Having a plan for team attraction

Meaningful work is an important driver attached to job satisfaction and retention.

The level of “team member turnover” is an important key performance indicator for businesses to understand how they compare to their peers.

Utilising a “pulse survey” will give the leadership team continual feedback during the year, which should empower the business to make changes if necessary.

According to various recorded surveys, team members indicated their appreciation of additional incentives and recognition of their contribution through difficult periods such as COVID-19.

The leadership team needs to review job design and the impact that this has on a team member, because these improvements can have considerable bearing on job satisfaction and increased levels of retention of team members.

There is a massive talent shortage in Australia which is not going to disappear quickly. Which is why businesses need to implement a plan to attract outstanding candidates and to retain them.

There is a lot of competition for smaller businesses – from large corporations and government departments – to engage outstanding talent. SMEs can improve their chances of success by:

• Improving the work environment.
• Communication with team members.
• Reacting to pulse surveys, staff suggestions and exit interviews.
• Developing a training/mentoring plan for inexperienced team members so they can quickly build up their understanding of the business.

All of these highlight that businesses need to recognise (if they have not already done so) that they are in the “PEOPLE BUSINESS”.

Businesses could aspire to a reputation has been a great training organisation at which inexperienced team members are allocated a career path towards becoming experience people, by promoting the businesses training and mentoring program for their team members on their website. Not only this will contribute to the team member’s morale, it will also enhance the business’s reputation in the marketplace as being a good place to work at to gain industry experience.

Having a great team affects every business. Accountants advising SMEs need to have a working knowledge on these issues, to assist the leadership team to introduce talent attraction and retention policies.

You are invited to join us for a complimentary webinar today at 12pm AEST, as we look into this subject further. Click here to register.