Barbeques Galore contracts Wagestream to bolster retention and recruitment through financial wellbeing tools
Barbeques Galore has partnered with financial wellbeing fintech Wagestream as it continues to revamp and build out its employee benefits programme in an increasingly difficult employment market.
The move is designed to retain staff and attract prospective employees by providing employee benefits aimed at improving staff financial wellbeing, as inflation and rising interest rates continue to hurt the hip pockets of many Australians.
The partnership comes as a Wagestream survey of over 1,000 Australians revealed that four in five could feel more positively about an employer who offered financial wellbeing tools.
An impressive 56.7% of respondents would “think more favourably of my employer” if they offered engaging financial education tools, and 47.5 percent would be “incentivised to stay with my employer” if they were supported with financial wellbeing programs.
However, just 25.7 percent of respondents say their employer currently offers financial wellbeing support.
Barbeques Galore saw these results as an opportunity to offer current and prospective employees valuable tools to combat growing financial pressures and the post-pandemic labour shortages that “continue to cripple the retail industry”, in the words of the Australian Retailers Association.
The Wagestream financial wellbeing offering therefore provides a huge talent attraction and retention opportunity for employers who follow the data, according to Barbeques Galore.
Mitchell Koureas, CFO at Barbeques Galore, said, “Retailers across Australia are facing a hiring market that has never been experienced before; one that is challenging both recruitment and retention. Nationwide staff shortages represent one of the largest challenges facing Australian retailers today.
“Adjacent to this is rising living costs, with the price of everyday essential items such as petrol, energy, and groceries all soaring in a rather short period of time. As an employer, we are in a position to make a real difference by supporting our employees through these challenges.
“In the last six months we have introduced an array of benefits, partnerships, and health and wellbeing programmes to further improve our employee value proposition. The partnership with Wagestream extends this proposition by helping our staff get back the peace of mind that financial wellbeing can engender.”
Josh Vernon (pictured), CEO and Co-Founder of Wagestream Australia, said, “The results of our survey highlight the increasing role Australians expect employers to play in their overall financial wellbeing, as well as the unique options available to employers for incentivising employees.
“When placed alongside these macroeconomic challenges, we can see a real opportunity for employers who think outside the box and find unique incentives that will add tangible value for their employees, many of whom are struggling right now.
“During the pandemic we saw workplaces transform globally, leading to increased flexibility as a key bargaining tool for many employees now. I believe we will continue to see demand for more employment perks that contribute to employees’ overall wellness as a human being – not just as a human working.
“With labour shortages combining with cost of living pressures being front of mind for many Australians right now, forward-thinking employers will offer their staff practical tools and actionable tips to help them live more comfortably and achieve their financial goals.”
