Staff Retention - Code Red

Over the past few months the business media has carried several warnings that a catastrophic skills shortage looms large on the horizon. As the economy recovers, it is suggested that the demand for talented people will hit more severely than many organisations realise.
Some predictions suggest that as business confidence grows, 25 - 30% of Australian employees will test their resumes in the job market.

Even if some of the predictions are only partially correct, the momentum generated will create obvious staff retention issues for organisations. Similarly, as the search for best candidates accelerates, the pool of available candidates will diminish making it difficult for employers to secure the people they need.

A call to action

Every organisation has to decide how it wishes to respond to these warnings. We recommend that you prepare with a sense of urgency.
Some of the key actions organisations need to take are:

Determine required organisational capabilities

Identifying the capabilities that are critical to achieving your organisation’s goals and growth is a vital component of effective strategic planning. Consideration will need to be given to whether these capabilities can be developed internally or should be recruited in. Establishing recruiting timeframes and implementing induction and training programs for new staff will be of paramount importance. Equally, retaining employees identified as key to your organisation’s growth and success will need to be of utmost priority.

Understand why people work for you

Identify and understand why people join your organisation. What do your staff value about your organisation? These are some of the most important issues that leaders need to understand. The most effective way to gather this feedback is via staff surveys and one on one interviews with key talent.  Armed with this feedback, you will be able to tackle the issues that are most critical to attracting and retaining great staff.

Broaden retention strategies

Understanding why people work for your organisation is the first essential step to improve staff retention. The quality and skills of line managers to coach and develop staff is also integral to the process. Your organisation’s performance and development review system is a central part of the process. Organisations that work on enhancing this critical system will be well placed to engage and retain key talent as the skills shortage starts to impact.

If you would like to discuss any of the above strategies for your business please Contact Us.

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