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A lot to think about beyond 2020

February already and we’re fully back into the swing of work, with the Australia Day long weekend gone and kids back to school.

Companies and employees everywhere are returning to significant challenges to the Australian economy and their industries within it, especially retail, agriculture, and tourism amongst others. My industry focus, superannuation and wealth management, has been experiencing the pain of change for some time now, and there is a high level of executive movement as the ‘war for talent’ heats up further.

This is great if you’re an executive or specialist in demand, but there’s some awful, somewhat hidden or understated, numbers for many Australians.

According to a recent article by Jack Derwin in Business Insider, there are now three unemployed Australians for every job vacancy. Based on this fact we know that the 250,000 or so job ads listed every month just don’t match up with the 725,000 Australians without jobs who want them, and the 1.15 million under-employed Australians who are working less hours than they’d like.

Reading this, I wondered whether the majority of us currently in professional employment are even aware of these numbers… three unemployed people for every single listed vacancy!

Yes, many vacancies aren’t listed, but typically they will be filled by ‘people who know people’ as they are already employed and referred through trusted conduits.

The other big associated issue is underemployment, and when combined with the unemployed, means nearly 2 million Australians cannot find as much work as they want or need.

Let’s keep this in mind before we start labelling people as ‘lifters or leaners’ or with other simplistic clichés.

Further, in an ABC Business Report published recently, Oxfam concludes, “Australia’s concentration of wealth in the hands of the super-rich is occurring, while the share of wealth of the bottom half of our community has decreased over the last decade and workers’ wages continue to stagnate.”

“The top 1 per cent of Australians have more than doubled the wealth of the entire bottom 50 per cent – or 12.5 million people.”

Read that again. It warrants an expletive or two when you think that 240,000 of our ‘mates’ hold 100x the individual wealth held by half of all Australians.

How have we, as a society, let it come to this (and seemingly, it’s getting worse)? 

Economic liberalisation has raised millions of people around the world out of abject poverty, and certainly Australia benefitted from deregulation and the encouragement of the private sector, from what was a troubled economy in the 1970s and 80s. But have we gone too far, and is the idea of a ‘fair go’ in Australia and looking after your ‘mates’ just a slogan?

This country has shown with the recent bushfires and current drought that we still believe in pitching in to help others. It seems however, with death by a thousand cuts over 30 years, that we have become numb to the unemployed, immune to the increasing homeless on the street, and resigned to the gargantuan wealth and therefore political influence of ‘the few’.

Ok, easy for me to criticise, but what do we do? 

I don’t have the answers but I don’t believe Australia (and the world) can continue down this path of the few haves and many have-nots, with a large middle ground too busy to care because they’re just getting by. The workforce is changing and unless we come up with new ideas and products, the wealth disparity will continue to grow. Add in climate change, whether exacerbated by humans or not, the year, decade and century ahead will deliver some tremendous challenges for many Australians.

There’s a lot to think about in 2020 and beyond.

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Posted in Accounting & Finance, Superannuation, The world @work

How to attract ‘in demand’ talent in a candidate short market

Highly capable jobseekers always have options when deciding who they want to work for, but now it’s more important than ever for your organisation to sell its benefits to prospective employees.

If you’re serious about attracting the best talent, the days of the “It’s a privilege to work here” mentality are long gone.

What’s changed?

In Australia’s major cities, professionals are lifestyle conscious and a significant portion of the working population fall into a demographic with an established career who don’t have to take a job out of desperation and can afford to be selective when deciding where to work.

Companies that candidates are currently employed in have adapted, adopting flexible working arrangements and they are expecting their new company will be as progressive as the one they are leaving. The 2017 Deloitte Millennial Survey showed that 84 percent of millennials reported some degree of flexible working in their organisations.

Here are my five top tips to land the perfect candidate:

  1. Ensure you are familiar with your EVP and leverage it at each stage of the hiring process.
    HR and Recruitment teams have been working hard to implement Employee Value Proposition (EVP) programs to further enhance the brand and jobseeker experience.
    Update yourself on everything on offer that makes your organisation attractive to prospective employees (you never know there might be something that you are unaware of, and can take advantage of yourself).
  1. What are the other benefits of working with you and your team?
    If you are a hiring manager, think about some of the other selling points you can use to attract the best candidate to your company and team… social activities (sports teams, team events), technology, fruit box, interesting projects, etc.
  1. Be a brand ambassador
    Being a brand ambassador for the organisation should be part of your personal branding in your day-to-day business activities anyway, but it is critical to share that vision with a prospective employee when you have the opportunity to do so face-to-face, at interview. Don’t forget the employer branding can have an effect on future perception and sales of the business.
  1. Don’t be surprised if candidates are forthright with their requirements
    Candidates may ask you about flexible working hours, working from home options, career progression, along with learning and development opportunities. Five years ago these questions were less likely to be asked; fast forward to 2018 and these are the commonly asked questions, which you must be prepared to talk about with candidates.
  1. Corporate social responsibility is high on the millennial agenda
    Younger generations are socially aware, so working for an organisation that helps to give something back to the community is appealing and will attract talent to your team.

If you are struggling to find good talent to join your business, maybe it is time to revisit your EVP so you can ‘sell the company’ more effectively. Be more flexible in your thinking on working hours and consider hiring on potential, rather than current skills and experience.

How has your organisation evolved over time to the changing nature of the world @work? What are some of the features of your EVP?

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Posted in Slade Executive, The world @work

Spoiler Alert. You can’t always get what you want.

We’re again experiencing a real shortage of capable talent at every professional level and if I could tag this post with ‘High Importance’ I would. For those who weren’t around, or who have already forgotten what it was like nearly a decade ago, here’s a story and some hot tips.

Always keen to innovate, we started Final5 as a shortlisting service in 2005; employers could brief us on a role, detail the five critical SKEs (skill, knowledge and experience) and receive a shortlist of five people in around 5 days. Five was the magical number. And it worked beautifully for around 5 years; that was until we couldn’t find 5 people who fit in five days. We couldn’t even find them in 50 days.

Embarrassingly we had to change our Terms of Business to say an acceptable shortlist from Final5 would comprise a Final 3+! And ultimately we changed our name to NextHire. Those were the years of critical shortages of capable talent. The term ‘War for Talent’ was in every second article we read.

Peeps, we think those days are back and we all have to respond accordingly.

Six Recruitment Tips for 2018.

  1. Different numbers

It may take 2x longer that than you expected to source high performers and you may only interview ½ as many candidates as you expected.

  1. Be clear up front

What are the critical capabilities and skills? What are the absolute ‘must haves’ vs what can be taught and learned?

  1. Don’t target 100% skills fit

Skills can always be learned and even better, your new hire will be trained in the latest best practice rather than relying on what they learned 10 years ago, or picked up by osmosis. It’s as true for a Claims Clerk as it is for a CFO.

  1. Do target culture and values

Improving self-awareness is hard to achieve once we’re adults. Spend time making sure the person will fit the organisation. If they’re smart and have an aptitude for learning they’ll quickly meet their accountabilities.

  1. Follow your instinct and act fast

You’ll know when you meet a good candidate. And so will everyone else she’s interviewing with. Don’t wait until you’ve met five more candidates before you make your decision. By then she’ll have three offers on the table and as you weren’t that interested early on…

  1. For specific expertise don’t overlook contractors

A Spot Market does exist for skilled employees – but it’s an interim/temporary solution rather than permanent. Our spot market is via interchangebench.com.au which has candidates with specific skill sets for fixed periods of time across most roles and industries.

How are you managing the talent shortage in your world@work?

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Posted in Interchange Bench, The world @work