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Businesses to perform balancing act
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Date: 23 January 2008 
 
Nearly 50 per cent of Australians are working more than 40 hours a week and 29 per cent have stated that their current employment interferes with their personal life on a regular basis, according to a study commissioned by the Institute of Chartered Accountants in Australia (the Institute). 
 
The national survey of 748 people has revealed that while Australians are working longer hours, 99 per cent rank both work life balance and job satisfaction as the greatest priorities when reviewing their career. This sends a clear message to employers that they can no longer afford to underestimate the priorities of their staff and potential employees. 
 
Other factors considered important when looking for a new position include: 

  • Flexible work hours - 88 per cent
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  • Career progression through education and training - 88 per cent
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  • The option to work from home - 59 per cent
 
Chief Executive Officer for the Institute, Graham Meyer, said that in a competitive market it is imperative for organisations to review their internal policies and how they align with the expectations of employees, both potential and current.  
 
‘Promoting the lifestyle balance of employees is not only an effective retention strategy; flexible work practices are also a way for employers to increase job satisfaction and to encourage part time workers, women and mature age workers to remain in the work force,’ he said.  
 
‘Implementing training and development opportunities is also a way for employers to stimulate, challenge and create leadership potential within the ranks’, Mr Meyer said. 
 
By implementing retention strategies businesses can work towards keeping their existing talent. Failure to do so could see a decrease in productivity, an increase in absenteeism and turnover as well as reduction in the quality and delivery of products and or services.  
 
Factors businesses should consider when developing a retention strategy: 
 
  • Work life balance practices – adopting flexible workplace policies will give employees the opportunity to manage their own time and make more choices as to how to combine their work and personal responsibilities
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  • Education, training and career progression – by setting out clear career goals, the pathways to reach those goals and supporting the development and earning potential of an employee’s career, businesses can have the added benefit of ensuring more loyalty to the company
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  • Secondment - an important part of professional development. Secondments have been found to benefit employers by increasing employees’ skill base and knowledge of the business
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  • Culture – a culture that promotes open communication, consultation and the development of interpersonal relationships helps to ensure that employees remain engaged, motivated and involved.
 
‘Businesses that view people as assets or investments in preference to costs will find that there is greater alignment between the organisation and the employee with improved morale, productivity, efficiency and length of service within an organisation’, Mr Meyer said. 
 
The Institute has become particularly aware of retention issues in light of the skills shortage the accounting profession is suffering. The Institute aims to assist the organisational awareness of businesses and provide workplace policies and practices that can be applied to the Australian workforce.