The challenges for employers in the resources sector are like no other in Australia.
The resource industry has been responsible for a huge level of wealth creation and transfer over the past decade. According the Australian Bureau of Statistic's Wage Price Index, the resource industry is currently the highest paying industry in Australia.
The rise in wages between the June quarter 2013 and the June quarter 2012 was 3.5%. On average, workers in the resources industry receive around $126,000 annually, in ordinary time earnings.
A mobile workforce - where good people are hard to find and harder to keep.
For example: The Mining industry has among the highest mobility of any sector, with 17% of employees moving within a year.
- However, this has fallen considerably in the last decade from 26% in 2002, signalling labour force maturity and thus, need for longer term income and savings protection and planning for workers. [ABS 2010]
- The average minimum cost of employee turnover is $51,811. [UQ SMI]
- Nearly 40% of employees say benefits play a significant role in their decision to stay with a company. [Mercer Australia Survey Sep 11]
- 60% of employees are dissatisfied with their employer’s retirement savings plan. [Mercer Australia Survey Sep 11]
All employees are looking to their employers for more communication and support in understanding their needs and preparing for their retirement. [Mercer Australia Survey Sep 11]