2 things you must get right to attract and retain the best people
Unless you have been living under a log lately you will no doubt have heard of the ‘great resignation’ or the ‘great reshuffle’ as it is being referred to in Australia. So what is it and should you be concerned? The great resignation is a term that originated in the US and according to the World Economic Forum “The Great Resignation is a phenomenon that describes the record numbers of people leaving their jobs after the Covid pandemic ends”.
Indeed, in November 2021 a record 4.1 million people or 3% of the total US workforce quit their jobs. By contrast, in his speech to the Australian Industry Group this month, Australian Treasurer Josh Frydenberg said “Australia’s labour market is experiencing a “great reshuffle”. Treasury analysis shows that over one million workers started new jobs in the 3 months to November 2021. The rate at which people are taking up new jobs is now almost 10% higher than the pre-Covid average.” And at 4.2 per cent, the unemployment rate is also at a 13 year low.
So, what are we at Howardco seeing? Well, the recruitment market is running hot driven mainly by two factors: an increase in demand for talent from increasing business confidence and a push to get back to normal, coupled with a shortage of skilled talent in many sectors and some remaining hesitancy on the part of job seekers still wary of what the future may hold. Together these factors mean strong competition for talent, and when good people become available they are being snapped up quickly.
Even if your staff are not applying for jobs don’t assume they are not looking or that they are not being approached behind the scenes by proactive recruiters. Now is the time to be sharpening your attraction and retention strategies. Here are 2 things you absolutely must get right to attract and retain the best people for your organisation:
Get crystal clear on your Employer Brand. You need to be upfront about what makes your organisation a great and appealing place to work. In today’s competitive market candidates are looking for their needs to be met. What can you offer that others’ can’t? Great teamwork, flexible hours, work from home options, opportunities for development. These are all in demand and you don’t have to be a big corporate to provide these benefits.
Deliver on the Employee Experience from day 1. A slick recruitment campaign that promises great things is no substitute for employee experience. What you promise you must be able to deliver. Does your culture really match the PR? Are your systems and processes aligned to deliver the promised employee experience from day 1. You need to decide what you want your employee’s experience to be then design it into the way you work every day.
For more tips and access to our free resources download our PDF “How to Attract and Retain the Best People for your Business”.