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Staff retention higher priority than personal satisfaction

22 September 2011 - 3:17pm

The New South Wales Business Chamber has criticised a recent study by the Australian Council of Trade Unions that showed high levels of dissatisfaction in the workforce.

NSW Business Chamber chief executive Peter Anderson says: "The reality is that small business sentiment about trading conditions and their desire to keep staff in work is much more of a concern than the relatively high levels of job satisfaction reported by independent research (76 per cent) and even the ACTU survey (70.3 per cent)."

Anderson's comments highlight the need for company owners to increase retention by providing security and benefits for workers.

Business health plans can show that management plans on investing in a worker for the long-term and help boost their feeling of security.

Anderson cites the Melbourne Institute of Applied Economic and Social Research Household Income Labour Dynamics in Australia (HILDA) survey, which shows that individuals place great emphasis on the importance of job security.

In fact, survey respondents indicated this is the number one reason for happiness in the workplace.

The HILDA survey shows that workers are more satisfied with their continued employment status when compared to total pay, the nature of their position and hours of work.

As the leading cause of worker satisfaction, job security provides financial and psychological benefits to workers.