find the latest legal job
Senior Associate - Litigation & Dispute Resolution
Category: Litigation and Dispute Resolution | Location: Melbourne CBD & Inner Suburbs Melbourne VIC
· Come work for a firm ranked in Lawyers Weekly Top 25 Attraction Firms
View details
Associate - Workplace Relations & Safety
Category: Industrial Relations and Employment Law | Location: Brisbane CBD & Inner Suburbs Brisbane QLD
· Employer of choice · Strong team culture
View details
Freelance Lawyers
Category: Banking and Finance Law | Location: All Perth WA
· Freelance opportunities through Vario from Pinsent Masons
View details
Freelance Lawyers
Category: Other | Location: All Adelaide SA
· • Qualified lawyer with a strong academic background
View details
Freelance Lawyers
Category: Other | Location: All Melbourne VIC
· • Qualified lawyer with a strong academic background
View details
More money won’t guarantee that staff will stay

More money won’t guarantee that staff will stay

Drake International has warned employers that with unemployment pre­dicted to fall this year, there is a growing risk of higher staff turnover, and, according to Drake International's…

Drake International has warned employers that with unemployment pre­dicted to fall this year, there is a growing risk of higher staff turnover, and, according to Drake International's strategic manager, David Edwards, simply increasing salaries will not alleviate this risk.

"With almost half of all employers reporting they are struggling to fill skilled vacancies, staff retention is a key issue and simply providing salary increases is not the answer to retain staff," Edwards says.

The survey, released this month, revealed that 80 per cent of employ­ees feel that challenging and satisfying work is a very important factor when considering staying with their employer. Those surveyed also said a bet­ter work life balance and improved leadership and management would in­fluence them to stay with their employer. In comparison, an increased salary was rated as an important motivator by a much lower number of respon­dents, with only 57 per cent rating it as a major influence.

Increased career development opportunities and increased learn­ing and development opportuni­ties were also listed as influencing factors - above an increase in salary.

"Salary increases are generally not the solution to staff turnover," says Edwards. "While staff will leave if they are not paid a fair wage, in­creasing salary alone is not the an­swer to improving staff retention and can result in a competitive wage spi­ral which is not sustainable."

Emphasising the importance of improving employee engagement to assist with staff retention, Edwards warns: "Not only are disengaged employees twice as likely to leave their employer as engaged employ­ees, but they are also more prone to absenteeism and significantly more likely to have dissatisfied clients."

Like this story? Read more:

QLS condemns actions of disgraced lawyer as ‘stain on the profession’

NSW proposes big justice reforms to target risk of reoffending

The legal budget breakdown 2017

More money won’t guarantee that staff will stay
lawyersweekly logo
Promoted content
Recommended by Spike Native Network
more from lawyers weekly
microphone
Oct 20 2017
Podcast: One of law’s most infamous alumni – in conversation with Julian Morrow
In this episode of The Lawyers Weekly Show, Melissa Coade is joined by The Chaser’s Julian Morrow....
protest
Oct 20 2017
High Court overturns ‘excessive’ anti-protest legislation
Bob Brown’s recent victory in the High Court over the Tasmanian government was a win for fundament...
Blocked
Oct 20 2017
Changes to Australian citizenship laws blocked
Attempts to beef up the requirements to obtain Australian citizenship were thwarted this week, after...
APPOINTMENTS
Allens managing partner Richard Spurio, image courtesy Allens' website
Jun 21 2017
Promo season at Allens
A group of lawyers at Allens have received promotions across its PNG and Australian offices. ...
May 11 2017
Partner exits for in-house role
A Victorian lawyer has left the partnership of a national firm to start a new gig with state governm...
Esteban Gomez
May 11 2017
National firm recruits ‘major asset’
A national law firm has announced it has appointed a new corporate partner who brings over 15 years'...
opinion
Nicole Rich
May 16 2017
Access to justice for young transgender Australians
Reform is looming for the process that young transgender Australians and their families must current...
Geoff Roberson
May 11 2017
The lighter side of the law: when law and comedy collide
On the face of it, there doesn’t seem to be much that is amusing about the law, writes Geoff Rober...
Help
May 10 2017
Advocate’s immunity – without fear or without favour but not both
On 29 March 2017, the High Court handed down its decision in David Kendirjian v Eugene Lepore & ...