Old age tension | Features

Pensions
Are you worried about your pension?
Yes	54.2%
No	45.8%
Which type of pension scheme does your company offer?
stakeholder	19.1%
final salary	39.1%
money purchase	15.6%
other	9%
none that I’m aware of	16.5%
What does your company contribute to your pension scheme?
less than 4% contribution	4.1%
5-6% contributrion	4.5%
7-8% contribution	14.7%
9-10% contribution	6.8%
11-13% contribution	5.7%
14%-plus contribution	5.7%
Has your company changed from final salary to money-purchase in the past year?
Yes	9.3%
No	90.7%
At what age do you see yourself retiring?
50-55	13.8%
56-60	35.8%
61-65	26.6%
65-plus	23.8%

What do you consider important in a new employer?
Promotion prospects
very important	47.5%
fairly important	39%
not at all	13.5%
Positive attitude to Egan principles such as partnering
very	19%
fairly	38%
not at all	43%
Opportunity to work abroad
very	8.5%
fairly	27.1%
not at all	64.4
Distance from home
very	60%
fairly	31.7%
not at all	8.3%
Flexible hours/work–life balance
very	58.1%
fairly	37.1%
not at all	4.8%
Increased salary
very	64.4%
fairly	32.2%
not at all	3.4%
It’s hardly surprising that most people (64.4%) say a bigger salary is very attractive in a new employer. But it’s not all about money. Commuting distance and flexible hours are also rated very highly, suggesting that lifestyle and work–life balance are real concerns for many. The promise of interesting work and a friendly working environment were also mentioned by respondents as important in a new job.

What type of company would you like to work for?
A smaller company offering more hands-on responsibility	1.8%
A company with strong financial results	24.3%
A larger company with an established brand	23.4%
A high-tech company	50.5%
More than half of Building readers want to work for a smaller company where they can have hands-on responsibilities. They rated this as more important than working for an established brand or a company with strong financial results – only about one-fifth of survey respondents named these factors as most important. But surprisingly, given the increasing role of IT in construction, less than 2% said they’d want to work for a high-tech firm.

In a new salary package, how important is …
Baseline salary
very	82.70%
fairly	16.40%
not at all	13.50%
Profit share/bonus
very	26.40%
fairly	26.80%
not at all	21.70%
Performance-related pay
very	23.40%
fairly	47.70%
not at all	28.90%
Share options
very	10.40%
fairly	36.80%
not at all	52.80%
Company car
very	26.50%
fairly	45.10%
not at all	28.40%
Company pension scheme
very	57.60%
fairly	29.20%
not at all	13.20%
Healthcare scheme
very	29.20%
fairly	43.20%
not at all	17.40%
Perks such as gym/crèche
very	11.90%
fairly	34.50%
not at all	53.60%
After baseline salary, a company pension scheme is the most important part of a new salary package. Pensions were a top priority for 57.6% of respondents. Share options, on the other hand, got short shrift: more than half of respondents said they were not at all important. Bonuses and performance-related pay were rated far more highly. Of those respondents who receive a bonus, more than 69% said it was linked to company profit; less than 20% got a bonus based on individual performance. Tax law changes making company cars more expensive to drive have taken their toll, and they have slipped in importance since last year.

Which construction industry issues concern you most?
The threat of a downturn
very concerned	33.60%
a little concerned	53.30%
not at all	13.10%
The industry’s cowboy image
very concerned	32.70%
a little concerned	45.80%
not at all	21.50%
Lack of women and ethnic minorities
very concerned	21.80%
a little concerned	37.20%
not at all	41.00%
Not attracting young people
very concerned	43.50%
a little concerned	38.90%
not at all	17.60%
Pace of technological change
very concerned	23.10%
a little concerned	41.70%
not at all	35.20%
Health and safety standards
very concerned	42.10%
a little concerned	42.10%
not at all	15.80%
Lack of training opportunities
very concerned	42.70%
a little concerned	41.60%
not at all	15.70%
As in previous years, readers’ top concern is the lack of young people coming into the industry. The second biggest worry is the lack of training opportunities offered by employers – a huge 42.7% say this is a problem. Health and safety standards are also a serious concern. On the positive side, fewer people are now worried about a downturn in the industry. Last year 39% said they were concerned about a slowdown; this figure has dropped to 33.6%.

Are you looking for a new job?
yes	42.20%
no	52.80%
The construction industry is full of itchy feet. More than 47% of survey respondents want to change jobs. That’s down from last year’s 53%, but many of this year’s respondents have already recently changed jobs. More than 48% of people who responded this year have been in their job for less than two years and none has been at the same company for more than eight years. Recruitment consultants say these results reflect a high level of staff turnover throughout the industry.

What would convince you to look for a new job?
too much travelling	70.10%
management difficulties	72.50%
need for a fresh challenge	66.10%
not enough money	66.10%
stress or work-life balance issues	58.90%
not getting promoted	45.90%
reduced pension provision	34.30%
Management difficulties are more likely than any other factor to make Building readers look for another job – 72.5% would want to leave their company if they faced management problems. Too much travel would also persuade the majority (70.1%) to seek a new employer, while the need for fresh challenges or more money are in equal third place as motivating forces for changing job. Interestingly, however, only slightly more than one-third of respondents would leave their employer if their pension provision was reduced. Recruitment experts say this shows employees still don’t always realise the value or importance of pensions.