Each day of August, the Institute will feature one initiative from the TalentNZ Menu of Initiatives. The Menu showcases four integrated work-streams – grow, attract, retain and connect.
Today we are showcasing ‘Attract 7. Provide an appropriate rewards package’. For examples of this initiative, please see the Menu of Initiatives webpage. If you know of an organisation or initiative that should be included as an example on the website, please email us at talentnz@mcguinnessinstitute.org.
Attract 7. Promote an appropriate income package
This is the elephant in the room; New Zealand generally does not pay salaries equivalent to other developed countries. However we have a lot to offer and these advantages should be emphasised to attract the talent we want – which means being attuned to their needs. An appropriate rewards package is also about:
- Providing a living wage so parents can support young talent. A living wage is likely to be a great deal higher in Auckland than other areas around
New Zealand, creating an opportunity for organisations to shift south. - Packages more likely to attract international talent might include five or six week holidays each year or a paid sabbatical every few years.
About TalentNZ
The Menu of Initiatives is part of our Project TalentNZ and focuses on how best to identify and distribute tools for councils, businesses and communities to design their own unique strategy for creating a talent-based economy. TalentNZ builds on Sir Paul Callaghan’s vision of making New Zealand ‘a place where talent wants to live’. Sir Paul outlined the reasons why his vision is important in a 20-minute video at the Institute’s StrategyNZ workshop in 2011. The focus of the Menu is on the ‘how’ – we are testing Sir Paul’s assumptions and exploring ways New Zealanders might turn this vision into a reality.