Key survey findings: (Source: 2013/14 Michael Page Australia Salary & Employment Forecast)
- Staff are likely to leave their role for a combination of reasons, according to survey respondents: improve salary (30%), broaden experience (28%), gain more seniority (13%) and achieve better work-life balance (10%).
- Employers are promoting a range of incentives to attract and retain staff: a strong company culture (31%), work-life balance (21%), structured career progression (20%) and recognition and rewards (18%).
- 74% indicate that the average percentage salary increase is likely to be in the range of 3-5%.
July 10, 2013: The 2013/14 Michael Page Australia Salary & Employment Forecast reveals there are a range of reasons that professionals will leave their current role over the coming year.
The survey, based on the responses of more than 1,800 employers across the professional sector, indicates that employers anticipate many motives for staff to leave their company in the next 12 months. This includes improving salary, as stated by 30% of surveyed employers, broadening experience/opportunity to learn (28%), gaining more seniority (13%) and achieving better work-life balance (10%).
“While hiring activity is likely to be subdued for the remainder of 2013 as some companies continue to implement restructuring plans to adjust to the current challenging market conditions, there will be a focus on replacement hiring,” says Mr. Simon Meyer, Managing Director of PageGroup in Australia.
“Businesses need to remain focused on talent management to ensure their best employees are retained as conditions improve,” Mr. Meyer adds.
According to surveyed employers, promoting a strong company culture is the most popular tool for attraction and retention (31%), followed by work-life balance options (21%). The most popular option to support work-life balance is flexible work arrangements (82%). Structured career progression (20%) and recognition and rewards (18%) are also highly ranked tools for attraction and retention.
Furthermore, 59% of respondents anticipate awarding salary increases based on performance to retain staff, with 74% indicating that the average percentage salary increase is likely to be in the range of 3-5%. Some 60% of surveyed employers also currently include a bonus as part of their team members’ remuneration packages and for 35% of respondents, bonuses average 6-10% of gross salary.
To read the Salary & Employment Forecast in full, visit the Michael Page Australia News & Research Centre.