Employers have been warned to expect an exodus of employees as the end of the financial year passes.
After a prolonged period of austerity employers are hiring and paying bonuses again, and as the GFC eases companies should prepare for significant staff turnover.
According to talent acquisition firm Futurestep, industries and sectors that have shown recovery will be the first to experience this turnover and predict banking and finance employers can expect to see a greater turnover following bonus payments.
Matt Dale, head of consulting at Futurestep, said: “The finance sector for example is already starting to compete for staff. It’s expected that some segments of the market-place will see turnover double.
“Many employees have foregone pay increases, bonuses or other perks during the downturn and may even have accepted reduced hours or salaries. As the market turns, employers may find they have used up their goodwill with employees, who are being actively courted in a rebounding market.”
And employers won’t find any solace in the news that another piece of research by Hay Group has found that one-third of Australian workers are currently planning to switch jobs.
Head of insight at Hay Group, Sam Dawson, said: ''This should send alarm bells ringing in human resources departments across the country. The landscape has changed; workers who have been grateful to hold on to employment are sticking their heads above the parapet and gauging what the recovery means for their career prospects.
“This could spell bad news for those companies who have failed to take necessary steps to implement effective engagement programs during the tough times.”
Tips for employers during job hunting season:
1. Have a good understanding of your workforce plan, vacancy rate and hiring requirements
2. Analyse and understand why people would want to work for your firm, then market that message clearly and consistently.
3. Understand where top talent is both within your organisation and externally in the market. Very few organisations will be able to fill their vacancies from internal appointments. Most will need to be quite sophisticated about finding people from the market and getting them on-board.
4. Once you are really clear about why people want to work with your firm, let that knowledge guide management decisions.