The world of construction and engineering in Melbourne is booming, which means skilled professionals are in high demand. And in turn, they’re always being tapped on the shoulder by people like me telling them there’s a better opportunity elsewhere. The truth is, there usually is.
With companies desperate to employ good people, they often over pay and price out the person’s current employer. Other factors play into why people move, but if you were offered a 25%+ pay increase, I’m sure you would find it hard (as I would) not to take it.
I think people entering the workforce now look at employment as a lifestyle rather than a job. It’s not enough to be financially rewarded for their work, they want to learn new skills, make new friends, have fun and experience fulfillment whilst being environmentally sustainable! So that’s what employers have to give them, if they want the person to stay at the company for many years.
So how can employers retain talent?
- Obviously remunerating the employee in line with the current market, which usually means a pay increase. Ask yourself what you’d be prepared to pay to replace your best employees and then give that amount to them before they look elsewhere.
- Develop a years of service/rewards program that motivates your workforce to stay on with the company.
- Provide your employees with challenges and make sure they experience different opportunities at work to prevent them seeing their work as ‘just a job’.
- Offer flexible working arrangements. Numerous studies have shown employees are more productive and engaged when able to balance work with other aspects of their lives.
- The best thing you could do for the person and your company is to train them. Give them access to different learning courses. Reward them for achieving a new certificate or qualification. Not only will it benefit them personally, but your business will gain from the added knowledge.
- Talk to your employees. Ask them what they want to do, what they want to achieve. Ask them if they’re happy in their current role. And if they’re not, discuss the possibility of a change in role and see if your business can provide a new career pathway.
Your people are your biggest asset (not your clients or your projects), they’ll spend more time working for you than doing anything else.
What’s working for you in your world @work?