- Involves looking after staff wellbeing, health and safety, effectively managing communications and complying with industrial agreements and legal responsibilities.
- Providing opportunities for employee participation will develop their commitment to improving quality and efficiency e.g. through suggestion boxes, joint consultative committees
- HR managers must minimise business exposure to risk by implementing a range of proactive and preventative strategies in health and safety, anti-discrimination and conflict resolution.
- May include paid training opportunities, travel allowance, health insurance, company car, flexible working arrangements.
- Non-Monetary benefits may include greater job variety, more flexible hours, increased status, and self-management.
- Intrinsic awards come from the employee and are an inner feeling such as satisfaction for a job well done
- Businesses should carefully consider the value of these benefits in terms of staff retention and workplace culture as they are costly.
Flexible and family friendly work arrangements
- Allows business to retain staff in the long term by recognizing the importance of work-life balance.
- Flexible conditions include career break schemes, job sharing, work from home, family leave and part-time options.
- Employees able to leave and re-enter workforce thus reducing separation, recruitment and training costs for new employees.
- Gives business positive image & should also increase productivity, improve morale, reduce absenteeism and costs by having lower staff turnover.
Extract from Business Studies Stage 6 Syllabus. © 2010 Board of Studies NSW.