"The conversation isn't 'whether' we do something anymore"
Employers are feeling the brunt of the skills shortage, and the amount of time it takes to hire has risen to a whopping 40+ days. In this intensely competitive environment, how can organisations attract the best, most highly skilled talent? And most importantly, how do they retain the staff they have?
Recent research reveals that 70% of employers are concerned about employees quitting – an increase on 2022. According to Reward Gateway’s senior thought leadership manager Joy Adan, the fears aren’t entirely unfounded either.
“If roles are left vacant in your teams, the leaders and employees left behind are dealing with the pressure to maintain maximum productivity,” Adan says.
“It’s likely even your top ambassadors are having a tough time cheerleading amid morale issues and disengagement. So HR Leaders are trying to build an enticing EVP that gets the attention of good candidates, while also trying to ensure their current employees remain inspired to stay.”
So how can employers meet this challenge? Adan notes that fair pay remains the number one must-have for Australian employees, so ensuring your compensation package is still competitive is an important first step.
But if salary increases are not in the budget, it’s work looking at other benefits you can provide as part of a Total Rewards Strategy. Candidates are always assessing your benefits before considering a role, so things like lifestyle and retail discounts, salary sacrifice or your recognition and rewards program can give you an edge.
Adan notes that culture and connection are also important factors – often more important than employers realise.
“While pay remains the number one must-have for 2 out of 3 Australian employees, everything else that people are looking for from their company isn’t about compensation,” Adan explains.
“Overwhelmingly, people want a manager who cares (47%), an environment where they can communicate openly and honestly (43%), and flexibility to fit work around our other life commitments and opportunities to grow and learn, and to be recognised for their contribution. About half to two thirds of Australians told us these things are actually more valuable than a 10% increase.”
Ultimately, every organisation needs people – not just those who know how to do the work, but those who are engaged and motivated. Companies that have the right tools and strategies for engagement and retention will come through significantly better than those who don’t.
Reward Gateway has conducted research on over 2000 Australian employees and decision makers. On Thursday 19th October it will host an interactive discussion on their latest insights, where it will discuss the top contributors to employee disengagement, cost-effective ways to provide practical wellbeing support, and the top must-haves for a competitive EVP.
Adan says these challenges are not just for HR – they’re a broader executive team challenge, and employers who make the right investments will see them pay off.
“The conversation isn’t “whether” we do something anymore,” Adan says.
“People are interested in the “how” because they know that building both the strategies and systems are the key to supporting growth goals.”
To find out more about the discussion on 19th October and to register, click here.
