Three months ago we embarked on a study to better understand the behaviour of executives in Australia. The results from the study, involving 1332 executives across Australia, can be downloaded here.

The study offered many insights but also raised new questions; many of the findings merit further exploration. In the coming days, I will explore in greater detail many of the topics covered in the report. Without doubt this report is a first step in a journey of discovery. For now, it is my hope that the findings will trigger discussion within organisations on how they recruit, engage and manage executive talent.

Let me know what you think.    

Listed below are a few of the findings from the report.

1. Job Search Channels: While a wide range of channels are used to find jobs, a majority 23.2% of executives credited recruitment firms for delivering their last job. Who you know matters; 22.3% found their new job through personal contacts and networking. Referrals worked for 20% and cold calling delivered jobs to 1.1%.
2. Love-Hate Relationship With Recruiters: Illustrating the ubiquity of recruitment firms in the Australian employment market, a majority 64% of executives have found a job at least once in their career using their service. However, 33% have negative opinions, and only 18.66% considered recruitment firms to be effective.
3. Online Channels: Job boards delivered new jobs to 11.6% of executives. The three-way nexus between executives, recruiters and job boards is unlikely to change; a large 67% intended to use job boards in the next twelve months. Employers’ websites delivered new jobs to 3.2% of executives.
4. Social Networks & Media: Online social networks are relatively new with only a small 0.8% using the medium to successfully find a job. 35% plan to use social networks to look for a job; 28% were still sitting on the fence, while 37% planned to bypass.
5. Job Search Triggers: The majority (30%) started a job search because of financial considerations, while career(23%) and lifestyle (19%) considerations were also important triggers to start a job search.
6. Show Me The Money: A majority 87% thought pay should be increased every year. Only a small minority (7%) were willing to wait up to two years. A pay rise of 6-10% with a current employer was considered fair by 54% of executives. In contrast, 71% would expect pay rises of 11% or more from new employers.
7. What Causes Pay Rise: Pay rise is intricately related to performance. A majority 53% received a pay hike as a result of performance; 20% by changing employers. Male executives tend to be rewarded more for performance, while females are more likely to get their pay rise by changing employers or jobs.
8. Importance of Remuneration: Salary influences motivation of an executive and dictates how opinion and decisions on employers are made; 68% of executives believed remuneration package is a strong motivator in doing a job effectively. The majority (79%) thought remuneration packages are an important factor in choosing a future employer.
9. Happy with Employer, But Vigilant: In general executives were satisfied (55%) with their current employer, yet there is little loyalty; 77% of executives were ready to leave their current employer if a new and better opportunity comes along, a much higher number than the 24% who are not satisfied with employers.
10. Expectation from Employers: Reality of work life often contrasted with executives’ views of an ideal employer. Work-life balance is valued by a majority 27%, but when it comes to actually changing jobs only 19% makes a move on lifestyle and work-life considerations; financial (30%) and career concerns (23%) take precedence.
11. Short Work Tenure: Executives in Australia, on average, have worked for eight different employers since joining the workforce. Tenure with an employer is generally short. A majority 72% of executives have been working with their current employer for less than five years. Only 18.5% have work tenures between 5-10 years with their current employer.
12. Correlation Between Education & Remuneration: A correlation exists between education level attained and salary levels of executives. A majority 67% of those who earn $500,000 and above have a Master’s degree while only 34% of those who earn less than $100,000 have similar qualifications.
13. Location & Mobility: A majority 48% were willing to relocate overseas, while 30% will consider the option if an opportunity arises. Similar sentiments were displayed for relocating locally. A significant 14% of executives started job searches solely on location considerations.
14. Brand Me: Executives accept responsibility for their own career trajectory. The vast majority (90%) thought it important to promote and develop their personal brand instead of the employer’s. This desire is more pronounced amongst those in full-time roles (83%) than contractors (14%).
15. Confidence: The majority of executives (60%) were confident they can find a job within three months. Only 6% were not confident of finding a job. Given that the recruitment lifecycle for executives is longer than other job groups, it highlights the confidence executives enjoy.

I am deeply indebted to our sponsors – Peerlo, Australian Institute of Management (AIM QLD/NT); Graduate College of Management, Southern Cross University; and Dutton Direct, – without whose support this study would not exist.

It’s a well documented fact that male employees tend to earn better than their female counterparts. Why this anomaly still happens in 21st century workplaces is a  mystery.

Some interesting results on male and female pay disparity is emerging from the recent study we did on high-income executives in Australia. Interestingly, male executives tend to get their pay rise as a result of their performance, while female executives are more likely to get a raise if they change employers or move around departments.

When asked ‘what triggers your pay rise’ (see chart) more men tend to get their raise from activities (such as performance review and promotion) which, generally speaking, involves a modicum of self-promotion and confrontation. Arguably, changing employers, through which 24% of female executives got a raise compared to 19% for male, is less confrontational than asking for a pay rise.

Are women executives less demanding when it comes to asking for a pay rise? Why are more men getting a pay rise as a result of performance review? Does the disparity in how male and female executives get their pay rise contributes to disparity in the amount earned? If so, why?

I will be dissecting more of the subject in Melbourne. Come along.

If you haven’t heard yet, unemployment rate dropped to 5.5%. The economy added 35,200 new jobs and the future looks a lot more positive than a year ago. So, how are senior executives going to behave this year? Will they seek new jobs?  How will a stronger economy affect their behaviour?

A recent global poll conducted by Bluesteps found 70% of executives are willing to relocate overseas to pursue new career opportunities. With that many willing to move, it is unlikely the health of the economy is the main factor that triggers a job search. What other factors drive a senior executive to jump ship?

In Nov-Dec we conducted the Executive Monitor survey to understand more about the job searching behaviour of executives in Australia. 1500 participated in the survey, offering us interesting clues and insights into their behaviour and expectations.

Sixfigures is organising a breakfast event (on 23 Feb) to launch the report, where I will be presenting the findings of the survey. Do join us.

What triggers a senior executive to look for a new job? Do executives value formal education? What role does remuneration play in motivating a high-income earner? These are some of the questions Executive Monitor, a joint project of SixFigures and Destination Talent, aims to answer.

In Australia, there is a paucity of information on high-income executives, specifically those earning above 100K annually. Our study aims to provide a better understanding of this small but important demographic group. In particular, the study will explore the nexus between education, employment and remuneration trends. Data on age, gender, income distribution, education, career trajectory and job searching behaviour of executives will be collected, analysed and presented in a final report.

We are confident that the study will offer useful insights to employers and executives alike.  The results of the study will be made available to everyone for free. If you are an executive or a high-income earner do spare 5-8 minutes of your time to take our survey. The survey is completely confidential and results will be presented in the aggregate only. As a sweetener, one of our sponsors Duttondirect.com is offering a prize worth $3000 to one lucky survey participant.

Take survey here.

The Survey: The online survey is separated into five sections. It should not take more than 10 minutes to complete. You will be asked to part with a valid email address if you wish to participate in the prize draw.  The survey is open to Australian nationals only. If you have any queries with the survey contact me at info @ destinationtalent com au

The Prize: The winner will be selected and informed when the final report is completed in Feb 2010.

Sponsors: We are grateful to our sponsors for supporting an important study. Do visit and see what they have to offer. You can find more information about our sponsors here.