The past few years have forced the winds of change on many fronts. In fact, you would be hard-pressed to find an industry that has not felt the pressure of change through the pandemic-impacted years.
While many State Government mandates seem to be a thing of the past, the knock-on effects on the working world continue with no signs of slowing down.
One such effect has been the ‘Great Resignation,’ a phenomenon first appearing in the US where workers voluntarily called time on their jobs in large numbers, many citing ‘burnout and the Covid-19 pandemic’ as the major contributor.
On our fair shores, ABS figures showed that almost 10 percent of the Australian workforce quit their jobs last year – equating to around 1.3 million people. It was the biggest number of Australians changing jobs since 2012. In May 2022, the level of job vacancies was 111% higher than in February 2020, before the start of the pandemic.
With so many vacant roles out there, candidates are now spoiled for choice, so it is up to the organisations to do everything they can to attract the right people during this ‘war for talent.’
Bryan Zolad, Partner at the Reddin Group, believes organisations must be nimble without sacrificing hiring standards to hire the right candidate in one of the most acute talent short markets we have experienced in decades.
“Organizations of all sizes can struggle with recruitment at the best of times, but in this current climate, there is just no room for error. Procrastinating over finding that ‘perfect’ person for the role may mean you miss out entirely.
“I’m not saying you should employ the first person you meet. I’m saying that they must be willing to make decisions quickly and ensure that their recruitment process is streamlined so that they can be flexible and nimble from start to end,” he says.
A fast game’s always a good game – but there may be another way entirely
Bryan further believes that while we’re currently playing a ‘fast game,’ when it comes to the talent search, we must also recognize that perhaps recruiting to fill a gap may not be the answer to your problem.
“Keeping up with the pace of change is difficult, especially when trying to run a business that has to pivot. While you take time to work on the future of your business, an interim solution could be to hire a contractor before filling a permanent role. It will keep your business ticking over while giving you the space to figure out if the role needs to evolve and change to help propel your business forward. There is no benefit in hiring like for like if it’s not going to help you grow,” he explains.
Look further afield and cast a wider net
While we’re on the topic of thinking more thoroughly about where you want to go, perhaps now is the time to look further afield. Bryan believes that the experience of the pandemic has many ex-pats living overseas wanting to call Australia home once again.
“With the labor market so tight right now, it may be the moment to start putting feelers into international markets for ex-pats who may be interested in coming back.
Some talented professionals with around 3 – 7 years of experience living overseas are ripe for returning home at this point in their personal life. The lifestyle offered in Australia cannot be matched almost anywhere. So no matter how far or how wide they roam….. you know the rest,” he says.
Is recruiting talent the most efficient use of your time?
With the Great Resignation has come distorted salaries across several industries. Closed borders and slowed immigration have also contributed to this exceptionally tight labor market, especially while the economy is growing rapidly.
If your company is not crystal clear on the candidate you need and can move quickly without process, hierarchy or decision-making procedures slowing you down, then it may be time to think about outsourcing your search.
“This is what it truly comes down to – is recruiting the most efficient use of your time? While you will pay a search firm to do the work for you, in the end, you’ve managed to keep your focus where it needs to be and have someone skilled in talent search do the hard yards to reel in the talent.
“The bottom line in today’s market is that you need to be nimble in the hiring process, without sacrificing expectations or standards, because let’s face it, once you recruit someone, and it doesn’t work out, then you’ve just taken yourselves two steps forward, only to jump back all over again,” Bryan says.
Make the right choice quickly, and most importantly, make it with the future in mind.
Get in touch with Bryan.