Are you ready for the biggest shift in the Australian job market this year? According to a recent LinkedIn survey, 3 in 5 Australians are considering quitting their current job in 2023. This report has sparked a crucial question for employers: How can we retain our top talent and attract the best employees in this competitive job market?
About the survey
The recent survey by LinkedIn revealed that 59% of Australians are planning on changing employers this year and 56% are confident they can find a new job. Many employees are motivated to switch jobs due to a desire for better work-life balance, higher pay, and feeling overworked and undervalued. With the unemployment rate remaining at a record low of 3.5% in December 2022, organisations that wish to retain their talent need to focus on improving their employee retention strategies and embrace the changing needs of the workfoce.
The importance of employee retention in a competitive job market
Employers who want to retain their top talent must be proactive in creating a positive and supportive work environment.. The pandemic has heightened the importance of work-life balance, with 40% of employees considering leaving their current job for better pay and 31% looking for a more balanced work schedule.
LinkedIn’s career expert, Cayla Dengate, said that employers who want to retain their talent must take an active role in helping their employees grow professionally, reach their goals and feel valued at work. This can be achieved by providing opportunities for skill development and professional growth, considering competitive salary arrangements or enhancing benefits packages.
According to Tim James, Managing Director at Hays, employers need to focus on offering competitive salaries and enhancing benefits to retain their employees. Employers also need to be mindful of their approach and avoid a heavy-handed approach, which can damage the employer brand and retention efforts.
To understand more clearly your employees’ perspective, you should consider conducting an employee engagement survey which will highlight any areas for improvement and provide you with clearer direction in your efforts to combat this potential mass exodus. (link to HR SnapShot)
Combating the job market shift with an improved retention and attraction plan
In this tight labour market where unemployment remains at a record-low 3.5%, you should not only focus on retention, but also adopt a flexible approach to attracting new employees. Many employees are now considering hybrid work as the “norm” instead of a benefit.
To sum it up, if you want to retain your top talent and attract the best employees in 2023, you must be proactive in creating a positive and supportive work environment, offer competitive salaries, enhance benefits and adopt a flexible approach to work.
Contact Akyra today to learn more about our HR solutions and how we can help you create an Employer of Choice.
Akyra’s Key Takeaways:
- 59% of Australians are planning to switch employers this year.
- 60% of employees are happy in their current roles, but they would consider leaving for better pay and work-life balance.
- 66% of employees feel overworked and undervalued, while 27% are working longer hours and taking on more responsibilities.
- To retain employees, employers should invest in their workforce, offer competitive salary packages, enhance benefits, and provide a positive work environment.
- Employers need to avoid a heavy-handed approach to avoid damaging their employer brand and retention efforts.
As a leading HR Consultancy, Akyra understands the challenges that organisations face when it comes to employee retention. Our team of HR specialists and online products provides expert HR advice and services to create Employers of Choice. With operations in Queensland and Victoria, we offer global ingenuity and the flexibility of a boutique agency to ensure our clients have the best-fit HR practices and processes in place. Contact us today to learn more about our HR and people management solutions and how we can help your organisation retain its talent.
NEED MORE INFORMATION?
Akyra can help your business to assist and support all your questions and concerns related to the Fair Work Act and employer obligations. Please contact Akyra on 07 3204 8830 or book a free 30-minute consultation for an obligation-free conversation.
Disclaimer – Reliance on Content
The material distributed is general information only. The information supplied is not intended to be legal or other professional advice, nor should it be relied upon as such. You should seek legal or professional advice in relation to your specific situation.