Ambition Technology Blog

With the release of the Rudd government’s budget this week, speculation is that employment growth will strengthen from 1% to around 3.5% in 2010. Realistically this means that unemployment rates will drop, demand for talent will increase and the recruitment market is likely to take a turn towards a severe skill shortage not experienced for quite some time. With this in mind what are you, the employer, doing to avoid attrition rates creeping up and losing your key talent to competitors?

With demand increasing dramatically this year within the Banking and Financial services space for Project Managers and Business Analysts, a skill shortage of experienced, competent and skilled candidates is a reality. In a bid to push through various projects and programmes of work delayed due to the GFC, many organisations within financial services now have multiple requirements ranging across a high number of projects. Some organisations are now offering rates and salaries way above market rates in an attempt to attract the best talent in the market, and to tempt those key performers away from their current employers.

In this market, it is organisations with the foresight to reward their key staff not only financially, but who put in place structures to guarantee growth and development that will avoid the significant rise in attrition rates that have been forecasted for 2010. CIOs of many organisations now feel the need to perform attrition analysis and to implement processes to retain their star performers with intelligent retention strategies. The key to retaining talent this year will relate not only to financial recognition but more importantly, ensuring your employees are kept engaged, challenged and emotionally rewarded. Regular updates and feedback will also ensure that any discontent is recognised immediately and therefore can be addressed in time to make the required changes.

Employers – Ask what more can I do for you!!!

3hats Blog: Budget impact on Recruitment