Talking Talent

“An organisation is only as good as its people.”

We’ve all heard this phrase.  Without good people, a company’s products and services suffer and, ultimately, so do its profits.

But how do you pay more than just lip service to the concept of putting your people first?

The first step is to recognise that a seismic shift has occurred in our attitudes to work.  For the majority of workers, work is no longer just about the money.

Experts agree that base pay is a secondary career consideration over career development.  Although remuneration remains an important factor in attracting and retaining employees, it’s not the number one carrot.

Other ’softer’ factors, such as the quality of the work experience, are becoming more significant considerations for joining and staying with the organisation. Modern workers workers want work-life balance and less workplace stress. 

Looking after staff must be considered a bottom line business imperative.  It can cost five times the original investment in a mid-level manager to replace that manager, and therefore retention becomes a central concern for any responsibly run organisation.

Roger Collantes, regional training & development director, for Citibank says: “Nuture and grow staff. Identify top talent, franchise runners and then process the system to keep them. Secondly, recognise the nature of Generation Y, they need to be understood. More pay isn’t their hook, they want the ride, choice and experience of a lifetime.”

Australia is not alone in facing skills shortages across the economy.  Read about the Singapore story - with a thriving economy and a demand for talent, Singaporean firms cannot affort to ignore attraction and retention issues.