Retention practices in Australia
The ability of any organization to retain its employees greatly impacts its overall outlook at a given time period. Since a productive workforce is the backbone of any profitable organization, therefore it is in the best interest of the management to make employees feel better about their jobs so that they could commit themselves to the organization for a longer time period.
Common retention practices in Australia
Like any other developed nation, Australia is proud of its hardworking citizens who are the main reason why the nation has attained such prosperity and development. These individuals, like anyone else anywhere in the world have their own demands and requirements which they consider as their basic rights and it is the responsibility of the government as well as their respective employers to provide individuals with at least their minimum demands so that they can stay satisfied and be more productive towards the society in general.
In terms of corporations, there are many practices which are applied by the managers so that the employees may feel content with their jobs and therefore stay committed with the firm. Here, it is important to note that it is in the best interest of the corporation to keep its retention rate as high as possible since the departure of workforce especially the most experienced and talented personnel could result in a great deal of loss for the organization.
In order to avoid any major unwanted scenario, the employers often use business practices aiming at keeping a high retention rate. Some of these practices are as follows, the organizations in Australia are known to offer great incentive plans depending upon the working potential exhibited by the employees. Here, companies offer bonuses as well as promotions to those employees who excel in their duties and stand out as a positive example among their peers. Such measures tend to boost the overall morale of the employee so that it may know that his/her hard work will definitely pay off and that the management is aware of its efforts and various other requirements. “Work related bonuses tend to make employees more productive”.
Corporations such as Rio Tinto, Commonwealth Bank, BHP Billiton, AGL Energy, Allphones, Australian Post and Australian Pharmaceutical Industries are known to provide exclusive packages related to employee benefits that are taken as an example to follow for other firms situated worldwide so that they can attain a higher level of retention within themselves as well. “Higher retention rate is directly related with higher profits”.
Another important factor offered by firms is regarding health benefits. The health insurance provided by firms in Australia is known to cover every aspect of an employee’s health concerns thereby allowing them to be carefree while they perform their duties. There have been many cases involving serious injuries to employees at workplace which was taken care by the health insurance provided by the firms, this has allowed the corporations to the earn trust of the general masses as well as other global businesses and therefore this is one of the main reasons why Australian businesses are greatly preferred by global corporations to do business with.