Retaining talent is just as important as attracting it. Here’s how to do both.
09 February 2024
According to the Australian Human Rights Commission, pay equity, benefits, employee recognition, and employee assistance programs are all integral parts of an organisation’s ability to find, engage, and retain employees. And with the latest Australian Bureau of Statistics data revealing that one in five Australian businesses are struggling to find the workers they need to fill open roles, it’s a startling warning for businesses to look at what they’re offering potential employees before irreversible reputational damage is done.
Today’s landscape has businesses facing challenges from staff shortages and inflation to disruptions to supply chains. So, in a tight labour market with scarce staff supply, our experts discuss what’s happening and share how to get in front of the curve.
1. The price of recruitment shines a light on improving retention
Did you know that it takes on average about 40 days and $23,000 to find, recruit, and train a new employee into your business? But it’s important to remember that this cost doesn’t factor in the loss of productivity while the job is vacant, the onboarding and induction costs, and any other costs the business must absorb.
Fatigue, exhaustion, stress, excessive workloads, and the always-on mentality are extremely detrimental to the well-being of employees. And working in an environment where these issues are present, staff are more likely to suffer from burnout and consider leaving. Employees are seeking organisations that offer benefits that support overall wellness and incentives that encourage action to reduce stress and burnout.
Understanding that combatting these issues begins with the workplace environment is the first step to implementing processes and policies that directly work to improve well-being and staff retention.
2. The focus is firmly on soft skills
Communication, leadership, engagement, attention to detail, and collaboration, are all examples of sought-after soft skills but they’re not skills that just appear in your workforce. Businesses that invest in the training and development of their employee’s skills will not only improve productivity, retention, and overall satisfaction but also help recruit and attract top talent for your organisation.
Backing and prioritising the development of your team’s skills can help create a culture that balances both professional and personal needs, fosters high performance and creativity, and can also be the catalyst to being the reason your people stay your people.
3. Flexible working arrangements: get them right, and it will inspire your staff to stay
We’ve all heard about flexible working arrangements; it’s fast become the norm in our working worlds over the past couple of years. The renewed focus on achieving and maintaining a work-life balance has become a dealbreaker when it comes to employment. Employers who don’t offer or haven’t embraced the flexibility movement will often fall to the bottom of a potential employee’s list and can face increased difficulty attracting, recruiting, and retaining top talent over competitors who do.
4. Diversity, inclusion, and equality
Building a positive workplace culture is just as important as maintaining it. Ensuring that your employees feel they’re treated equally and have equal opportunities for success regardless of their personal attributes is something every business should do. By creating and maintaining an inclusive culture, businesses can improve how they engage their workforce and enable them to bring comprehensive solutions, ideas, and innovation to the workplace.
From setting standards of behaviour with a robust code of conduct and anti-discrimination and harassment policies to recognising and celebrating the strengths and talents of individuals, enableHR can help set your business on the right path to embracing diversity, inclusion, and equality.
5. All indicators show talent is scarce, so ensure you recognise employees’ value
An increasingly tight labour market has seen businesses struggling greatly with skills shortages, and often trying to fill open positions for months on end. To avoid being in this position, employers need to implement clear and robust plans to attract and retain top talent. From flexible working arrangements and building a positive workplace culture to staff benefits and prioritising well-being, employees are looking for businesses that meet their needs – and with supply far outweighing demand employers need to consider how they can stand out from the crowd when competing for talent.
Use this digital tool to give staff a great experience when they have to interact with HR
Managing each step of the employee lifecycle seamlessly is a key part of ensuring your business is providing the best possible employee experience from recruitment and onboarding to performance management and termination. With enableHR’s cloud-based software, you’ll have access to workflows and checklists that guide you through smart, legally compliant HR processes without any headaches.
Looking to take your HR to the next level? Our team is happy to answer all your questions. Call us on our toll-free number 1300 120 469, or fill out this form for a prompt call-back.
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