Money alone is no longer the key to attracting or retaining kiwi workers.
So if getting out the cheque book is not the answer what is?
“Sure the money is important, but being paid fairly compared to others is a given for most employees. People come to work for more than just pay – employers now need to think about broader perspectives and instead of providing what we think people need or want, give them the ability to choose. What really makes a difference is what you are prepared to do to support them as individuals.”
The Auckland based company which has more than 40 years experience in remuneration and rewards management, has just launched REMonTAP – an in-depth remuneration and market trends survey of 65 top New Zealand companies.
Companies taking part in the research, which will be conducted twice a year, include Fletcher Building, Fonterra, Air New Zealand, AgResearch, ASB, Pumpkin Patch, Sky City Entertainment Group, Lion Nathan, McDonalds, Television New Zealand, Vector, Vero, Yellow Pages and Restaurant Brands. Between them, they provided information on more than 12,000 people.
“We talk about the four Fs as being the key to what employees value – that’s finance, future, fun and features. It’s the combination of pay with a range of other factors – both financial and non-financial – that determines whether your staff will stay or not,” said co-director Una Diver.
Other factors can include development opportunities, career management, work-life balance, flexible working options, career breaks, extra parental leave and even on-site gyms, massage and/or childcare.
“Companies need to realise that, for many New Zealanders, their career and work-life balance is increasingly important. They want to work and be appreciated for what they do but they also want to be able to spend time with their families and pursuing their other interests,” said Ms Doughty.
Statistics show Generation Y staff don’t stay in jobs more than three or four years, so ideas such as long-service bonuses no longer have the appeal they once had.
“The reality is you need to think differently to remain interesting to your work force especially when unemployment is so low and jobs are there for the taking,” said dsd’s third director Kira Schäffler.
The REMonTAP survey also found companies were offering a wide variety of benefits to employees.
One company had upped annual leave to five weeks for all staff, one had introduced an extra five “work-life balance” days to be taken individually during the year and four allowed employees to purchase additional leave.
About a quarter offered career breaks, additional parental leave and retention bonuses.
Three quarters offered leadership training, attendance at conferences, employee assistance programmes and flu vaccinations.
52 organisations had variable pay schemes related to performance, including profit sharing, bonuses, incentives and commission.
60% offered flexible working options and gave gift or movie vouchers as rewards.
9% helped staff pay off their student loans, 10% had an on-site gym and 21% provided on-site massages.
Three companies offered staff discounts, two had a “refer a friend” bonus scheme and two gave staff shares in the company.
And one organisation gave their employees the day off on their birthday – thus sparing them the “cake with colleagues” annual ordeal.
