How to Retain Talent in a Candidate Driven Market

 

Finding the ideal talent for your team is tough. However, retaining those employees may be even harder. Businesses are facing an increasing skills shortage. There are currently thousands of unfilled vacancies in AUS, leaving employers everywhere eager for reliable employment opportunities.  

Today’s candidate-driven market means that employees have more control over their career opportunities. The best talent no longer has to settle for a position that doesn’t meet all their needs. As such, businesses need to work even harder to make themselves attractive to future stars.  

Fortunately, Jobfitts is here to help  

Employee Retention: The Basics 

Replacing valued talent is an exhausting process. It’s costly for your bottom line, and it can create issues within your organisation like reduced morale and disruptions in productivity. Estimates suggest that losing even a middle manager can cost up to 100% of their annual salary 

Often, great retention starts with recruitment. You will need to ensure that you are pulling people into your talent pipeline that resonate with your organisation’s values and goals. Find someone who suits your company culture, and they are much more likely to stick around. Other fundamental things to focus on include: 

  • Providing high-quality leadership and supervision: People frequently leave companies because they don’t have the right support from management. Make sure that your team members feel empowered. 
  • Letting people make the most of their skills: Ensure that your staff has opportunities to put their special talents to the test in exciting projects. Challenge your teams and help them to grow.  
  • Frequent communication: Creating a culture of transparency will generate feedback from your employees on any issues they might have with your employment. Stay interviews are excellent when it comes to retaining talent.  

Explore Both Diversity and Inclusion 

Preventing your best employees from leaving doesn’t necessarily mean placing them in an environment filled with people just like them. Although your team members need to share the same values and ethics, diversity is crucial to an effective workplace. Today’s talent appreciates being part of an environment where everyone has a voice, regardless of their background, their gender, or anything else.  

Most of today’s employers understand the “diversity” part of the diversity and inclusion conversation. However, it’s essential to go beyond merely hiring people from different environments. You’ll also need to create an environment where everyone can be who they are, without fear of isolation or rejection.  

According to the Harvard Business Review, the key to successful inclusion is getting to know each employee individually. Through focus groups, personal conversations and engagement surveys you can make sure that everyone gets what they need from your company.  

Make Growth Opportunities a Priority

Research from the CTA suggests that professional development and training programmes are the most important benefits for today’s candidates. As you’re getting to know your employees as individuals, it pays to find out what kind of educational experience they’re looking for in their position. 

Some people will want opportunities to learn from others through mentoring and coaching processes, while others will prefer to develop themselves in their own time via online courses. Some of the ways you can implement growth strategies for your team include: 

  • Supporting lateral movements for team members who want to shift into a different group or segment within your business.   
  • Offering opportunities to take part in complex challenges or new tasks for individuals who demonstrate their knowledge in that area.
  • Competitions and hackathons that allow staff members to build deeper connections and learn new skills at the same time.  

Don’t Forget your Remote/ Mobile Workers 

For some time now, flexibility has been a common desire for modern employees. The concept of “work/life” balance has led top talent to seek out careers that give them more freedom over their schedule. Studies suggest that remote working in Australia is on the rise, with almost 50% of people working remotely for half of the week.   

Although remote working opportunities frequently make employees happier and more productive in their roles, they also come with unique challenges. For instance, it’s common for people to feel isolated and lonely when they’re working remotely. One study found that only 5% of remote workers see themselves staying with the same company for their entire career. Part of the reason for this is that people struggle to feel connected to their employer when they don’t regularly interact with the team. 

Frequent invitations to the office, email updates, phone calls, and even video conferences can keep mobile employees engaged. Don’t ignore the needs of your remote team.   

Make the Most of the Onboarding Process

Finally, remember that welcoming top talent onto your team can be essential for long-term retention. Reports suggest that employee retention is the number one issue for CEOs, with 20% of turnover happening within the first 45 days of employment. An effective onboarding process can improve retention by up to 50%. Make sure your onboarding sessions include: 

  • An introduction to how your business works and what’s expected of them as a new employee. What do you value most from your team members? How will you measure their progress? 
  • Introductions into the company culture: Let your new employee know all about your business values and make them feel like part of the team. People who make friendships at work are more likely to remain within their role.  
  • Set up a long-term strategy: Plan out the first 30, 60, and 90 days for your talent, with one-on-one meetings where you can discuss their progress. Let them know that you’re ready to invest in their future with your business and set them up for quick wins with easy-to-understand goals.  

About Job Fitts 

Job Fitts Consultants are a specialist provider of professional Recruitment Services for the Financial Services sector and related suppliers in Australia. Since 2003 we have recruited and placed a breadth of operational roles at all levels from; HR, Accounting, Marketing and Customer Service/Frontline. 

To find out more visit our website at Job Fitts here or call us on (02) 9220 3595 or email here.