Job security out – money in

New research from recruitment & HR services provider Randstad shows Kiwi staff are more interested in better pay and benefits than job security.

The research findings, released ahead of the third annual Randstad Award, are an about-turn on last year’s figures, where people placed long-term job security as the most important factor when selecting a place to work.

Last year, financial health of an organisation came in a close second, and competitive salary was a distant third.

The Randstad Award employer branding research, which includes responses from 7000 New Zealanders, points to an opening in the job market as people start to look for better workplace benefits.

Nineteen percent of New Zealanders surveyed now view competitive salary and employee benefits as the most important factor in choosing an employer. This figure is up from 12% in 2012, with the number of Kiwis valuing long-term job security falling five points to 14%.

A pleasant working atmosphere is now the third most important employment factor at 12%.

Rewards for hard work

Speaking ahead of this year’s awards on March 21, where the most attractive employers in New Zealand will be crowned for 2013, Randstad New Zealand director Paul Robinson says employers need to ensure their staff are rewarded for their hard work, their dedication and their resourcefulness during challenging economic conditions – or risk losing their best-performing talent. 

“Over the past couple of years there has been limited movement in the job market due to uncertainty, job insecurity and limited optimism, so employees chose to sit tight and work hard through tough financial times.

“However, as optimism increases and the market begins to open up, people will start to reconsider benefits important to them such as higher remuneration packages, the ability to be more mobile and work outside of the office, or have flexible working hours.

"This year may just be the time for businesses to repay the faith of Kiwi workers who stuck it out with their organisation through the downturn,” Mr Robinson says.

“Despite the need for organisations to reward employees this year, the results show New Zealanders are open to accepting non-financial employment benefits which are attractive to them both personally and professionally.

He says Kiwis are starting to evaluate what’s important to them within a work and home life context, and placing these issues at the top of their list of requirements when looking for a job.

This is good news for businesses, and highlights that while salary is important, employees will be open to other benefits if a pay rise is not a possibility in the short to medium term.

“To ensure employees are satisfied and engaged, business leaders need to be open to thinking outside the box when rewarding staff. Listen to the criteria which are most important to your people, and focus on satisfying these requests.

"Businesses who don’t could find themselves losing talent and, with that, the intellectual property which can set your business back,” Mr Robinson says.