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:
| Organisational Capabilities |
Identifying the capabilities that are critical
to achieving your organisation’s goals and growth is a vital component of
effective strategic planning. You should consider whether these capabilities
can be developed internally or is there a need to recruit. 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 and learn what your staff value. What factors are key in
retaining your best employees? 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. |
| Broad 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 some of the above strategies please contact Tania
from People Axis on (03) 9894
2805 or visit their website at
www.peopleaxis.com.au.
Published : 18 February 2010
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