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Dr. Mark Sinclair
Dr. Mark Sinclair, Mentor Education

Australian companies think outside the box with insurance incentives

22 July 2013

It has been reported that in a bid to attract and retain staff more Australian employers are offering health insurance and income protection according to a survey by global recruitment agency Michael Page.

The push to offer greater incentives to packages like health insurance is already a common practice abroad and Simon Meyer Managing Director at Michael Page has indicated Australia is still a great deal behind UK and USA but with the downturn in the economy and pay rises being restricted many companies are seeing cover as a good way to improve remuneration packages.

Half of employers in the oil and gas sector offer private health insurance, while in retail the figure is only 8%. In most industries 10% to 20% of employers offer private health with salary packages.

Income protection is most commonly offered in the human resources industry (33%), followed by financial services and oil and gas on 30%. On average, 20% to 30% of employers offer the benefit.

Because of the perceived safety net of Medibank many employers would not see the need to offer private health insurance, but Meyer has said that with many overseas candidates expecting health insurance to be offered, those that do will become a tool to attract the right applicants and retain them in a career for life.