Salary survey reveals the soaring cost of supply chain expertise
A new survey has found that 60 per cent of Australian and New Zealand employees in supply chain, tech, procurement and IT roles are dissatisfied with their salaries despite a soaring skills shortage – and even though they say they enjoy their role.
Furthermore, the annual salary survey by supply chain recruitment firm Bastian Consulting revealed that a base salary of $150,000+, an annual raise and bonuses are still not enough to retain experts in the fields.
The company surveyed 1000 specialist workers across the two countries, along with around 300 employers.
About 78 per cent of respondents revealed a higher turnover rate in the previous year while 40 per cent of respondents aren’t convinced they’ll stay with their employer in the next 12 months.
Of the respondents, 84 per cent said they had received unsolicited approaches from a recruiter during the past year and more than 60 per cent said they would reply to such messages, even if they were not looking for a job. About 25 per cent said they would switch jobs for a meagre 5 to 10 per cent pay rise, and 45 per cent for an increase of between 10 and 20 per cent.
Tony Richter, a partner at Bastian Consulting, said: “Given the challenges of the skills shortage, it is no surprise that salary remains a strong retention driver.
“Interestingly, the report shows what salary increase employees expect to receive, compared to the salary increase employers expect to pay: which is a sizable gap.”
Employees are also not fazed by standard inclusions like private health insurance, vehicles and superannuation in salary packages as they now tend to prioritise support with professional development as well as schemes in mental and physical wellbeing.
The report pointed out that employers have become more “selective” when making counteroffers despite a growing trend of rate shopping.
Meanwhile, employers said they did not expect ‘the great resignation’ to subside any time soon.
“The higher number of resignations predicted is mainly due to the growing trend of rate shopping: where employees resign simply to receive a counter-offer from their existing company,” said Richter.
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