“Because from what we see, as soon as someone goes to look for a job, as soon as they interview, then their head’s turned,” Mr Jones said.
Hiring managers should consider using contractors while demand for workers remains high, too. That way, they could secure the help they needed today without locking in higher salaries for new staff on a permanent basis.
“Look at a contract solution, or look at rejigging the people that you have today, and their roles and responsibilities,” Mr Jones said.
“You can also look at the variable component of somebody’s compensation, so it’s not all upfront or base salary money.”
Robert Half’s research, which was conducted in June and focuses on administration, accounting and technology roles, also surveyed 1019 office workers from across Australia.
More than one-third (38 per cent) said they felt underpaid, while 31 per cent believed they were being paid less than new hires in a similar role. Of those considering changing jobs, 48 per cent cited a low salary as their top reason to move.
In response, about 60 per cent of business leaders are conducting regular pay audits and adjusting the pay of existing employees in line with market rates, the Robert Half research shows.
More than half (54 per cent) are basing pay on a worker’s skills and responsibilities rather than their location; and 49 per cent are publishing salary ranges in new job postings.
Rome2rio CEO Yesh Munnangi says companies must promote their non-financial benefits to avoid paying over the odds for new hires. Louis Trerise
Yesh Munnangi, CEO of travel booking platform Rome2rio, said his company avoided paying over the odds for new starters this year by using non-financial benefits, such as learning opportunities and a good work culture, to encourage people to join. Over the past eight months the company increased its headcount from 40 to almost 70.
“The value proposition from our perspective is not just the pay, it is the product they work on, the technology that is interesting, the culture of the company, and the benefits that we also give as a travel business for going out and travelling internationally,” Mr Munnangi said.
Having faith in what the company could offer new staff gave Mr Munnangi the confidence to turn down prospective hires when they asked for too much money. He said this meant Rome2rio avoided creating a situation where new hires were being paid much more than existing employees.
But, to remain competitive and reward staff for their loyalty, Mr Munnangi said the company also conducted a special pay audit in June – on top of its regular annual audit in January – to ensure its salaries were comparable with market rates being driven up by strong demand for talent.
Over the year to February, 1.3 million workers, or 9.5 per cent of employed people, changed jobs according to data from the Australian Bureau of Statistics. It was the highest annual job mobility rate since 2012.
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