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Attraction & Retention in the Current Market

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Many employers are facing attraction and retention difficulties in the current employment market. Haydn Glass, Manager of Finance & Accounting Melbourne here at Sharp & Carter sat down to write some insightful tips on how to navigate retaining and attracting employees in these unprecedented times.

The employment market is currently in an unprecedented state of flux with the majority of our clients grappling with (or anticipating) attraction and retention issues.

In essence, there’s a perfect storm given most companies and industries are performing strongly (leading to newly created roles), there’s been next to no migration into Melbourne (removing a reliable source of candidates) and there’s a high percentage of people looking to change roles after a tumultuous COVID period (The Great Resignation).

Reflecting on the many conversations, meetings and recruitment processes with our client and candidate base. I would like to share to some advice and guidance around how best to navigate this unprecedented employment market through the lens of a few different scenarios.

- Are you actively looking to change roles this year?

Make sure not to compromise on your long-term career goals. Yes, you’re highly likely to receive a salary increase or an improved position title by moving in this market. However, will that move support your career management plans? Be mindful how changing roles multiple times in this market will be perceived on your CV 5 – 10 years from now.

- Are you anticipating recruitment needs within your own team this year?

Those organisations who’ve been able to balance an attractive employee proposition (market reflective salary and bonus, WFH flexibility, career development opportunities, culture etc.) with a quick and agile recruitment process, have had the most success in securing the best candidates.

- Are you passively looking to change roles this year?

Network, engage with recruiters, update your CV and improve your personal branding and visibility through LinkedIn and SEEK. You want to put yourself in a position where you’re at least being made aware of opportunities. You’d hate for the market to look very different this time next year.

- Are you worried about retaining staff this year?

Be proactive in retaining your top performers. The cost of re-recruiting, re-training and the loss of IP, far outweighs the improved working from home flexibility, salary increase, bonus, promotion, increased responsibilities or change in position title that’s often easily at your disposal.

- Are you looking to hire a contractor?

Consider the services of a ‘career contractor’ rather than the ideal candidate that could potentially convert from contract to permanent. Career contractors are experienced, can hit the ground running, have worked across multiple ERP systems and the risk of them leaving mid-contract for a permanent role is significantly reduced.

If you or someone you know is wanting more insight please feel free to reach out to Haydn at hglass@sharpandcarter.com.au