The top 4 key drivers of change in the Australian benefits space

The top 4 key drivers of change in the Australian benefits space

< Our Thinking Highlights   |   Workforce & Career

The top 4 key drivers of change in the Australian benefits space

CHI TRAN


No longer will a ‘one size fits all’ approach work. With a fast pace of change in both lifestyle and technology, reviewing benefit packages to align with market trends has emerged as a key focus for organisations in 2018.

 

Australian benefit programs have changed significantly over the past number of years. In 2016 it was all about innovative benefits and customisation, and in 2017 we saw organisations placing more focus on attractive yet cost-effective benefit packages. 

This year marks a more subtle change. Whilst organisations continue to focus on getting the balance right to be competitive, attractive and influence the employer brand - in 2018 we also see cost optimisation and an emphasis on structuring benefits based off employee feedback as key driving factors for benefit reviews within organisations. 

But what is driving the need for change?

In line with the findings from Mercer’s 2018 Australian Benefits Review, Mercer’s new insight piece outlines four key drivers:

  1. Market Competition
  2. Cost Optimisation
  3. Employer Brand
  4. Employee Feedback


As the focus for 2018 includes driving cost optimisation and aligning benefit offerings to what your employees really value, how can you prepare your workforce for the future? Find out in Mercer’s new report.
 

DOWNLOAD NOW

 

 

ABOUT THE AUTHOR 

Chi Tran is a Senior HR Consulting Professional with expertise in compensation, benefits, metrics and analytics with +15 years experience. 

Chi currently leads Mercer’s Survey Data and Analytics business, a team of 27 people who are passionate about delivering meaningful and actionable data, analytics and insights to our remuneration & benefits survey, mobility and information consulting clients in Australia & New Zealand. 

Mercer’s Survey Data and Analytics business provides general market and industry-specific remuneration & benefits data, workforce metrics, analytical & insights services, industry networks/forums and consulting services to industry sectors including Construction, Education, Financial Services, FMCG, High Tech, Life Sciences, Logistics, Mining, Oil & Gas, Professional Services & Utilities.

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