67% Say Money Doesn’t Matter

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With 47% of Australians considering looking for a new job this year, and 39% percent considering a total career change within the next five years, it may come as a surprise to employers that it’s not money that is the major driver behind this change. (Pulse Panel Entertainment Study, Jan 2013)

According to a survey of 1,000 professionals across Australia and New Zealand, 67% of candidates surveyed were willing to take a paycut of up to $5,000 to change into a role they enjoyed more. The idea of job satisfaction is the biggest motivator for a career change at the moment, with 17% willing to take on an entry level position, retrain and work their way back up the ladder. A further 5% have stated that they would be willing to take on a traineeship to gain that first foot in the door for a job that they love. (Robert Walters, 2012)

“Our research consistently shows that remuneration ranks highly in what the average professional wants, but is rarely first on the list. Most professionals are willing to sacrifice pay to be in a role they enjoy and are engaged in. Organisations should keep this in mind when searching for new talent and retaining their current teams. To keep your best professionals you must offer attractive benefits, progression and projects that will keep employees engaged.” Rob Bryson (Robert Walters, 2012)

So what does this mean for employers?

  • Staff that feel fulfilled in their role result in a productive and efficient workplace;
  • The roles and industries that offer that ultimate level of job satisfaction are the most attractive when searching for new roles;
  • You don’t have to be offering salaries beyond your means to attract that perfect candidate.

Tudor Marsden-Huggins, Managing Director of Employment Office, said “Highlighting things like company culture and engagement in advertising and employer branding means that organisations don’t necessarily need to compete in regards to remuneration to attract the best candidates”.

Many candidates are passive in their approach to looking for a new role, especially when it is a position that is a major change. 60% of people interviewed in the Pulse Panel Entertainment Survey earlier this year agreed that even though they are not actively looking for work, they will still look through the job ads that appear in areas that they usually read, and 48% said that they still read the employment section of papers and websites even though they are not actively seeking a new role. (Pulse Panel Entertainment Study, Jan 2013)

This trend of passive job seeking reflects the idea that while making a career change that requires retraining and sometimes an entire shift in work experience can be daunting, it is still subconsciously driving their desire to see what their career options are.

Employment Office recommends that employers advertise vacancies across a wide variety of mediums including print, larger job boards such as Seek and CareerOne, as well as niche advertising that targets specific industries, ensuring that the maximum number of candidates have exposure to the role and that the passive audience is also captured.