Secure the Best Talent in a Competitive Market

Australia’s economy continues to grow as we emerge from pandemic lockdowns. And while that’s great news for the majority, if you’re looking for talented individuals to help your business expand, there are a few challenges ahead.

According to the Australian Bureau of Statistics, our seasonally adjusted employment estimates for February 2022 found:

  • The unemployment rate fell to 4.0%,
  • The participation rate increased to 66.4%,
  • The underemployment rate decreased to 6.6%, and
  • Full-time employment increased by 121,900 to 9,228,000 people, with part-time employment decreasing by 44,500 to 4,144,000 people.


Strategies to Attract the Best

To attract the best candidates to your business, it’s essential to understand and respond to what employees are looking for in 2022 (aside from a great job).

Harvard Business Review highlights issues of fairness and equity2 as being of greatest concern to employees in 2022.

Employees want access to flexible work arrangements (work from home / hybrid environments), and they want equal pay for equal talent. Companies that attempt to contract new candidates by paying a 20% compensation premium are at risk of losing established employees.

Employees are also questioning the fairness of targeted incentives to attract particular segments of the workforce (e.g., parenting benefits) and salary parity for employees who choose to live in and work in areas where the cost of living is less vs more expensive cities.

While attractive remuneration is mostly what’s needed to win the loyalty of both candidates and established employees, for well-paid knowledge workers, there comes a time when the quality of life is more attractive than any additional dollars. This is excellent news for companies that can’t afford to pay more – consider offering a four-day week instead of a salary raise – it won’t break the bank. Your employees are likely to become more energised and effective.


Secure them Now

In an increasingly competitive labour market, it’s essential that you have ‘all your ducks lined up before you approach a candidate with a job or contract offer. Delays in preparing the contract or onboarding will put you at risk of losing them to another employer. As recruiters often tell us, there are another two on the table for every offer a candidate receives.

At The Ayers Group, our contract management and onboarding solution are second to none. We can manage all the contract administration and onboarding for your new employees so you can get on with projects to build your business. We can also reduce the internal resources required to manage increasing payroll with software that is constantly updated to comply with changing legislation, can be customised to meet your needs, and presented with your company branding for the most professional impression.

Contact an expert at the Ayers Group today.