great way to look after your future, and shows that the company is willing to invest in you
Further education
There is an expression - to stand still is to fall behind. When it comes to professional development, this is painfully true. Should you not seek to improve your knowledge and understand the developments of your industry, then you will ultimately fall behind other candidates who have sought to learn continuously. Ask an employer if they provide allowances for further education and professional development. Make sure you think outside the square too by considering courses in such things as public speaking, team-building or leadership as well as courses key to your specialty.
Leave entitlements
By law, as a full time employee, you are entitled to 4 weeks paid leave as well as sick leave, bereavement leave and if you have been with the company for 12 months, maternity leave. However, you may want to ask the company about their leave policy to see what they offer in terms of maternity leave, or if you are male, if they support paternity leave and what the reimbursement for this is. When you have a young family, this could be just the thing you need.
The above list is only the tip of the iceberg when it comes to sweetening the deal. Get creative in your thinking!
Please let us know below if you have any special perks you were able to negotiate.