National Salary Survey: October Update, Staff Retention Report and Gender Pay Gap Report
Annually, the Institute of Managers and Leaders ANZ releases one of Australia’s most reliable and first remuneration, salary benchmarking tools, the National Salary Survey (NSS).
One of the great benefits of the NSS is that it is updated every 6 months. Every October the survey gets updated with the latest salary data as well as two additional reports, the Staff Retention Report and the Gender Pay Gap Report. This exclusive report gives insights into the top reasons people are leaving your organisation. As well as gender trends in some of Australia’s most known organisations.
Insights from past reports:
- 2018 average resignation rate is 10.0%
Resignation rates could be on the rise, based on the trend from 2014-2018
- Most popular ways organisations attempt to reduce resignation rates:
- Conducting exit interviews
- Reviewing/updating staff remuneration & benefits policy
- Conducting staff satisfaction/employee engagement surveys
- Retention strategies – actions/policies that organisations with below average resignation rates implement
- Financial reward
- When conducting salary reviews, increase the entire salary package, not just the base salary
- Make additional superannuation contributions
- Use variable rewards to help motivate talented performers
- Learning and Development
1. Create a formal training policy
2. Use development plans instead of annual performance reviews
- Reduce Stress
1. Use knowledge management systems to help staff collaborate, centrally store information and reduce stress / inefficiencies
2. Review / implement various leave policies to allow staff to rest, care for others and /or pursue other passions
Join us for our upcoming webinar on the latest stats from the National Salary Survey. Register now.
If you would like to find out the latest trends from in the Australian HR landscape or organise a consultation with one of remuneration consultants. Please contact us on 1300 661 016 or email@example.com