It’s not easy out there right now, but it’s still possible to attract and retain top talent if you’re committed to taking a whole-business approach. Shannon Semenikow, Entrepreneurs’ Organization in Australia Queensland President and founder of Education and Migration Services Australia shares his insights

Job vacancies have doubled since the pandemic with the ABS showing more than 400,000 vacancies. Since border closures Australia has been grappling with a significant shortage of skilled migrant workers. This has impacted countless businesses and industries and hit Australia’s startup and business community hard.

Entrepreneurs’ Organization in Australia (EO) is a community of 700+ business owners and founders across hundreds of industries, responsible for employing around hundreds of thousands of Australians. We’re seeing the impact the skills shortage is having on businesses at all stages and across industries, most notably hospitality and construction.

The conversation amongst Australia’s top entrepreneurs show many are currently facing the same challenges. They report that finding skilled workers and knowing how to find and retain top talent is more valuable than ever.

Founder of Executive Assistant Institute and former EO Melbourne President, Kym Huynh says a lot of people talk the talk without walking the walk when it comes to building a positive culture in their business.

“I hear the following a lot: we look after our staff and culture and if we look after our staff and culture, they look after our customers,” says Huynh, but notes that without clarifying and providing guidance on how best to actually look after staff and culture, entrepreneurs are ill equipped to do so.

Here are some tips for finding, training and retaining top talent during the current skills shortage.

Talent attracts talent

“We service customers globally at Executive Assistant Institute and our talent pool similarly exists all over the globe. Working with talent from all over the world is grounded in what we believe are universal principles,” Huynh shares. “How do you identify talent? How do you attract talent? How do you coach talent so that they become the best that they can be? How do you align talent with the vision, mission and values of the business?”

In Huynh’s experience, the best hires have always come from existing talent. “We build our team of talent like how we build our customers and how we build our business: one piece at a time,” he says.

Hire for character and cultural fit – train for skill

Hiring and managing staff is one of the most universal challenges facing entrepreneurs. It takes many people years to find what works.

While you can hire a specific skillset, attitude, energy and values should take precedence. One disgruntled employee can have a ripple effect on a business.

To hire a great cultural fit, you need to first be clear on your company vision and values, then find those that align.

Firing is a necessary part of growing a business

Part of being a great manager is knowing when the compassionate move is to let someone go. As an employer, letting go of someone may feel like letting down a friend.  However keeping someone on who isn’t performing well is actually doing harm to both parties.

As well as being compassionate with those who are leaving your team, it’s a good idea to help them find other employment. Along the way, its important that clear communication has led up to the point where both parties are clear on the need for change.

Furthermore, it is worth having a plan to replace lost talent before they go, rather than letting their work fall to other employees who can end up carrying the load of multiple jobs.

Retain top talent

A study from global consulting firm Accenture found that only one in six people feel connected at work. So it makes sense that in order to keep the best talent around, you need to focus on nurturing relationships.

Offer flexibility, make sure you have regular performance reviews with your employee and invest in their training. Don’t rush their onboarding and focus on empowering them to do their job best, rather than micromanaging. This might mean asking when they do their best work and allowing their schedule or meetings to reflect that.

You’ve likely heard of the 80/20 rule. That about 80 per cent of your business success comes from 20 per cent of your customers. The same can be said for your employees and the problems they generate. You need people around you who are committed to solving problems, not creating them.

While the skilled worker shortage is undeniable, there are steps businesses can take to retain their existing talent and find new top talent.

To find out more about entrepreneurs and business owners in your local community visit EO.

Want more? Get our newsletter delivered straight to your inbox! Follow Kochie’s Business Builders on Facebook, Twitter, Instagram, and LinkedIn.

Now read this:

https://www.kochiesbusinessbuilders.com.au/3-smart-ways-to-streamline-your-recruitment-process-and-find-the-best-employees/