Skills Shortage Changes Rewards

Date: October 2007

Australian businesses say the current skills shortage is changing the way they reward their employees.

Recent research has found that 24 percent of businesses surveyed report an increase in formal reward and recognition programs in response to the skills shortage.

The research was conducted by specialist employee reward and recognition firm, Accumulate. Over 100 senior executives and human resource managers in medium-to-large organisations around Australia were involved in the research.

Accumulate Chief Executive, Adrian Finlayson, explained, “Employees today are conscious of their value to an organisation. The role of reward and recognition programs in retaining and attracting good staff is receiving greater acknowledgement.”

The Accumulate research found that 80 percent of the businesses surveyed had at least one employee reward, recognition and incentive program in place. 

“We are seeing programs become more flexible and more inclusive,” Mr Finlayson said, “Organisations are asking us to help them create reward and recognition systems tailored to the needs of their staff.” 

The Accumulate research revealed that 30 percent of survey participants say the flexibility and creativity of programs will become important for organisations to differentiate in the employment market.

An increase in non-cash rewards and rewards addressing work-life balance (for example, additional leave) is predicted.

“It’s no longer just about throwing money at people. It’s about finding out what motivates different people and giving them that,” Mr Finlayson added.

For more information about the Accumulate employee recognition rewards programs and software, sales & channel incentive programs or customer loyalty programs call 1300 733 725 or email info@accumulate.com.au