- Australian Bookkeepers Network
Human Resources - Employee Retention
Australia’s unemployment rate is now at just 5.1% and now sits at its lowest level since June 2011. At present, it’s an employee market. In this environment, retaining and recruiting good staff is increasingly difficult.
So…what do employees want?
Career Path/Progression. Offer training, development and opportunities for promotion/increased responsibilities.
Flexible Work Arrangements. This may involve flexible start/finish times (provided the required number of hours are worked) or the ability for trusted staff members to work from home one or two days per week.
Remuneration. Offer appropriate monetary reward for the role being performed. Always be aware of industry averages (you can bet your employees will be) and ensure that where possible the remuneration offered by your business is competitive.
Feedback. Staff feedback is invaluable and should be provided regularly. This can be done on an informal basis throughout the year, or at a formal annual staff review. Employees value knowing where they stand in terms of how they are performing.