The number one reason Australians will leave their current role this is to improve their salary (30%), while and almost equal number plan to do so in an effort to broaden their experience and learn (28%), according to the 2013/14 Michael Page Australia Salary & Employment Forecast.
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. These includes the reasons mentioned above, as well as 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 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.”
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.