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Average turnover jumps to 12.6%
The Australian Institute of Management 2007 National Salary Survey shows that average staff turnover has reached 12.6%, up from 11.5% in the previous study and 9.9% the year before that.
AIM NSW chief executive Dr Jennifer Alexander said the study showed 61% of employees left to pursue career progression or promotion opportunities and employers should take this into account in their retention efforts.
“Employers still believe that the key to staff retention is improving pay and financial benefits, but this alone is clearly not solving the problem. More needs to be done on training and career development to convince staff that the organisation cares about and can meet their career aspirations,” said Alexander.
Annual salaries at large companies increased by 4.6% in 2006/07, according to the AIM survey. This was an increase from the previous year's figure of 4.4%.
Western Australia was the region with the highest average salary increase (6.8%), followed by Queensland (5.1%). New South Wales and the ACT recorded the lowest regional salary rises of 4.1%.
The mining and quarrying industry had the highest industry salary increase at 6.1%, ahead of banking and finance (5.7%) and construction and engineering (5.6%). At 3.2%, the electronics and IT industry had the lowest average salary rise.
The overall employment outlook was positive, with 50.8% of large companies expecting permanent staff numbers to increase. Only 8.8% of companies expected a decrease, nearly a 2% drop from 2005/06.
Articles courtesy of shortlistonline.com.au and CareersMultiList
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