With more super funds introducing bonus products and services alongside their core offerings, it makes sense to take stock of what’s on offer.
Here’s what you need to know about what your super fund may offer – and how to maximize the benefit to your business.
1. It’s good to ask
First up, talk to your Fund about how they can help your business beyond their existing repertoire of products and services.
While some suppliers may consider the relationship to be purely transactional, many innovative organisations will be keen to develop a more collaborative partnership, and will find ways to provide more value through ancillary services. In this case, both parties benefit, as well as their employees and their brand value- it’s a win-win.
2. You may find there’s more on offer than you thought
In recent years, business partners like super funds have begun to offer a breadth of benefits, like digital utilities and education programs.
AustralianSuper is one such company. As Susan Alexander, National Manager of New Business, explains: “It’s about doing true business development for our clients, instead of just listening to their immediate needs.
“This includes services like clearing house, employee education, and even support during times of staff growth – or downsizing.”
3. Support for finance and legal obligations
As your organisation grows, chances are support staff are managing an increasingly heavy workload – especially when it comes to super payments.
Recognising this, AustralianSuper offers its partners a free Clearing House service, which helps to streamline and simplify payments to multiple funds. ‘Some people used to say it would take them a whole week in a month to pay their superannuation,’ Alexander explains. ‘We make sure they’re set up with the best administration program they can use.’
The fund also notifies its partners’ about changes to superannuation laws. This helps keep businesses compliant and on top of changes that could impact them. Knowing they have a regular and reliable source of information alleviates the necessity of having to source updates themselves.
4. Keeping employees happy
In a tight talent market, every business needs to nurture employees. And it’s worth finding out whether your business partners can help you out here as well.
Some super funds – AustralianSuper being one – offer tailored educational programs in the form of seminars, digital or face to face briefings. An older workforce may benefit from a seminar on retirement strategies, or a younger cohort may want a video to explain consolidation.
No matter what the focus, any learning opportunity lets employees know that their employer cares. And that can make a world of difference when it comes to job satisfaction.
5. When times are tough
Of course, every business has its seasons. And when difficulties arise, it’s worth considering if partners can provide support – or at least a silver lining.
‘When we have an employer downsizing, they might have to provide retrenchment seminars,’ explains Alexander. ‘We’ll actually set those sessions up for them, and we’ll go out and run them.’ These initiatives can make the difficult news less overwhelming for all parties involved – helping both your employees and your organisation move forward.