On Q Recruitment releases the 2021 Job Satisfaction & Salary Report, highlighting the latest workplace and employment trends in the post-pandemic climate.
15/12/2021 SYDNEY AUSTRALIA - On Q Recruitment releases the 2021 Job Satisfaction & Salary Report, highlighting the latest workplace and employment trends in the post-pandemic climate. This annual publication, first published by On Q in 2006, serves as one of the longest-running salary reports in Australia. On Q Recruitment offers comprehensive analytics and observations by gathering industry-specific data from over 1,000 peers within the life science sector.
The report provides insights on remuneration and cash benefits for entry-level to senior-level roles in the life sciences sector. It enables both employers and job seekers to compare rates with the previous financial year’s data and compare remuneration by industry sector, helping them set salary benchmarks against industry standards and understand the market trends.
The hiring process remains one of the biggest challenges for modern employers in the life sciences industry. On Q Recruitment’s Director, Catherine O’Mahony, shares, “In the past 6 months, managers reported hiring new talent had been more difficult than usual. This correlates with the survey contributors reporting that they received multiple job offers when job hunting.”
On Q Recruitment’s latest report shows that 70% of businesses tried recruiting in the last six months, where 40% of companies had to wait for six to ten weeks to find suitable candidates. O’Mahony adds, “Given these facts and predictions, I anticipate the war for talent will far exceed anything I have seen in my 30 years in Recruitment.”
Employers expect similar or increased challenges in the recruitment process within the next six months as multiple sources predict a wave of resignations and the reverse migration of skilled overseas-born residents. Managers and decision-makers may mitigate the workforce shortage by responding to or accommodating employees’ preferences during these challenging times.
For instance, 73% of workers prefer a hybrid working arrangement. The numbers align with the majority view of managers (29% of respondents), who determine remote work arrangements on a case-by-case basis. Additionally, there is an increasing need for managers to prioritise the mental implications of the pandemic and seek strategies to support their teams and improve employee satisfaction.
In terms of employee engagement, a critical driving force in organisational performance, team efficiencies in the Australian life sciences sector have remained largely unchanged since the pandemic. Specifically, 84% of employees experience moderate or occasional stress at work. Managers in locally owned companies may consider sustaining current workplace health and wellness policies, as workers have exhibited lower stress levels compared to employees from global companies. Additionally, the survey identifies the most valued and top incentives provided, which has been a powerful motivator during this pandemic, such as flexible working hours, subsidised health insurance, further studies paid by employers, and rostered days off.
The Australian life sciences industry might seem set on the path towards exponential growth in the next few years through the support of government initiatives such as the $44 million investment in the next generation of research leaders. Talent acquisition and HR teams may discover many valuable recruitment opportunities, but in a candidate tight, competitive market it is important to respond to changing market conditions and use the right strategies to attract top talent. Director O’Mahony shares, “If you need to recruit, go to the market with a clear employee value proposition, have an open mindset on transferable skills, and work to a faster recruitment timetable.”
Life sciences industry professionals can now access the full report by clicking here and also get access to insightful sector-specific webinars from On Q’s specialist consultants.
About On Q Recruitment
On Q Recruitment is a leading recruitment agency for the life sciences sector, based in Sydney, Australia. The company specialises in matching job seekers with clients across the medical, technological, and scientific sectors. On Q Recruitment provides opportunities for diverse roles, across permanent and temp/contract roles.
Learn more about On Q Recruitment’s offerings at onqrecruitment.com.au