Are your employees planning their exit strategy?
I recently read an alarming statistic that Australian employees fear the prospect of losing their relevance within their current organisation and are being denied new opportunities. In fact, more than a third of Australian employees expect to move jobs in the next 12 months.
As we move out of a sluggish market into an upturn in the economy, this is probably not surprising. Employees want to learn new things and access better development opportunities and if they feel that they are not getting that in their current role, they will leave if the right opportunity presents itself.
Opportunities for future growth
As a company that conducts national and international searches, we are seeing this more and more as we are approaching potential candidates about openings we have. Some initial questions are around the salary but often not, we are asked what the opportunities are for future growth or promotion.
As the market turns into more of an employee-driven market, people are demanding better pay and rewards, better career prospects and job security. If they don’t receive it, they will leave.
All in all, Australia is one of the top three APAC countries with 82% happy and engaged employees. Employees are very aware that they need to remain relevant in an ever-changing world, especially in this age of digital transformation.
39% feel that their job is at risk due to the digital economy while a further 37% feel that they don’t have the right skills to compete.
Tips to retain staff
What can you do, as an employer, to better retain your staff?
• Regular one-on-one conversations with staff about their career aspirations and ambitions
• Help them acquire new skills to ‘future-proof’ their career
• Be honest about the company, its plans and the future (and the employee’s role in that future)
• Keep staff up-to-date on changes and don’t let rumours get out of control. In fact, put strategies in place to make sure that rumours don’t even start.