At a time when the unemployment rate holds at an all-time low of 3.9% (ABS Labour Force, May 2022), a recently released study of over 6,000 Australian respondents found that an attractive salary alone is no longer the major driving factor in employment choice.
Coming through loud and clear in the study was the fact that such a salary gets employers only as far as a seat at the table, while workers are selecting organisations providing meaningful work opportunities and flexibility to manage personal commitments.
The 2022 Randstad Employer Brand Research, an independent survey of 163,000 respondents from 5,944 companies in 31 countries around the world, provides valuable insights to shape employer brand, offering advice supported by data on how to better attract, engage and retain top talent, which is critical in an increasingly competitive and challenging environment.
This year’s survey found that 66% of Australian workers would be more likely to stay with their current employer if reskilling/upskilling opportunities were offered.
The survey included 75 of Australia’s largest private and public organisations, as well as a handpicked sample from a fair representation of the nation’s employers. The respondents were aged 18-64, with a slight emphasis towards those under 40, given that the survey’s main target audience was potential employees.
The top five most important drivers for people choosing where to work were work-life balance, followed by attractive salary and benefits, job security, job training, and work atmosphere. Employees therefore hold the seat of power at the negotiation table.
Work-life balance was considered most important by 69% of women and 55% of men. Salary and benefits were next for 63% of women and 52% of men. Third came job security for 61% of women and 51% of men.
At the same time, employers were perceived as focussing on financial health, job security, career progression, salary and benefits, and organisation reputation.
Consequently, there is an opportunity gap between what employees seek and what they perceive employers offer.
Helping employers better understand that gap was an important element of this year’s study.
Career growth was considered important by almost 70% of those aged 25-34 years, those higher educated, and also white-collar workers.
The results indicated that changes in our work lives, accelerated by the pandemic, are clearly here to stay.
Another finding was that the top 10 most attractive sectors changed only marginally: medical technology 61% (increased 3%), defence 56% (decreased 1%), early learning 56% (no change), technology 54% (increased 1%), outside school hours care 53% (decreased 4%), mining and quarrying 51% (decreased 3%), construction 49% (increased 1 %), education 47% (decreased 5%), life sciences 47% (decreased 7%), and professional services 47% (decreased 2%).
What’s next?
QUT has a history of rich engagement with organisations, combined with broad areas of real-world expertise and experience, which allows us to work with you and your organisation to design and deliver skills and capabilities that are fit-for-purpose today and into the future. Find out more.
If you would like to discuss what QUTeX can do for your organisation contact: qutex@qut.edu.au
