Technology companies across the globe still need to find effective ways of finding and retaining talent while managing their human resources, a recent report by PricewaterhouseCoopers has found. While executives at technology companies were reported to understand the importance of human capital, most claimed their firm's capabilities in this area were lacking. In order to gain access to larger pools of talent, technology companies have been forced to look offshore. However, even this resource is not secure, with European and Asian executives anticipating a severe shortage of talent within the next three years. Nor is the talent gap shortage limited to developed markets, with technology companies indicating difficulty in finding or keeping technical talent in emerging markets.
Deloitte warns on FBT cost of Christmas parties
Work Christmas parties could prove to be an unexpected Fringe Benefit Tax (FBT) cost if companies do not consider their tax effectiveness, according to Deloitte employment taxes principal, Frank Klasic. If companies do their homework and plan appropriately then unforseen cost blowouts can be avoided, said Klasic. He warns that many tax laws are not clear-cut or straightforward and there are traps for the uninitiated. It is recommended that in order to determine the FBT status of the function, organisations need to consider such things as their income tax status, where the function is held, who attends, what was provided, how much it costs and how similar functions are treated.
Employers need to know what an employee wants
Employers need to better understand the keys to recruiting, motivating and keeping key talent as they need to consider changes to pay, health care and retirement plans, according to a recent survey by Watson Wyatt Worldwide. While many employees are placing strong emphasis on pay, many employers appear to underestimate its importance. Results showed 71 percent of top-performing employees rank pay as one of the top three reasons they would leave an organisation, but only 45 per cent of employers believe pay is a top retention issue. Instead, employers rate promotion opportunities (68 per cent) as one of the top three reasons employees leave, closely followed by career development (66 per cent).
Commonwealth Bank staff able to buy their time
Commonwealth Bank staff are now able to ‘buy’ annual leave entitlements and pay off the cost across a nominated period of time, as part of the bank's strategic program of building trust and team spirit through encouraging employee wellbeing. Eligible staff can purchase up to an additional four weeks’ annual leave per year. As part of its initiatives to help staff balance work, life and care responsibilities, while providing support for their health and wellbeing, the buying time initiative will effectively enable staff to take an extra break and still be paid. The bank has recognised the need for an innovative and flexible approach to their people.
Aon predicts disruption for business in 2007
Business disruption and employee recruitment and retention will be among the key risk concerns for Australian executives next year – closely followed by climate variability, according to Aon experts. Aon's annual questionnaire into risk trends and costs of managing and financing risk showed predictions of increased concern around business dependency and business disruption from supply chain risks, heavy reliance on systems and technology, and from the proliferation of outsourcing and off-shoring. “Many Australian organisations have shifted into the Asian region, particularly into China and India. This trend serves to further highlight the increased level of dependency on outsourcing that executives now need to analyse and assess,” said Ross Castle, National Manager Client Research and Development, Aon Australia.
2006 EOWA Business Achievement Awards reward flexibility
Acumen Alliance, a business and IT consulting practice, has been awarded the Minister's Award for Outstanding Initiative/Practice for Achieving Workplace Flexibility, for setting the benchmark for organisations aspiring to provide truly flexible workplaces at the 2006 Equal Opportunity for Women in the Workplace Agency's (EOWA) Business Achievement. By rejecting the notion that work and life are separate, the organisation has given employees total authority and flexibility to determine their working patterns, setting no limit on the amount of unpaid leave. All staff are able to choose permanent full-time, part-time or contract arrangements and no consultant is assigned or expected to work in other states or countries.