Can You Still Attract & Retain Key Staff Post GFC?

May 8, 2010

As Australian businesses recover and rebuild after the Global Financial Crisis (GFC), this growing confidence is creating significant recruitment demands.

Three main reasons are causing this renewed focus already in 2010:

  • New Opportunities– improved business performance has seen the creation of new opportunities for employees in the marketplace.  This is a result of the following:- New business needs and growth are driving new opportunities- Positions that were previously put on hold in the GFC are now being filled- Roles that were not replaced through natural attrition are now being recruited for

    – Those positions that were made redundant during the GFC due to operational requirements, may now be required

  • Staff Turnover – the GFC created much uncertainty and resulted in many talented employees sitting still and waiting (of course those that were not made redundant themselves).

    Some of these high performers who did stick around saw their colleagues made redundant, their workloads increase and perhaps their company not look after them as well as they should have.Whatever the case may be, we are now seeing key talent on the move in a big way, causing voluntary turnover levels not seen since pre GFC days.

  • Skill Shortages– some industries have struggled to fill positions even during the GFC, with a limited number of candidates, if any, available to meet the skill demands.  This is still the case in some sectors as employers struggle to fill vacancies with suitably qualified candidates.Within the midst of the GFC, we saw recruitment come to a complete standstill and now with the business environment evolving, recruitment is well and truly back on the agenda.

    Although this may not be the case for all organisations, particularly those still feelings the effects of the GFC, however, many businesses have boosted their previously limited or non-existent recruitment activities.

    The important question here is, is your organisation ready for this renewed focus on recruitment and retention?  Even those organisations not looking to hire right now are feeling the effects of losing talented employees to the newly created external opportunities.

Some key questions to consider if you’re ready:

– What is your employment offer?

– Are your existing employees aware of what you offer?

– Are you communicating this effectively to attract new talent?

– Is your offer competitive against your main rivals?

– Why are your people leaving?

– Can anything be done to address the main trends around your voluntary turnover?

The list of questions that could be asked is endless; however I believe our recovering economy does prompt all organisations to ask themselves ultimately, is your organisation doing enough to attract and retain our key staff?

And if not, what is the cost if your organisation doesn’t address this and can your business survive if it can’t?

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