Scott Henshaw director at Forsythe Recruitment says in his 10 years as a director of a recruitment business the money question is one of the most frequently asked questions he gets from employers and employees.
“Clearly it is a factor that needs to be considered heavily by all when considering a career move because let's face it, we all have bills to pay and mouths to feed,” said Scott.
“But let me state from the outset, the importance placed on remuneration will vary greatly from person to person and in my experience, when one considers a new role it is perhaps not as important as you might think.
“If nothing else money is but one piece of an increasingly complex puzzle that forms a remuneration and benefits package.”
It seems that remuneration in isolation is not enough to attract and retain top talent in today's highly competitive labour market.
Professionals across all industries are looking for more from their current or prospective employer.
“Businesses that are successful take the time to understand what is important and what is valued by their people. They take the time to develop diverse and tailored strategies that interest, engage and motivate their staff as individuals,” said Scott.
So what are these leading businesses doing to create this competitive advantage: Here are but a few examples courtesy of Forsythe Recruitment:
• Clear and time-framed personal development plan.
• Opportunities to attend training programs to learn and build skills.
• Realistic and achievable incentive programs.
• Provision of tools of trade (e.g. iPads, phones, remote access) to assist people efficiently do their work.
• Flexibility to work remotely, part time and at less traditional times.
• Parking, gym, extended leave entitlement, company funded social activities and the list goes on.
In an ever changing and increasing skills short labour market those businesses that develop contemporary remuneration and benefits packages and have regular conversations with their staff give themselves the best chance to attract top talent, and as important, retain the good people that they already have.
“To be successful employers in all industries and of all sizes need to think more critically when it comes to remuneration and benefits structures. Their employees certainly are,” says Scott.
Managing partner at KPMG Western Sydney David Pring says people increasingly joined an organisation for a longer term view.
“If someone feels they’re undervalued, remuneration will be very high on the list. If they feel they’re undervalued by their existing employer, it will be very high on the list. But generally, people are joining an organisation for a longer term view than what they’re going to be paid tomorrow,” said David.
“For us, it’s around career opportunity – if people will move for a career opportunity, where they believe and understand the story. And quite often we’ll have senior people who move for not very much change in remuneration.”
