More employees requesting pay increases
There is no doubt that the Australian recruitment market is fierce. With a number of businesses looking to hire specific skills and experience, it will be those with the best HR management that will be in the best position to retain their talent moving forward.
This trend was highlighted in a recent Accountemps survey published by Robert Half Management. The survey polled more than 2,100 chief financial officers (CFOs) on whether employee requests for promotions or raises had increased in the past two years.
The results of the survey might come as surprise to some HR professionals. A total of 44 per cent of the CFOs indicated that the number of requests had stayed the same, however, 43 per cent responded that they had received more.
Just 11 per cent noted that pay increase requests had decreased since 2012.
It is interesting to speculate on why this is the case, but one theory is that employees understand their skills and roles so know what they could receive by changing jobs.
Bill Driscoll, a district president with Accountemps, explained that businesses must keep track of market conditions.
“Employers must be proactive and closely scrutinize compensation levels to stay competitive and keep good staff,” he said.
“It’s better to be prepared than surprised by an employee’s request for a raise or promotion.”
One way to better engage with employees’ thoughts is to set up regular feedback sessions and lay out some longer-term goals. If workers understand the progression in the role and how this affects their pay, then the element of surprise is eliminated.
“Now’s the time to proactively connect with key team members to identify advancement opportunities and discuss viable career paths,” Mr Driscoll concluded.
For more information on how HR management software can benefit your workforce’s needs, contact Employee Connect today.