Now has never been a better time to look for a job, with Australian employers forced to offer insane perks in order to retain and hire new staff.
More than half of Australian organizations are struggling with turnover, according to a new study, with a skills shortage and thousands of vacancies making competition for staff fierce.
Almost one in five businesses in Australia feel the urge to quit as a problem, according to a study by asset management firm Mercer, while 43% said they had difficulty hiring or retaining some employees.
This not only puts pressure on employers to shell out more money for wages, but it also means they must also consider work benefits such as extra time off for long weekends, paying bills. Internet at home and time off for grief.
More than 93% of Australian organizations are forecasting 3% salary increases for their workforce in 2022, up 0.5% from 2021, according to Mercer’s annual total compensation survey.
Chi Tran, head of market intelligence and data at Mercer’s workforce consulting firm, said the pandemic had spurred market conditions that had never been seen before.
âThere’s been a lot of talk about the talent shortage, with recruiting and retaining top talent being more competitive than ever. This generates above-market wages, connection bonuses and bonuses for hiring people with essential skills, âshe said.
Almost a third of Australian organizations plan to hire new staff next year, with some of the most in-demand positions leading to huge salary increases.
Those with UXD design experience might earn 10.5% higher salaries, junior digital and internet marketing professionals can expect a whopping 9.5% increase, while experienced workers in the data science or big data mining will see an 8% increase.
While IT is also prominent among security and application development professionals who are expected to gain 8% more, other industries are also expected to score big.
This includes up to 3% for construction and media professionals, as well as those working in life sciences, and 2.8% for people working in consumer goods.
âWhile we still see steady growth in the high-tech industry compared to last year, demand for positions in logistics and consumer goods has also skyrocketed over the past year in due to a permanent change in preferences for online shopping, âMs. Tran noted.
More money is not enough
But Ms. Tran added that organizations can do a lot beyond salary increases to attract and retain key talent.
âAs the job market changes, organizations are finding that recruiting is more than just salary increases. Of course, it’s important to make sure compensation structures are competitive to retain talent, but compensation alone will not be enough, âshe said.
âEmployees are increasingly looking for a more personalized work experience, in line with their personal values, offering greater flexibility and a better work-life balance, offering career development opportunities and providing inspiring work.
âOrganizations need to take this into account and ensure that their benefit package matches the needs and preferences of their employees. “
Insane work benefits
Fintech company Iress has introduced more time off for staff, who will be able to take six long weekends each year, with no impact on their annual leave balance or current pay.
Iress CEO Andrew Walsh said that regardless of whether people have been with the company for a week or 10 years, they will be able to access the long weekend of the year to rest and recharge.
âChanging the way we work to include regular long weekends gives us the ability to stop, take a break, clear our minds and come back to work with renewed energy and perspective,â he said. -he declares.
The Long Weekend is the latest addition to Iress’s employee offering, which includes reduced hours at full pay when an Iress employee has a child starting elementary school – to ease the transition to school. school during the first term.
In addition, employees returning from parental leave, which can be up to 17 weeks of full pay paid leave plus nine weeks of half pay paid leave, can choose to return to work with fewer hours during the day. four weeks while receiving their full salary. .
Trying to beat the great resignation
Iress is just one of many companies offering everything from heartbreaking time off, time off for cultural celebrations, free cooking classes, and corporate action, fearing The Great Resignation would see millions of dollars. Australians quit their jobs.
Meanwhile, the Envato online marketplace has introduced a nine-day fortnight for the rest of 2021 for its 600 global team members, while employees will also receive monthly contributions to make working from home more fluid.
The new benefits include lump sum payments for home office installation and maintenance, as well as ongoing monthly payments to help cover Internet and home office utilities.
Buy Now, Pay Later, supplier Zip, founded by Sydney men Larry Diamond and Peter Gray, has grown from 300 employees in Sydney and New Zealand to 1,100 people in 13 countries in the past 18 months.
It offers mental health training to staff and managers and has also introduced Family and Domestic Violence Leave, which offers relocation and financial support as well as 10-day paid leave that can be extended to unlimited leave if needed. for its staff.
He is also providing a stipend of $ 299 to support all that matters to Zip staff and has hosted virtual activities including trolling bingo, cooking classes, magic shows, and a live band during the lockdown. .