Staff are more willing to leave jobs to look for other employment as the economy continues to recover, according to new workplace research.
The Australian Institute of Management (AIM) National Salary Survey 2011, released today (9 June), reveals that voluntary turnover increased from 10.3 per cent to 12.6 per cent.
"For the past few years, it has really been an employer's market but that is changing," said AIM NSW and ACT chief executive David Wakely. "Many staff that stayed put during the downturn are now on the hunt for new opportunities and bigger pay packets."
The AIM surveyed 506 large companies, including five law firms, with more than half of respondents (52.6%) indicating that they had added to their number of permanent staff over the past 12 months. This is a marked increase from last year's survey results of 40.5 per cent. Only 27.3 per cent of companies reported a decrease in permanent staff levels.
The recovering economy has also paved the way for the re-introduction of mentoring and development programs. Around 42.5 per cent of large companies now have formal succession plan policies in place - a rise of 31.7 per cent from 2009.
According to the AIM survey, the vast majority of respondents (92.2%) paid salary increases in 2010/11, a significant increase from 73.6 per cent in the previous period. The survey also predicted that further salary rises and staff improvement courses could be expected.
"Although pay rises will always remain an important factor, developing and implementing effective training, career development and succession plans at all levels across the organisation is key to attracting and retaining good people," added Wakely.
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