POWERED BY MOMENTUM MEDIA
Opportunity lacking for super staff
Staff at Australia's superannuation funds believe the single biggest barrier to boosting their salaries is the lack of opportunities in the sector.
Data from the Super Review Salary Survey found that 28 per cent of super fund staff members said they lacked opportunities to grow their salary, with 15 per cent saying poor organisational management was to blame, and 10 per cent pointed the finger at clients undervaluing their services.
While one super fund chief executive reported that a "dominant and ignorant chairman" was preventing him from reaching the salary he believed he should be paid.
The survey found that a fifth of respondents reported earning less than $90,000 a year, while 16 per cent said they took home more than $190,000 per annum — with one per cent saying their income was in excess of $300,000.
When asked how much they believed their salary should be for their current role, 20 per cent said they deserved to be paid over $190,000, with four per cent believing a salary of more than $300,000 would be fair remuneration.
While super staff were largely keen to see their salaries rise, almost two thirds of respondents said they felt valued by their employer, while just 14 per cent said they were not. The survey also revealed that just 10 per cent of super fund employees said they were actively looking for a new job, with more than a third of respondents reporting they were not even open to offers of alternative employment.
AUTHOR
Staff Writer
Money Management staff writers are writers who contribute to the website from time to time. If you would like to discuss the content contained within this article please contact us.
Recommended for you
In its pre-election policy document, the FSC highlighted 15 priority reforms, with superannuation featuring prominently, urging both major parties to avoid changing super taxes without a comprehensive tax review.
The Grattan Institute has labelled the Australian super system as “too complicated” and has proposed a three-pronged reform strategy to simplify superannuation in retirement.
Super funds delivered a strong 2024 result, with the median growth fund returning 11.4 per cent, driven by strong international sharemarket performance, new data has shown.
Australian Ethical has seen FUM growth of 27 per cent in the financial year to date.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
Spire Oaktree Opportunities XI Second Close
32.68 3 y p.a(%)
2
DomaCom Lot 21 Chellaston Road Munno Para West SA 5115 Australia
31.72 3 y p.a(%)
3
Spire Oaktree Opportunities XI First Close USD
31.36 3 y p.a(%)
4
Fidante Credit Suisse Global Private Equity
29.60 3 y p.a(%)
5
Global X GlobalX FANG+ ETF
27.64 3 y p.a(%)
