Staff paid to go on holiday for a year
Retaining staff has become so difficult in a tight job market that one major bank is offering staff a "work four years, take the fifth as a paid holiday".
St George Bank yesterday announced the deal, aimed at retaining young workers who wish to take a year off to travel, or who want to go to university.
It is just one example of the perks many employers are willing to extend to attract staff, including yoga classes, on-site massage and hairdressing services - and grandparental leave.
Latest labour force figures show unemployment at 4.3 per cent, with almost 10.5 million Australians in work.
St George human resources chief Brett Wright said money was no longer enough to attract and retain good staff.
"It's getting tougher and tougher to get good people - and the dollars alone are not enough," he said.
"This is one of the challenges for some managers who are used to the employers being in the box seat.
"As things are getting tight in the labour market, people are saying 'I can get a job somewhere else', and managers are going to have to learn to be more flexible and adaptable."
After joining the scheme, workers would be paid 80 per cent of their salary for four years and the same amount in the fifth year while on leave.
"Generation Y have been characterised as spenders and so this is a different form of saving for them," Mr Wright said.
"Some of our younger staff have told us they have trouble saving for something as expensive as an overseas trip.
"This way, it's enforced savings where they save a small amount each pay.
"Then after the four years, they get it all back like a normal salary."
Marianna Mood from recruitment firm Select Appointments said employees were demanding flexibility in the workplace and top companies were competing for recruits.
"As our population ages and the fertility rate falls, companies are finding they have to be ahead of their competitors," she said.
"We are seeing things like strategies to attract older workers, working parents, options like job-sharing, working from home and care leave.
"In our latest survey, 76 per cent of employers surveyed said they used flexibility as a strategy to attract staff, while 45 per cent of Australians want a greater work/life balance."
St George executive manager of strategy Sean McCawley, 30, said he would sign up to the program to allow him to spend some time travelling, without going backwards in his career.
The Daily Telegraph, Wednesday 25 July 2007.
