The Australian workforce is diverse with employees spanning multiple generations, life stages, and backgrounds—each with unique financial goals and challenges. This diversity is reshaping expectations around employee benefits and financial wellbeing support, making the traditional one-size-fits-all approach to employee benefits obsolete. This is where a strong Employee Value Proposition (EVP) comes in to help your workforce feel valued, supported, and empowered. However, research by Gartner found that only 31% of HR leaders believe their employees are satisfied with their current EVP1.
At Maxxia, we see this as an opportunity. By tailoring benefits to align with the diverse needs of your workforce, you can drive meaningful engagement and deliver tangible improvements to financial wellbeing. Solutions like salary packaging, novated leasing and My Maxxia can help make it simpler to support employees, no matter their life stage.
The result of a tailored EVP could result in a workforce that's engaged and feels an overall boost of wellbeing.
The impact of an effective EVP
A strong EVP can make a big difference. Gartner research shows that organisations that effectively deliver on their EVP can boost new-hire commitment by nearly 30% and reduce annual employee turnover by 69%2. Workplace benefits serve as tangible proof points that bring an EVP to life for both new hires and existing employees at all stages of life.
How do benefits work?
Workplace benefits, including salary packaging, are an integral part of an EVP. Salary packaging allows employees to pay for certain expenses using their pre-tax salary, potentially reducing their taxable income and increasing their take-home pay. Expenses that may be eligible for salary packaging include:
- Living expenses such as rent or mortgage repayments
- Car costs via a novated lease
- Work-related expenses like laptops or professional memberships
- Self-education or training costs
- Additional superannuation contributions
At Maxxia, we help organisations tailor benefit offerings for their diverse workforce to help enable employees to maximise their potential savings.
Adding financial value to your EVP
Despite evolving workplace priorities, salary remains a key driver for many Australians. Offering financial value through benefits can help set your organisation apart, supporting retention and boosting new hires. A flexible, tailored and well-managed benefits program can adapt to meet employees’ changing needs, serving as a valuable asset throughout their lifecycle with your organisation. By customising benefits to address the diverse financial priorities of your workforce, you create a program that resonates with everyone, from young professionals to seasoned employees planning for retirement.
Ready to Measure Up with Maxxia?
At Maxxia, our goal is to make HR’s job easier, not harder. We support HR teams in delivering best-practice benefits programs by offering:
- A comprehensive benefits assessment to measure the effectiveness of your current offerings
- Dollar-value estimates of the potential savings your employees could achieve
- Ongoing measurement of your program’s impact over time
With a strong benefits program, your organisation can enhance its EVP, attract and retain top talent, and stand out as an employer of choice. Let Maxxia help you deliver real value—book your complimentary benefits assessment today at Maxxia Benefits Assessment.
2. Gartner: EVP Benchmarks: CHRO and Employee Perspectives-16 October 2024- ID G00821303
