Employers here in Australia have had to navigate the greatest challenges in modern times due to the COVID-19 pandemic. Border and business lockdowns, travel restrictions, increasing infection rates and serious ill health and mortality have drastically changed the norms for business, potentially forever.
The significant changes that employers are now attempting to manage include an increased demand for skilled and professional labour, negative impacts on the supply chain (leading to increased task focus, deadline pressure and margin management) and the lowest unemployment rates in 48 years – underpinned by a significant reduction in overseas net migration for the last seven years, exacerbated by international border closures due to COVID-19. They are also starting to see the retirement/resignation and relocation plans brought forward for many baby boomers. Employers are suffering fatigue from the continued coping with COVID-19 infections and isolation requirements impacting themselves and their families.
In looking to overcome the talent challenge, business owners and CEOs need to be taking a strategic approach to establishing and nurturing a talent pipeline as a means of addressing talent shortages and retaining existing employees.
Here are some ideas on how to achieve this:
1. Rethink the Concept of a Talent Shortage.
Is it people your business is lacking or is it skills? In a lot of cases you’ll find it’s a lack of skills. Now this is an easier problem to address.
2. Develop a Workforce Strategy that Includes Succession Planning.
Aligned with talent upskilling this will provide business leadership and employees with a future vision and ensure you have the people in place to achieve business goals. It will also support employee loyalty and retention.
3. Treat Job Candidates Like Customers.
It’s a job candidate’s market, so being strategic with how you engage potential future new hires is more critical now than ever.
4. Shift Your Culture.
Shift your culture to one that encourages critical thinking and innovation. The level of engagement and satisfaction experienced by your employees is directly related to output, productivity and profitability. Alignment of the activities being undertaken in your business and your business strategy is key.
If you include your people in the bigger picture, especially through the contribution of ideas, you’re establishing a more cohesive, inclusive environment, one that will experience a better rate of employee retention.
5. Undertake a Talent Audit and Upskilling Program.
Undertake a talent audit and upskilling program, with the view of growing the skills of current staff. This is a great reward strategy as well for upcoming workers seeking to rise to the next level of their career (often a more satisfying reward than money).
6. Engage in the Gig Economy.
Engage project workers as part of your workforce strategy: project-based workers can offer a valuable solution for reaching specific business goals.
7. Offer Flexible Working Solutions.
Offsite workers, flexible hours and job sharing and engaging with older people looking to work limited hours, are just some ideas that have proven valuable.
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Whilst there is no silver bullet solution to the talent shortage employers are facing, taking a more strategic approach to planning, being committed and staying the course with initiatives that will drive a consistent supply of talent and skills, will be critical for the future success of business.
