22 Sep MONEY, MONEY, MONEY; SPEND, SPEND, SPEND
MONEY, MONEY, MONEY
During reporting season, most shareholders focus on the earnings numbers. But what gets the media attention during that period are also the remuneration figures.
The Australian collected information from the annual reports of more than 70 large ASX-listed companies and found the average chief executive salary is more than $5 million, with most receiving pay rises far exceeding inflation rates.
Macquarie CEO Shemara Wikramanayake topped this list for the highest remuneration package of $32.8 million, with Victor Herrero, CEO of jewellery retail chain Lovisa, coming in second with $29.9 million.
SPEND, SPEND, SPEND
While high inflation and interest rates may have led consumers to tighten their purse strings, there are some items that Aussies refuse to remove from their carts.
Car accessories are a necessity, apparently, with Super Retail Group reporting sales of car parts and accessories up 8 per cent in 2023.
And fancy alcohol. Treasury Wine Estates saw demand for luxury wines skyrocket, with its Penfolds brand reporting a 14.2 per cent growth in earnings.
We also still need our caffeine hit. Breville reported a 5 per cent lift in sales in the past financial year, with the appliance maker stating that despite demand for juicers and food processors falling, its new range of coffee machines was a big hit. Could this be an indicator of people choosing cheaper homemade coffee over a pricey takeaway?
Salary is not the only number job candidates look at. It is also the number of days they are required to be in the office for an advertised role.
The AFR has reported that many employees are unwilling to compromise on working from home, after speaking to several recruiters. The article cited a Gartner survey, which found 59 per cent of job candidates chose a role mostly due to the flexibility it offered. This was backed up by a recent survey by the technology firm Kyndryl, which found 75 per cent of managers and employees would consider leaving their job if they couldn’t work remotely.
While many companies still use carrots (such as relaxed dress codes, social events and free food) to entice employees into the office, it seems social media platform TikTok has taken the stick approach.
The company has mandated its 7,000 US employees to work in the office three days a week and has now introduced a data collection tool, MyRTO, to track attendance. The app monitors badge swipes and asks employees to explain absences on days they are meant to be in the office.
TikTok employees have reportedly been told that “deliberate and consistent disregard may result in disciplinary action” and could “impact performance reviews”.
It will be interesting to see if this approach catches on in Australia.
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