Two in three employees prefer financial rewards over straight non-cash benefits or internal recognition – a sharp increase from 12 months ago, according to a survey by Hays. It found that 69 per cent of employees surveyed said they prefer financial rewards, with 16 per cent preferring non-financial rewards and 15 per cent preferring internal recognition. “Financial rewards such as bonuses or an earlier salary review have become increasingly important to employees over the past 12 months. Consequently, an effective reward strategy needs to incorporate cash components,” said Grahame Doyle, senior regional director of Hays.
Training critical to solving positions vacant crisis
If Australia is to cope with the strain on skills created by 12 years of uninterrupted economic growth and rapidly ageing population, it must improve the status of trades, access the untapped workforce and reinvent the elements of the ‘moribund’ TAFE sector, according to Federal Minister for Vocational & Further Education, Andrew Robb. Speaking at a recent RCSA forum, he said boosting the perception of trade careers was also crucial to attracting new workers into the sector. “What is needed is a cultural change, a change in mindset where a high quality technical qualification is as prized as a university qualification,” he said
Best practice in addressing skills shortages
The Human Resources 2007: Best practice and strategies for addressing the skills shortage conference will be held in Melbourne from 14 to 16 May 2007 and in Sydney from 16 to 18 May 2007. Presented by Human Resourcesmagazine and organised by LexisNexis Professional Development, the conference will look at issues such as combating the ageing workforce, cultural change and developing employee engagement, workforce planning and the latest trends in talent management. For more information call 1800 772 772, email firstname.lastname@example.org or visit the conferences page at www.humanresourcesmagazine.com.au.