Dear Tribunal Secretariat,
Please accept this submission on behalf of (redacted)
Thank you for your consideration.
Kind regards
(redacted)
What level of adjustment to the values of the remuneration bands should the Tribunal consider?
(redacted) utilises remuneration data from (redacted) to benchmark remuneration of its executives and the broader organisation against a market of our peers.
Utilising this database, (redacted) is able to benchmark individual roles in a market of our peers (generally within (redacted) which is where our talent tends to flow from/to).
This data indicates that individual ‘year on year’ increases over the past 12 months for comparable executives has averaged 1.2% – 3% uplift to fixed remuneration packages.
This increase does not include the 0.5% SGC uplift to total remuneration packages from 1 July 2021.
As a minimum, (redacted) anticipates that executive remuneration would be increased in line with the whole of government position of 1.5% particularly given a zero percent increase for FY20 to executive remuneration packages. However, there are other considerations specific to (redacted):
- The talent market for (redacted) executives is very competitive due the specialised nature and the significant growth of (redacted) in Melbourne amplified by talent supply constraints due to border closures.
- The prolonged (and still un‐concluded) review of remuneration of (redacted) executives has created significant employment uncertainty since 2018 which is resulting in growing turnover (averaging 20% typically, <10%) and increasing targeting of (redacted) professionals by competitors.
We strongly encourage the tribunal to consider the extremely challenging talent market in (redacted) that has put upward pressure on remuneration in the talent market and creates a challenging environment for talent attraction and retention for (redacted).
Are there any other matters the Tribunal should consider when making the Determination, in addition to those listed in the VIRTIPS Act?
The highly competitive talent market for (redacted) professionals notes above is further exacerbated by FY2020/21 being a very strong (redacted) year for (redacted). This will have been experienced across the (redacted) industry and likely to put upward pressure on fixed remuneration.
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