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Managing the Talent Shortage
4 minutes read
Practical Attraction & Retention Strategies
The recent pandemic has disrupted services and business operations across the nation. Around 85% of Australian businesses in various industries report staff shortages, with the current unemployment rate sitting at 4.0% in March 2022. The lack of international workers has directly contributed to the shortage of skilled labour in Australia.
Current research indicates it is taking approximately 40 days to fill vacant positions, costing companies an estimated $23,860.00 on average per role.
Ways to Attract and Retain Employees
Through Job Crafting, employees have the power to transform their jobs into the jobs they want. Job crafting includes task, relational, and cognitive adjustments, all motivated by a desire to increase meaning, purpose and satisfaction at work. Job crafting increases employee satisfaction and well-being, while promoting a business culture where all employees adapt to actively meet business objectives and goals.
Creating an agile workplace by promoting a growth mindset, allowing autonomy, promoting experimentation, increasing collaboration, and increasing flexibility. The ability to navigate change helps your business achieve long-term sustainability and success.
Flexibility in the workplace
Flexible work practices allow smaller businesses to compete against larger corporations, expanding the pool of potential employees to those unable or unwilling to work traditional hours or commute to a physical workplace. In addition, flexible work allows mothers and people with disabilities to return to work.
Cultivate talent mobility
Research shows that 82% of employees leave an organisation that does not provide career progression. If there is no upward mobility in your business, create opportunities to oversee critical business functions, implement new ideas or projects, and upskill staff where skill gaps are identified. Internal talent mobility reduces hiring costs and increases employee engagement and retention.
Employers should encourage current employees to refer their networks for open positions and reward them with an additional bonus if the referral gets hired.
Pay higher market wages
Although higher market wages will assist in attracting new talent, this is a short-term solution. Other than increasing total cost of workforce expenses, businesses will also need to focus on employee retention practices to engage staff and maintain employee satisfaction.
Apprentice and Traineeship Programs
Where the current skill requirement is not available in the market, hiring for cultural fit and training within is a great alternative. Apprentice and traineeship programs create a pipeline to cultivate quality talent, fostering loyalty and providing opportunity to implement new industry practices being implemented through Australian Skills Quality Authority (ASQA).
Commonwealth Government Incentives and Subsidies
Commonwealth wage subsidies may be available to eligible businesses to offset the costs of hiring new employees that are Aboriginal or Torres Strait Islander, disabled, youth aged 15-24, adults aged 25-29, a primary caregiver/parent, or are registered with an employment service provider for 12 months or more.
Disabled Australian Apprentice Wage Support (DAAWS)
This incentive is available to employers who hire Australian apprentices who meet the disability eligibility requirements. DAAWS is also available to Australian employers who take on apprentices who become disabled throughout their apprenticeship.
If you need assistance reviewing your talent acquisition and retention strategies, or accessing wage subsidies, please contact us at Catalyst Central: email@example.com