Archive for May, 2014

Smartsalary awarded Best Employer status for second year in a row

2014 Aon Hewitt Logo

An engaged workforce is the foundation of everything we do at Smartgroup. Highly engaged employees tend to be more innovative and embrace lean and agile work practices . . . all of which result in outstanding customer service.

Smartsalary is one of  just 16 companies in Australia & New Zealand to be accredited as an Aon Hewitt Best Employer, with an engagement score of 75%, our highest ever and well above national and international averages.

Dr. Ken Oehler, Aon Hewitt’s global engagement practice leader puts it well: “A number of factors … have challenged business leaders to create agile, innovative organizations that can grow. But creating this type of organization is impossible without having engaged employees, and companies with low-to-moderate engagement levels will struggle.”

Aon Hewitt’s 2014 Trends in Global Employee Engagement annual study, which represents the perspectives of 7 million employees across more than 6,000 companies in 155 countries, found that high-performing companies (Best Employers) drive better business outcomes.

As gruelling as it is to become a Best Employer, once you get there, what’s more daunting is the realisation of how much further you could go!

best employer 2014

 

The 2014/15 Federal Budget: Salary Packaging Update

The Abbott coalition government handed down its first budget last night and, while it contained a range of measures designed to increase revenue and cut spending, it did not include any changes detrimental to the salary packaging opportunities available to Australian employees.

In fact salary packaging looks to be business as usual given the following:

  • the Statutory Formula Method for valuing car fringe benefits was left unchanged and so new vehicle packages will continue to have access to a concessional 20% valuation rate; and
  • the increase of the Superannuation Concessional Contributions Cap for employees under 50 from $25,000 to $30,000 will go ahead as planned from 1 July 2014 – opening up additional ‘room’ for superannuation packaging and assisting all employees to maximize their retirement benefits.

And the news was positive for employees of not-for-profit and Public Hospital employers:

  • it appears that there will be no erosion in the Threshold “Cap” benefit due to the planned increase to the FBT rate;
  • no changes have been made to any other salary packaging benefits typically available for employees of not-for-profit and Public Hospital employers

The budget did however contain a range of staffing changes to federal government employers which will result in movement of employees between federal departments and sadly, some employees leaving the system.  But Smartsalary is experienced in managing these changes and is committed to ensuring a seamless transition for any affected employees.

Overall it was a budget with minimal changes to salary packaging, and we will keep you posted with any further developments.


Deven Billimoria
Chief Executive Officer
Smartgroup

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