Why rethinking the traditional salary structure is the future of business

September 10th, 2020   ·   2 min read

The world of work is constantly evolving, so why should salaries stay static? Give your employees more flexible access to their wages and enjoy a variety of benefits in return.

Long-held traditions in business are quickly falling by the wayside as we move into a more digitised world. More than two in three Australian employers provide remote-working opportunities to staff (even before COVID-19 enforced working from home), while artificial intelligence is helping reduce the burden of repetitive tasks on human employees.

Just as work practices have evolved over time, so too have the ways that employees are being paid. In fact, flexible wages are not only liberating staff and helping them better manage their money, but it’s making employers more attractive to top talent.

Making life easier for everyone

The rising cost of living means that many Australians don’t have enough savings to see them through an emergency. In fact, one in three wouldn’t be able to access $500 if they suddenly needed it. Moreover, around half of all employees live paycheque to paycheque, so it’s unsurprising that financial stress is their number-one workplace concern.

Employers who understand we’re living in a changing and uncertain world are those who will be best placed to pivot their strategies as needed. Staff want to know they are working for someone who cares about their needs, is flexible with time and pay, and understands that every individual is juggling different financial circumstances.

Reviewing your wage structure is one way to give employees more flexibility with their pay while also showing that your business is willing to adapt to a changing world. Offering time and pay flexibility has the potential to motivate your team whilst reducing their financial stress. It’s also a great tool to improve their financial literacy, which is something that many Australians currently struggle with.

Smart organisations are offering the right perks

Remote and flexible work is one of the most attractive perks for people seeking out a new employer. There’s no denying that workplaces are changing according to the demands of the best candidates. And because flexibility is the name of the game, they want to know you are open to providing them with workplace solutions that match their lifestyle and their needs.

Flexibility is freedom

It’s easy to think of ‘millennials’ as the young up-and-comers in the workplace – but they already represent the greatest share of the employee market, and by 2025 the Australian workforce will be made up of 75% millennials.

Both millennials and Gen Z have very different opinions on the best ways to work compared to Gen X and baby boomers, so it’s no wonder flexibility has become the buzzword in the modern work environment.

Organisations who understand this and give their people greater flexibility will be the ones who reap the greatest rewards. From the flexibility to work from home, flexible hours for picking up and dropping off the kids, and increasingly flexible wage structures for easier access to their earnings, the future of business will inevitably be flexible.

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