As we fast approach the end of H1, what are we seeing?
Companies are hiring but it’s the top candidates that are holding the power, with multiple opportunities on the go at once.
We have seen a number of IT projects get off the ground this year. And in the finance space, hiring managers are turning to daily rate contractors to overcome headcount restrictions and ease workload.
Many employees have stayed in their role due to uncertain market conditions, however there is a lot of talk of feeling stagnant and less engaged.
Candidates that were not necessarily looking for a role previously are more open to new opportunities to build on their knowledge or develop their skills. An exciting project or an opportunity to learn a new system (especially anything that helps them gain more exposure to AI). And whilst salaries aren’t always the deciding factor, we are seeing candidates that haven’t received a pay rise are now looking at new roles or even contracting daily rates to make up for that loss.
If you have employees that you like who aren’t currently thriving, retaining them, and finding a way to increase performance is potentially easier than losing them altogether and trying to rehire.
Having a strong company vision that is not only contemporary and aligned to the present conditions but can also help employees find meaning in that vision for their own role, is a start to gaining an engaged workforce.
Here we explore some of the strategies that our clients are implementing to keep their employees engaged.
Start at the beginning
Firstly, you need a system to record and track engagement levels anonymously. This could be as simple as a survey taken periodically throughout the year to evaluate what needs to be improved.
Be transparent around the results – good and bad! Outline the plan of how you will improve and keep communicating throughout this plan.
Focus on the human rather than the role
Employees want to feel valued as the person they are, not just what they contribute to the bottom line.
Today’s workforce has moved into a more purpose-led approach to job searching. If we start to look at how to upskill our employees as whole humans and not just the people they are in the office, this will contribute to a better sense of belonging for the employee. And happy employees produce better work!
How well do you really know your team? What can be done to add value to their personal life, which in turn will help them feel more fulfilled and valued?
Build a community
Work isn’t just a place we go to anymore; it is so much more than that. Creating a sense of belonging amongst your employees will encourage everyone to play their part in building the culture.
Building a community doesn’t mean shutting up shop for the day and taking the whole office to a team building retreat. Instead, give your employees ownership and autonomy over their role. Let them take on some of the responsibility of how their role affects their colleagues and how they are contributing to the overall business goals.
Building a good company culture is everyone’s responsibility. And building a strong community should be viewed in the same way.
Let’s talk about flexibility
Flexibility has been a buzzword for some time now. Many companies are pushing a return to the office. Whilst candidates will still have flexibility at the top of their wish list.
Flexibility can mean different things to different people. To some, it might mean starting later in the day so they can drop their kids off at school. To others, it could mean working from another location from time to time. Take the time to understand what flexibility means to your employees so you can offer opportunities that suit them.
Some companies offer a ‘work from anywhere’ policy, some have stipulations on certain working hours, and others have set days in and out of the office - but the thing they all have in common is that it suits their employees.
Don’t forget to promote
Giving praise when it’s due and saying thank you can be powerful. Doing this in a group setting to recognise the good work your team is doing can also help to make the employee feel valued and continue to build that sense of community.
Many of the candidates we are currently speaking to put their lack of engagement down to a feeling of ‘being overlooked’ in their role. The uncertainty of what their future holds leads them to start looking at new opportunities.
By ensuring reviews are regular and using them to put plans in place for future promotions or set goals for the employee to aim for will give them something to work towards. Being open about how they can get there will build trust that their future has been considered.
Conclusion
In summary, the candidate market is moving, however many candidates have multiple opportunities available to them. Candidates that have been feeling somewhat stagnant in their roles are seeking new opportunities that offer development or exposure to new projects. Some are even opting for contracting roles with a daily rate in order to increase their salary.
By looking at engagement levels across your workforce you can retain many of your employees rather than go through a costly re-hire process.
Start by finding a way to measure engagement consistently. Talk to your employees and build a sense of belonging across your organisation, and don’t forget to reward them for a job well done.
Offering new opportunities to work on developing projects and areas such as AI integration can help you to retain and increase engagement, leading to increased productivity and performance.
If you would like to discuss this topic or would like to speak with the team, you can reach us here.
Written and edited by Gemma Crolla, Digital Marketing Manager, Ambition Group Australia. Gemma has been working within the recruitment industry for over 15 years. Researching, writing and consulting with clients in professional & corporate services.
