Money can't buy employers love

EMPLOYERS in the resources sector are being urged to think beyond offering higher pay packets as they battle to attract and retain skilled staff.
Money can't buy employers love Money can't buy employers love Money can't buy employers love Money can't buy employers love Money can't buy employers love

Human resources company Randstad recently interviewed more than 3000 people within the energy, utilities and mining sectors, and found 42% of employees believed a strong feeling of being valued was the single biggest motivator to perform.

Yet the survey found more than half of employers do not currently have a reward or recognition program in place.

While Randstad group director Nick Elsdon said salary continued to be a strong motivator, with 64% of employees expecting a 10% increase in wages in the next year, it had to be just one of a range of incentives offered to attract and retain staff.

"In a sector where demand for talent is extremely high, there is pressure on employers to provide a range of benefits to employees to encourage staff retention," he said.

The pressure is starting to take its toll on company confidence levels, with 54% of employers interviewed worrying about business expansion, while 35% are concerned about filling critical vacancies within the next 12 months.

Perhaps more worryingly, 54% of employers interviewed rated their chances of turning the tide as "poor" or "average".

Nearly half of employers were planning to turn to the education sector to increase the stream of new talent while 34% of employers intended to turn their gaze outward to hire overseas staff to cover local skills shortages.

About 30% of employers interviewed believed government policies were restricting their ability to meet the skills crunch, by not allowing suitable workforce flexibility which in turn created pressures on cost control.

Despite the criticism of government policy, Randstad said employers should get on the front foot and offer employees incentives such as flexibility to increase worker satisfaction and ultimately retention.

"More than a third of employees believe flexible work options are the most important benefit in the workplace - something that employers should take particular note of," Elsdon said.

"Ensuring employees feel appreciated and [are] given the right opportunities to grow and develop will help lift retention rates over the long-term and ultimately boost profitability."


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