In bygone years, employment was a straightforward exchange of company money for employee time and expertise. In 2017, the arrangement has become more abstract and complex and companies must carefully navigate relationships with their employees in order to succeed.
For successful modern organisations, building this relationship and meeting employee needs take centre stage in a battle to improve efficiency and attendance as well as attract and retain the best talent. The focus is on keeping employees happy and engaged – a feat that's easier said than done.
To help you navigate the changing face of Australian work culture, improve employee engagement and stay competitive, we've had a closer look at what exactly a successful company's culture looks like in 2017.
A move towards employee centricity
Customer centricity is the buzzword of the moment, but what about employee centricity? If any group is as important to a business' success as its customers it has to be its employees after all. Forward thinking organisations are cottoning on to this idea and adapting to meet the changing demands of the Australian workforce.
Deloitte's 2016 Millennial Survey proves that this approach works, with 26 per cent of respondents saying that employee satisfaction and fair treatment are the most important factors in support of long term business success. A further 25 per cent emphasised the importance of ethics, trust, integrity and support.
It's all well and good to advocate employee centricity, but it's useless advice if you don't know what employees want.
With around a quarter of those surveyed saying that they intended to leave their company within a year, fostering loyalty and employee satisfaction is key to reducing the costs of high turnover. Only then can a company be truly productive, effective and successful.
What employees want
It's all well and good to advocate employee centricity, but it's useless advice if you don't know what employees want. A 2016 PwC report found that the most important factor for millennials when choosing a job was personal development and learning, closely followed by flexible working arrangements.
For this reason, professional mentoring and clear progression opportunities are essential in giving employees the opportunity to develop and advance their careers. Secondly, work life balance should be prioritised. This means offering flexible working hours and the chance to work from home or abroad where possible.
By offering these opportunities to workers, companies can improve their corporate reputations, and increase their chances of hiring their industry's best talent. Another interesting factor that is a priority for employees is attractive non-salary benefits. These include health insurance – a benefit which 9 per cent of respondents said was one of the main reasons they chose their current position.
More than money
Improving employee engagement, workplace culture and professional development can take months of time and a large commitment of company resources. However, it's possible to take the first step towards providing employee centricity and a more supportive workplace in a matter of hours with the help of a professional advisor here at HICA.
We know how different hiring and retaining the best talent can be, and we know how complex modern employee-employer relationships often are. That's why we make offering corporate health insurance benefits to your employees easy and affordable.
Whether your organisation is large or small, corporate health insurance can help keep your employees happy, improve your corporate reputation and foster a more positive and healthy work culture. Get in touch today to find out more about how HICA can help.