Salaries out, security and stability in for employees

New research by specialist recruitment & HR services provider, Randstad, has found long-term job security and the financial health and stability of businesses means more to New Zealanders than a competitive salary.
When more than 7000 people were asked to rate the most important factor influencing their decision when looking for an employer, 19 percent rated long-term job security as most important, alongside a company’s financial health rating (19 percent). Competitive salary and employee benefits placed third with 12 percent of respondents rating it as the most important factor in the job seeking process.
The results show dramatic increases year on year, with 11 percent of respondents electing long-term job security as most important and only seven percent for financial health in 2011.
Randstad’s New Zealand Director, Paul Robinson says the study, which is the world's largest employer branding research project, was a further sign that New Zealand’s current economic conditions are having a telling effect on the country’s labour market.
Robinson says the research represents a marked shift in perceptions. “People are now moving towards an enduring, holistic view, where they seek employers who offer benefits in the medium to long-term. In the current economic climate, it’s organisations which are considered financially stable, that are in the best position to offer this kind of solidity and job security.
“Last year, Kiwis ranked a competitive salary as the most important factor when seeking an attractive employer. It’s remarkable to see such a distinct shift in peoples’ priorities between 2011 and 2012. The research tells us New Zealanders are looking for longer-term relationships with, and benefits from their employers.
“2011 was a marked year for change in business and consumer confidence, and we saw this steadily strengthening. Last year, employees were on the move, both within and between industry sectors, resulting in increased pressure on salaries. Clearly, jobseekers were more concerned with better pay than ensuring long-term job security.
“Since last year the market has been hit by the threat of a double dip recession, the collapse of the US economy, the Eurozone crisis, slowing growth in China and locally, the devastating effects of the ongoing Canterbury earthquakes. These are all factors which can considerably change people’s perceptions, confidence levels and therefore the criteria on which they would determine to be attractive employer.
“From this year’s employer branding research, we’ve seen the pendulum swing back towards employers, which has somewhat eased salary pressure and forced jobseekers to be more conservative in their remuneration expectations,” added Robinson.
The research also found men prefer financially healthy organisations that offer global career prospects, good training and strong management. Women prefer flexible work hours, pleasant working atmosphere, conveniently located offices, and workplace diversity.
“Work-life balance for women also proved to be of high importance when seeking an attractive employer.“Understanding what New Zealand’s workforce seeks in an employer is a complex business. There are so many variants – economic conditions, gender, age, life stage to name a few. It even varies from sector to sector, but if we can understand this, employers can move forward to improve recruitment, engagement and retention,” said Robinson.
“While it’s difficult to tailor recruitment and engagement strategies on a case-by-case basis, employers seeking that point of difference and competitive edge in the battle for a talented workforce can reap great rewards through understanding these fundamental factors when building a strong employer brand and an attractive business.
“That’s why the research produced from the Randstad Awards, which measures and benchmarks perceived attractiveness of organisations across a series of metrics, continues to be invaluable to employers.”
First launched in Belgium in 2000, the Randstad Awards will be hosted in 14 countries around the world including, Australia, New Zealand, Canada, France, Spain and the Netherlands.
The Randstad Awards are totally unique and differentiated from others in the market as commercial and public sector organisations cannot nominate themselves or determine categories or criteria for entry. The winner is selected by New Zealanders, determined from the top 150 employers in New Zealand, based on employee size, making it the people’s choice award for the most attractive employer.
Earlier this month, Air New Zealand was named the 2012 Randstad Award winner at a gala dinner at the Pullman Hotel in Auckland. The ceremony was attended by senior executives from New Zealand’s largest 150 organisations such as Coca-Cola Amatil, Vodafone, Fonterra and New Zealand Police. For more information on the Awards and the winners please visit: http://www.randstad.co.nz/about-randstad/randstad-award/