Inflation Retention and Staff
The Government may be trying to curb inflation, but Australian workers want pay rises this year and if they don’t get them, employers risk losing their staff.
A CareerOne.com.au survey of 1168 people has revealed that 68.3 per cent of employees expect a salary raise this financial year, despite the fact the Government is encouraging employers to hold back on wage increases in an effort to curb inflation.
More disturbingly for employers, the survey results indicated a third of those expecting a pay rise said they would “look for another job” if their request was turned down.
It makes for a confusing time! If the Government want employers to hold back on wage increase how do they expect them to retain staff with the cost of living increasing?
Now I come from the rule of thumb that I am not interested in staff working with me that are there for the dollars as what is to stop them from moving for the next $5 per hour somewhere else.
I want staff that is loyal to the business not just due to being paid well but due to actually enjoying what they do and the environment they do it in. This has proved time and time again to provide a more efficient and therefore more profitable workplace.
However I am not naive, if a staff member can’t afford to meet their living costs then they are going to move on regardless of how much they enjoy working.
So what’s the answer?
Lunch items?
Gym memberships?
Additional Leave entitlements?
Supermarket Vouchers?
We would love your feedback on what your company has in place to secure staff retention or what you think they should include. All ideas will be accumulated and posted in an additional blog entry.
