Superannuation is the largest investment in many people’s lives. But most employees leave the decision of where their super is invested up to employers, despite the fact there is no way for employers to know each staff member’s personal financial situation, risk tolerance and investment values.
Most organisations strive to be impeccable employers of choice with wellness programs, generous leave entitlements, and admirable flexible work practices, however the choice of staff super is rarely given the same level of importance. But it should be... just not as you might first imagine.
The solution is not for employers to take on more of the burden of monitoring and selecting default super funds for their employees. No default super option (MySuper) available to you as an employer is a top performing investment. Worse still, it is easy to accidently select a super fund found by the Banking Royal Commission to be putting commercial self-interest before member interests.Simply put, employer super is a minefield and ultimately an impossible choice for businesses to make.
Traditionally out of reach for all but the largest corporations, Roll-it Super makes employee rewards available to every employer, no matter what their size. This is Australia’s largest employee rewards program, with discounts on over 2,600 products from 350 brands people love. There is no up-front cost and no minimum monthly fee, only a huge range of benefits to keep your staff happy.
64% of Australian households feel financially insecure and 50% have less than $1,000 in savings. It gets worse. 24% of employees regularly spend more than they earn, with 8% never able to pay off their credit card and personal loan debts.
Financially distressed employees lose a day of productivity each week due to lack of focus at work and have four additional sick days each year. The productivity cost to Australian employers exceeds $40 billion a year.
By helping improve financial wellbeing you not only show you care about your employees, you are making a practical productivity improvement.
In the US, 85% of employers have implemented employee financial wellness programs. In Australia, only 15% of firms have programs. Stay ahead of the curve with Roll-it Super.