Recruiting in Australia
Finding the right talent has become a real challenge for many businesses in Australia. With the low unemployment rate at 3.5% in February 2023, there are more job openings than qualified candidates to fill them. This means that it is becoming increasingly important for businesses to have a solid recruitment strategy in place to attract the best candidates.
The reality is, COVID-19 had a significant impact on the nature of work.
While not all jobs or locations have been affected, traditional office-based roles primarily held by white-collar workers are unlikely to revert to their pre-pandemic state.
Admittedly, this transformation was already underway, globalisation, cloud technology, smartphones, tablets, and the option of remote work. What COVID-19 did was accelerate that timeline. One of the main challenges businesses face in the current employee market is the competition for top talent. The most in-demand candidates have the pick of the job market and can be selective about where they work. The tide has turned with job seekers now appearing to hold a significant bargaining advantage.
Attracting the best talent
In short, businesses need to differentiate themselves from their competitors. It’s no longer good enough to just “be the best”, you now need to offer the best. Whether that’s achieved by offering a positive company culture, flexible working arrangements, competitive compensation, and benefits packages, or more likely an appetising combination, talent will now go where it suits them best.
To attract the right talent, businesses need to understand their target audience and tailor their recruitment efforts accordingly. This means identifying the skills and experience required for the role, as well as the values and motivations that are important to potential candidates. By communicating their values and culture effectively, businesses can attract candidates who are the right fit for their organisation.
I believe it was Michael Jordan that once said, “Talent wins games, but teamwork and intelligence win championships”. Right now, there is a shortage of specific skill sets in some industries, for me that’s currently most visible in financial services. This problem exists due to a combination of factors, including changing regulatory requirements, advances in technology, and a shift in the demographics of the workforce.
Nurture talent. It’s a rare enough thing that it should be embraced and respected when you find it. Offering ongoing training and development opportunities can come in handy. This not only helps businesses upskill their current workforce but also attracts new talent with the view of career advancement and learning opportunities, and it builds loyalty.
People inherently look for where the grass is greener. It’s human nature, enough so there’s an idiom about it. This could be due to a variety of factors, such as dissatisfaction with their current role, a desire for career progression, or the attraction of higher salaries and better benefits elsewhere. For businesses, this means that they must be proactive in not just their recruitment efforts but also their retention efforts, to ensure they are not left behind by their competitors.
One effective way to attract the right talent is through employer branding. This involves promoting the company’s values, culture, and employee experience to potential candidates. A strong employer brand can help businesses stand out in a crowded job market and attract top talent who share their values.
While there is no one-size-fits-all solution to attracting the right talent, Australia’s current employee market is a significant challenge for businesses. However, by offering competitive compensation and benefits packages, flexible working arrangements, ongoing training and development opportunities, and promoting their employer brand effectively, businesses can attract the best candidates. With the right recruitment strategy, businesses can build a talented and motivated workforce that can help them achieve their goals and stay ahead of the competition.