How to retain talent despite a mass staff exodus

The last two years has seen a surging rise in job vacancies, with a mass talent exodus impacting organisations Australia-wide as priorities shifted. As Australia weathers the second worst skills shortage in the developed world, retaining talent has become front of mind for many businesses seeking to stay afloat in uncertain times. 

Australian Bureau of Statistics data shows almost a third (31%) of businesses are having difficulty finding suitable staff, with small businesses particularly struggling to keep head counts in July.

Regardless of business size or industry, in such a competitive space, it’s clear employers need to adapt to the changing needs of a post-lockdown workforce. 

As businesses try to keep up with changing workplace expectations, the question they must ask themselves is ‘how can we keep hold of our best talent?’. 

Wellbeing matters

Employee wellbeing should always be a top priority, but this is particularly important in times of economic distress. It’s no secret that the pandemic had a large impact on our mental health and wellbeing, which is why dedicated employee wellbeing programs are vital. 

These can take place on both a small and large scale, from company-wide equity, diversity and inclusion strategies to programs supporting emotional, physical and financial wellbeing. We do this through our Well-Being for Life Program, health allowance and stock purchase plans, all of which aim to enhance the wellbeing of our staff on an emotional, financial and psycho-social level. 

Another example could be providing comprehensive subsidised health plans for employees, couples and families. 

Not only do wellbeing programs increase employee productivity, they also boost morale and staff retention. Businesses can revisit their benefits program every year to see if they can enhance perks programs, and/or offer employees discounts at their favourite retailers or restaurants. 

Listen and communicate

Businesses should listen to what their people are saying, and be clear about business priorities. Not only will this have a great impact on customers, it will also make sure you’re creating an inclusive environment where the best candidates feel heard and valued.

Listening to your employees can start with something as simple as a survey asking what they would like to see.

Provide opportunities for growth

Lack of career growth options is one of the most common reasons employees quit. People look for initiatives like dedicated training and networking opportunities when choosing a new role, so it makes sense your existing workers want them too. Without opportunities for growth, good workers will look for a new job. 

There are all kinds of ways to do this. For example, you can support staff with training options that are relevant for their role, making it clear you are committed to upskilling them and there is room for growth. This year, the government announced that small businesses will be able to claim a bonus 20 per cent deduction for the cost of external training courses in Australia until 2024. This way, training can help your employees and business thrive. 

Treat talent retention as an ongoing project

We’ve seen in the past couple of years how quickly workplace trends can change. This means businesses need to stay flexible and act quickly when needed. 

Businesses can use listening tools like internal surveys or even external platforms and awards to keep measuring their performance as an employer. For example, Great Place to Work recognises Australia’s best workplaces, and just announced Australia’s Best Workplaces 2022, which includes micro and small businesses. 

Businesses need to keep measuring their performance and check in with employees in the rapidly changing new world of work. This helps both employer and employee to create a productive workplace which allows leaders to focus on their business, rather than continuously recruiting.