Salary takes back seat to experience

Employees will sacrifice salary for training or experience, and the pattern holds true among young graduates across the globe, says a leading personnel director.

“The revolution today is that all of the development tools have as much rewarding power as money,” said Concetta Lanciaux, executive vice-president for human resources at luxury goods group LVMH Moet Hennessy Louis Vuitton.

“Even executives will be interested in the lateral mobility that it gives them. Fifteen years ago the only thing that counted was the initial compensation.”

People do not see their future with one employer, and they recognise the need for continual development. This means they will always need to keep an eye on the medium and long term.

The pattern holds true across the globe. While some cultural differences are ingrained, she hears the same themes in attitudes to careers in Tokyo, New York or Paris when she gives talks to business students.

“It is striking how they are all saying the same things: ‘international mobility and can we have a job that we can manage?’,” Lanciaux adds. “None of them talk about money. It matters – you have to pay competitively – but it is a given.”

• Concetta Lanciaux will be addressing this theme at the ECA International annual seminar, in central London on 22 November. Contact 020-7351 5000.

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