Our 9th annual Reward event was held today in partnership with Aon. The event, described by many in the Reward community as ‘the hottest ticket in town’, attracted 130 people who joined in person to network, enjoy lunch and of course listen to the insights shared by the Aon team. Annette Hang and Jairus Ashworth, partners at Aon’s Human Capital Advisory Business, presented in an entertaining yet educational manner. A further 150 people also joined virtually!
Jairus took us through Aon’s extensive data insights on pay increases (some 5% on average). With mortgage rates, inflation, and the cost of living all on the rise, unsurprisingly, we are seeing a negative impact overall on take home pay.
Annette then shifted our focus to the hot topic of pay transparency. It seems to be a matter of when, not if, the labor government will legislate organisations to be more transparent around pay. It was particularly interesting to hear what other regions who are further along the pay transparency journey are doing. This included Europe, the USA and Japan. This topic seemed to be where most of the questions in the Q&A were directed, highlighting the real impact it is having in our own backyard. Annette wrapped up the Q&A with some handy tips for attendee’s on how to navigate this subject at their respective companies.
A lot of what was shared today has been consistent with what Peoplecorp have been observing in the market this year. In the HR space we are noticing particularly high attrition, with one of the main drivers being that employees are feeling that they aren’t earning what they believe is market value and ‘fair’. The team at Aon confirmed that what we are seeing is consistent with other professions, and most notably that it is employees in the early stages of their career that are looking to leave roles after relatively short tenures.
The presentation closed out with a good laugh when Jairus announced the 2022 “Jobbies” winners. After collecting and analysing the data on over 250,000 job titles in their database, we were lucky enough to hear some of the more unique, humorous, and astonishing of the year. While the “Mozzarella COE Team Lead” and “Head of Milk Supply” were our personal favourites, the “Warewolf” took out the prestigious award!
Thanks to the Aon team as always for collaborating with us on this great event.