The $29Bn Sleeping Giant In Australia
It comes as no surprise that annual leave liabilities have risen by an additional 32% during covid, the various lockdowns and is a growing $29Bn problem in Australia. With further economic uncertainty ahead people will continue to travel less and take less time away from work.
Combining this with the growing trend of work-from-home arrangements that many companies have adopted this sleeping giant will start to impose itself on companies as staff churn, businesses wind up and organisations struggle to find a competitive edge in talent attraction and retention.
How will companies be able to combat this issue when burnout and the cost of living are also on the rise?
Running off the back of these macro tailwinds bit.leave has launched in Australia after successfully being funded by Antler during their January accelerator program.
With a strong focus on inclusivity and company-wide adoption, bit.leave rewards staff in a meaningful way but also helps companies reduce annual leave liabilities and burnout. The product has also been built in a way that it is compliant with all enterprise agreements and modern awards in the country.
What makes bit.leave different to other benefits platforms?
Current employee benefits platforms see on average a 10% adoption rate. Combining a lack of personalisation and hard-to-access benefits employees usually churn after the first visit. bit.leave prides itself on the fundamental benefits of:
- More time off or;
- More money.
By giving employees the autonomy to choose how they would like to spend their benefits and the company a way to reduce tax associated with benefits and annual leave liabilities it creates a strong employee value proposition whilst also allowing the business to benefit.
Predicting Churn & Reducing Burnout
Another core value proposition of the bit.leave platform is its ability to highlight the talent that is at risk of burnout. Bit.leave allows you to identify individuals that may be in need of a break and departments where cultural or operational issues may be limiting people’s ability to take a break from work which will lead to better conversations and a healthier workplace.
Who is bit.leave for?
Due to its universal nature, bit.leave has seen traction in the SME space with fast-growth tech, professional services and trades companies signing up and has had interest from large enterprises with defined excess annual leave problems. As-a-Service providers such as accountants and HR consultants have also come on board to enhance their service offerings.