Insights on Attracting, Training and Retaining in a Tight Labour Market
The CEO Institute, Australia’s leading networking group for senior executives, recently held a luncheon that, in light of critical skills shortage, focused on how to attract, train and retain employees. The event was attended by more than 70 CEOs from a variety of industries, all there to find out more about strategies that employers should adopt in order to attract, but more importantly to keep, the talent they fought so hard to get in the first place.
Globe 24-7’s Asia Pacific Regional Manager, Jon Bowker, presented at the event and began by zoning in on today’s tight employment market, with a large number of mining and oil and gas projects underway over the next 1-5 years, the predicted volumes of people required, the government’s increased support for skilled migration, and the impacts of Fly-in-Fly-out (FIFO) work on regional communities and capital cities.
Drawing from his industry experience, working for blue chip organisations and diverse consulting groups, Jon emphasised that, "it is equally important to get your on-boarding strategies right as it is the numerous attraction strategies available. On-boarding is a vital part of the process that sometimes is overlooked to the detriment of a new employee and the company, who simply can’t afford employees walking out the door in those first few critical months".
Jon elaborated by encouraging attending CEOs to adopt multiple strategies in relation to attraction, retention and on-boarding, in order to remain competitive in the hunt for the best talent and that efforts will be in vain if an employer cannot deliver on the basics: providing a good, solid workplace with an identifiable structure and values, recruiting to fit organisational culture and environment, providing effective on-boarding and training opportunities to help employees succeed, develop their careers and feel valued in the work they are doing.
Some of the practical strategies recommended for companies to adopt included:
- Attraction: Develop and promote your Employee Value Proposition (EVP) and recruit to fit organisation culture
- On-boarding: Internet portals (including online learning tools, introductions and welcome packs), workshops and mentor programs
- Retention: Ensure you’re at least matching benchmark financial rewards and incorporate non-financial extras, such as: additional leave, flexible workplaces, career development, recognition and empowerment