Proving the value of a ping-pong table in the office kitchen comes news that two-thirds of Australian employees want out of their jobs over poor work culture.
The study by the Australian Institute of Management (AIM) and called the 2016 National Salary Survey also found that 54.6 per cent of Aussie bosses are concerned about retaining top staff.
This follows on from another study posted on B&T today that found training and education was one of the key ways to retain Millennial employees.
This year’s AIM study was made up of responses from over 500 Australian businesses and more than 25,000 employees in 270 different job roles.
The study found that 63.7 per cent agreed that organisational culture was the biggest HR issue, while 58 per cent agreed that the had major issues around training and developing staff.
Interestingly, it found 66.8 per cent of respondents who left a job went to a similar job at at a rival company.
It also found the average cost of employing a new person was now $26,410. The impact of repeated staff turnover included stress, reduced morale and loss of corporate intelligence.
The AIM survey key findings included
• Four in five Australians (81.9%) leave their current role in search of new challenge
• Some 56.5 per cent leave because of limited career advancement opportunities
• It costs on average $26,410 to recruit a new hire
• National salary growth has decreased from 4.1 per cent in 2012 to 3.0 per cent in 2016
• The industries with the biggest decreases in salary growth are construction, retail, finance, manufacturing and professional services
• Some 34.5 per cent of businesses surveyed are making superannuation contributions above the standard
• The biggest human resource issue for business is organisational culture, at 63.7 per cent
Speaking on the findings, AIM’s CEO, David Pich (pictured above), said the findings showed that employees didn’t leave companies, they left leaders.
“Retaining staff is no easy feat,” Pich said. “Employees can become restless in roles that have limited career advancements or where they don’t enjoy their time at work.
“Combine that with a volatile property and rental market and the pressure to contribute more to their superannuation fund, it’s no wonder staff are becoming disillusioned and feel the need to move jobs as a perceived guarantee to a salary increase. People are investing less into their future, because they need to spend more now.
“Great managers and leaders make decisions that impact people’s lives and that impact can be felt well beyond the workplace. We spend about a third of our working-age lives doing just that – working. So it is vital our experiences in the workplace are positive as they impact on our overall well-being and on society as a whole.” he said.