Future-Proofing Your Team: Attracting, Retaining, and Developing Your Best People
Here at PT, there has been one main talking point standing out across our team, clients and communities recently: how to attract and retain the right people to grow our businesses in the ever-evolving job market and preparing the next generation of leaders in our businesses.
The competitive landscape, coupled with the changing expectations of employees, demands a strategic approach to people management. This is coupled with data from McCrindle at a recent Toowoomba Chamber event projecting that within the next 10 years, 50% of the workforce will be comprised of gen Z (31% born 1995 - 2009) and gen alpha (19% born 2010 – 2024).
From our discussions and research, the following themes have stood out consistently:
Attraction: Crafting a Compelling Employer Brand
The foundation of effective staff attraction lies in creating a strong employer brand that resonates with potential candidates, including aligning company values with employee expectations. In today’s market, candidates are looking for more than just competitive salaries; they want to work for businesses that offer flexible work arrangements, emphasise diversity and inclusion, provide career development opportunities and showcase a commitment to sustainability.
Retention: Building a Culture of Engagement
Retaining top talent requires more than just offering attractive compensation packages. Employee engagement is crucial. Businesses must focus on creating a culture where employees feel valued, heard, and empowered. Additionally, businesses need to invest in leadership development programs that equip managers with the skills to motivate and support their teams. This includes emotional intelligence, adaptability, and effective communication skills. Health and well-being initiatives have also become key in employee retention strategies. Offering access to mental health resources, gym memberships, and flexible working hours are just a few ways organizations can show they care about their employees’ well-being.
Succession Planning: Future-Proofing the Organization
Succession planning is a critical component of long-term success. Businesses are advised to adopt a proactive approach by identifying potential leaders early and investing in their development. This is not just about replacing senior positions; it involves nurturing talent at all levels to ensure continuity in key roles. Succession planning should also be an ongoing process, not a one-time event. Regularly reviewing and updating the plan ensures that the organization remains agile and can respond to changes in the market or business environment.
To help our clients with getting the best out of their teams, here at PT our Business Advisory team have created a number of Learning and Development Programs and Clubs to assist.
Contact Amanda Kenafake or your Business Advisor today to find out how we can assist you on your journey of continuance learning and growth.
