Compensation Survey

A recent publication by Business Health titled "Swimming at the Deep End of the Talent Pool" offers a easy and insightful research based read for SME financial planning practices. Having known Rod Bertino (one of the founders) for over 20 years, Ben and I were able to spend some time discussing the findings with him.

What was apparent (other than the value it delivers if readers reflect and heed), was the overwhelming consistency with a body of research ZRC completed in collaboration with Griffith University 7 years ago.

Even though numbers have changed, the foundation of important issues a business owner faces have not. In a world where we question the accuracy of information fed to us, it's important to anchor to valid data that gives comfort in decision making! We also respect that the profile and location of participating businesses have an impact on the results.

Some examples include:

• Lack of scale (especially at the micro level) continues to hamper growth, increase risk, make it harder to compete for staff and can impact on sale price
• Well articulated and measurable incentives that are aligned to client outcomes, the work performed and the success of the business are important to staff satisfaction and business performance
• Experienced staff to fulfil your obligations to clients are still difficult to find

There are more recent events that have changed the landscape and the report provides validation of what the market is seeing:

• Flexible work arrangements for staff - 92% of firms offer work-from-home options to their employees
• The risks (and therefore required decisions and management) that work from home pose for business in security of data and the obligation of providing a safe and ergonomic work environment
• Remote working is not always perfect and they provide warning signs that are present if a remote staff member is struggling

This is only some of the content. If nothing more, download and read the report, reflect on some of the findings and determine if change is required to ensure you can continue to attract and retain quality staff.