As many would be aware the unemployment rate in Australia decreased to 4% in February, the lowest rate since August 2008, with the Reserve Bank of Australia forecasting further decreases in 2022.
For many businesses this will put significant pressure on their team retention strategies, as competitors and recruiters armed with new employment offers seek to engage with your team , and team members peruse SEEK for their next career opportunity.
Research has confirmed due to social contagion, that once one team member departs it can quickly spread in an organisation.
At the very least, current team members will be looking forward to the next salary review discussion in June 2022.
In making your business attractive for current team members to stay, consider the following questions,
- Is the culture of your organisation sufficiently engaging for current team members to stay?
- Is each member of the leadership team delivering a consistent message?
- Do all your team have career plans in place to grow their capabilities and career?
- Do team members have an experienced and capable coach or mentor?
- Does your leadership team undertake regular coaching and training on people management best practice?
- Does your business continuously improve the skills, experience and capability of your team?
- Do the leaders involve other team members in solving business problems? Are team member views considered and respected?
- If a team member chooses to depart, is there a consistent and respectful departure process in place? Does the door remain open for a possible return if the new opportunity does not work out?
A good place to commence assessing your team retention strategies is to complete our team attraction and retention diagnostic linked below,
https://www.mindshop.com/main.nsf/diagnosticbus.xsp?id=14kzixedxigao
At Munro Noon Business Advisers, we work with our clients to ensure they present the very best version of their business to not only customers, but also current and future team members.
Your business can only grow with the right people in the right seats.
Contact us today if you would like to schedule an obligation free appointment to see if we can assist.