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Staff Attraction and Retention in a Competitive Job Market

In today's challenging business environment, where talent is a precious commodity and wage expectations are soaring, building a team that thrives is an art form.

The Gallop State of the Global Workplace: 2023 Report found that 77% of workers worldwide are still waiting for their employers to give them a reason to do more than just show up.

As a business owner how do you attract, inspire and retain employees - turning them into your biggest advocates?

Below you’ll find eight tips for attracting and retaining amazing talent - even in the face of staff shortages and high salary demands.

1. Craft an Irresistible Employer Brand: Your company's image matters. Create an authentic brand that resonates with potential candidates. Showcase your values, mission, and impact to draw in individuals who align with your vision. A Ius Laboris Survey of 23 Countries shows potential employees (especially millennials and Gen Z) are increasingly choosy about whether to associate themselves with a business. Your brand values need to be not only clearly defined, but backed up by real, measurable and ethical credentials.

2. Define Clear Career Paths: In a competitive job market, employees seek growth. Map out clear career trajectories, offering opportunities for skill enhancement and advancement. This instills confidence in their long-term prospects within your organisation. As part of the business support for clear career paths ensure you have standardised timelines and procedures for reviews, feedback and future planning.

3. Competitive Compensation with Perks: While sky-high salaries might not be feasible for every SMB, ensure your compensation packages are competitive. Sweeten the deal with creative benefits such as flexible work arrangements, wellness programs, and professional development allowances. A large number of business are now embracing a 4-day work week with reported increases in engagement and productivity…. Definitely something to consider as we move towards a productivity instead of time-based economy.

4. Embrace Remote and Hybrid Work: Although some businesses are returning to Hybrid and office based work, remote work truly is a game-changer. Offering flexibility in work arrangements, acknowledging the evolving needs of the modern workforce attracts employees who may be a perfect fit for the role but are located out of area or perhaps balancing care responsibilities. In my previous business, I found that single mothers were some of my most reliable workers. They were always reliable, committed and motivated.

5. Prioritise Employee Wellbeing: A healthy work-life balance is non-negotiable these days. Covid was the catalyst for a massive re-evaluation of how we prioritise work and life. Establish a supportive environment within the business that values mental and physical wellbeing. Consider initiatives like mental health resources, wellness challenges, and stress-relief activities.

6. Leverage Technology: Streamline your recruitment process with tech tools that enhance efficiency. Use AI-driven platforms for candidate screening and engage prospective employees through virtual interviews and assessments. For anyone who has known the pain of sorting through 300 Seek applications for an admin role… I saw an awesome screening prompt for job applications in an online ChatGPT forum last week - contact me if you’d like a copy. It has the potential to save you loads of time when recruiting new staff!

7. Cultivate an Inclusive Culture: Foster an inclusive environment where every voice is heard and valued. Promote diversity and equity in all aspects of your organisation. The key here is don’t just tick a box and Hire… Include! Explore Alternate Labor Markets as an option for sourcing staff. Could you fill one full time role with two or three retirees looking to re-enter the workforce part-time?Differing demographics, world views and life experiences offer a fresh perspective and are invaluable to any business with a growth mindset.

8. Invest in Training and Development: Skill gaps are real, and continuous learning is the solution. Offer training programs that empower your team to up-skill and stay relevant in their roles. This demonstrates your commitment to their grstaff-attraction-and-retention-in-a-competitive-job-marketowth. Training and Development support can come in the form of Study Allowances, HR nominated training programs or Study Days. And did you know that TAFE have hundreds of Fee-Free courses available on offer for your staff? You can check them out here!

In the midst of staff shortages and elevated wage expectations, remember that building a resilient team is a journey, not a destination. Your role as a business leader is to create an ecosystem where talent thrives, grows, and remains loyal.

If you’d like to strategise how to tailor these tips to your personal business needs, book a discovery call today!


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