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Unravelling the Spaghetti Matriciana (aka the crazy labour market)

Three steps to hiring the best talent and at the right price.

Confused? It’s not just you. Right now the whole labour market is like a bowl of starchy spaghetti and you need to be super dextrous to unravel the threads to sate your appetite. You want the talent, but you and countless others can’t afford the premium. In this blog, we’re setting out the three fundamental steps to beating the competition in order to hire the talent you need. We suggest you don’t even try and make sense of the macro data – we’ve been listening to the economists too and none of them has nutted out the strange equation of the current Australian labour market.

Step 1.

Understand the value of high performing and high potential talent.

These two categories of employees are gold. Make sure you identify what you are looking for in a new hire – do you want this person to perform in the same capacity for ever after, or step up in the future? High performers are shown to deliver up to 4x the productivity of your lower average performers, but will your organisation be able to create the culture for a repeat of that high performance, or to bring out the high potential in an almost there candidate? Sort this out so you know what gap you’re filling.

  Low Potential High Potential
High Performers Regularly exceed benchmarks
Lack skills to perform at a higher level
Set standard of behavioural excellence
Model leadership and cultural values
Low Performers Little-to-no aptitude
Repeatedly fail to deliver
Have above-average aptitude
Show inconsistent performance

Step 2.

As we’re back in the war for talent, have a co-ordinated hiring (attack) strategy agreed and set.

Take it from the troops on the ground – too many hiring organisations are losing out on good talent because of one simple fact – disorganised, muddled hiring processes. Hope and winging it will not land you high performing talent. Time delays, poorly prepared interviewers, managers who don’t understand the current labour market, and poor engagement will set you back in the bunker time and time again while the good talent is signed up to your competition. Take extra time up front to prepare your approach and timeline. If you’re the Commander, bring your internal Officers in on your approach early, and then make military-style moves.

Step 3.

The salary package you have on offer is important but for some organisations, top quartile compensation isn’t an option. What to do? Our advice is have the remuneration and benefits conversations early on – it saves time, money and heart-ache when late on in a negotiation it’s a deal breaker. And again, salary is only one part of the equation – make sure you’ve identified all the attractive benefits of working with your organisation – some of which you may take for granted, but which are great attractors. What else do you offer? Extra paid leave days, a good workplace and amenities, tailored professional development, culture and values alignment, wellness benefits, clear career paths, flexibly work schedule, recognition and rewards etc. Write them down and share with enthusiasm.

Bring them in and they will build!

What is your world @work?

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Posted in Slade Executive, The world @work

6 quick facts to bring you up-to-date on the Australian labour market and contract talent.

For your interest, we’ve collated a snapshot of current headline employment data.  It may help us to all make better sense of some unusual pressures you may be seeing regarding attraction and retention of high performers and why supplementary contract specialists are the new norm.

  1. Yes, high performing talent is getting harder to find. The latest Australian Bureau of Statistics (ABS) data shows that full-time employment increased 11,800 to 8,697,600 and part-time employment increased 11,200 to 4,014,000. Contractor and temporary talent can fall into both these categories.
     
  2. More people are working: monthly hours worked in all jobs increased 1.3 million hours to 1758.9 million hours.
     
  3. ABS data collection shows that there are approximately 1,000,000 independent contractors – nearly 10% of the Australian workforce. (Depending on their portfolio of assignments in any one year, contractors and temporary staff can choose to be employed through the Interchange Bench directly, or through their own company.)
     
  4. Casual employees – that is employees who work without regular or systematic hours, or an expectation of continuing work – account for over 20% of the Australian workforce. (The Interchange Bench works closely with employers who have a large casual workforce to ensure that they comply with tightening restrictions on the definition of ‘casual’. Call us if you have any queries.)
     
  5. Trending: contract and temporary employees continue to offer employers great flexibility in resourcing, enabling organisations to hire right for skill, special projects, fixed-term or budgetary and headcount provisions.

  6. Business as usual in most organisations now includes temporary and contract specialists working alongside permanent staff.
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Posted in Interchange Bench, The world @work