3 Tips for Employers
Attracting and retaining good employees has always been a big challenge for businesses, however we now see it looming as a major obstacle for employers in 2022.
Business is looking to boom, but you will need the right team to be able to take advantage of the opportunities.
As we come out of nearly two years of unprecedented business disruption and uncertainty due to the COVID-19 Pandemic, a number of factors have combined to produce an extraordinary set of circumstances, including:
- business confidence has surged as we come out of lockdown and economic activity is rebounding quickly
- the Reserve Bank has increased its forecast GDP growth for 2022, to 5.5%
- recruitment activity is now nearly 50% above pre-pandemic levels and job advertisements are now at historical highs
- at the same time, unemployment is historically low, and there are now serious and persistent shortages of skilled labour across the country, with trades and technical areas particularly in short supply
- with easing concerns over COVID-19, a number of employees are taking the opportunity to re-evaluate their careers and how they want to work in the future, and it has been predicted that this trend will develop further next year as the economy takes off. This phenomenon has now come to be known as, “the Great Resignation”.
As you wind down from 2021 and before the new year gets into full swing, we recommend that you get ahead of the game by following these three tips for employers.
3 tips to attract and retain good employees in 2022
Tip 1: Conduct an employee satisfaction/engagement survey
Take the time to understand how satisfied your employees are with their work and how engaged they are with your business. Employees who are satisfied and engaged, rarely leave, even when offered more money. Consider undertaking an employee survey to help you better understand your employees’ thoughts and feelings and identify any “imminent flight risks”.
Tip 2: Review your employee remuneration, benefits and rewards
With surging economic activity, a booming recruitment market, and skilled labour in short supply, there is likely to be pressure on increasing wages and salaries, particularly as they have remained flat for a number of years. Many employers are also looking at new and different benefits and rewards to make their offer more attractive than their competitors. It is suggested that all employers take the opportunity now to review salaries, wages, benefits and rewards to ensure you remain competitive and well-positioned to retain your valued staff.
Tip 3: Proactively source quality talent
Spend some time forecasting your labour requirements for 2022 and determine if you are likely to need additional skilled staff. The tightening labour market over recent months has seen the number of applicants per job advertised, decline steadily, and clients report that quality candidates are becoming increasingly hard to find. This means that if you are in the market for staff in 2022, you will most likely need to be more creative in how you find the “right” people for your business, and you should consider seeking professional assistance to proactively source the highest quality talent.
Our highly skilled and experienced team at Allan Hall HR have assisted our clients in all these areas, such as engagement surveys, salary reviews and quality sourcing and recruiting of talent.
Please contact us if you would like to discuss your current business situation and people needs. We would be excited to help you prepare for the year ahead with the right team in place to seize all the opportunities coming your way!