How employers can manage Australia’s record rates of job mobility
By Jas Singh, Founder and Managing Director, SKL Executive
Last month, the Australian Bureau of Statistics released its latest job mobility report, revealing that the job mobility rate remained at 9.5 per cent – the highest since 2012 – for the second year in a row. With 1.3 million Australians changing jobs in the previous year, many employers have been left wondering how they can manage the costly and often disruptive reality of losing staff.
In the past few years, we’ve seen a major shift in the attitudes and expectations of employees, and this is reflected in the job mobility rates. The good news is that businesses can improve staff retention by understanding the changing needs of the workforce and adapting accordingly.
Facilitate opportunities for growth
Now more than ever, employees are seeking opportunities that allow them to move towards their career goals. This is driven not only by a need to receive higher remuneration as the cost of living soars but also by a desire to feel a greater sense of challenge and purpose at work.
Giving your employees the chance to evolve their skills, take on new challenges, and advance their careers within your organisation will encourage staff retention and engagement. A great way to facilitate this is to have regular employee reviews where you talk to staff about their goals, their perceived strengths, and how they feel in their current role.
This approach will allow you to encourage a growth mindset and identify areas for staff development within the business so they don’t feel the need to seek opportunities elsewhere. In fact, helping your team progress within the company will not only improve staff retention but is also far more cost-effective and efficient than hiring externally, so it’s a win-win for both employer and employee.
Invest in workplace culture
Over the past few years, workplace culture has become a crucial selling point when it comes to attracting and retaining staff, with recent research showing 47% of active job seekers point to poor company culture as their reason for looking for a new job. What employers can learn from this trend is that creating a healthy and enjoyable environment plays a crucial role in keeping your team engaged and reducing staff turnover.
A key part of developing a healthy culture is understanding the needs of your staff. Listening to their concerns and taking onboard feedback will ensure that your team feels comfortable raising issues as they arise rather than looking for a new role where they feel more valued. By creating an open dialogue, you will also be able to identify areas where your staff could use more support. For example, you may find that most team members struggle to manage stress throughout the day, providing the perfect opportunity to implement mindful relaxation techniques such as group meditation sessions. By creating an enjoyable, healthy environment where your team feels valued both personally and professionally, you are more likely to keep staff loyal and engaged in your business.
Offer flexible working arrangements
As working from home became the norm throughout COVID, employees started discovering just how many benefits it has – and many don’t want to go back. The ability to be more flexible, decrease commute times, and improve work-life balance are all influencing employees to choose remote or hybrid workplaces over traditional office roles. It’s not without its benefits for the employer, too – studies have shown that working from home can increase employee productivity by up to 47%.
With this in mind, exploring flexible work-from-home options within your business can be a great step towards improving staff retention. The capacity for this will vary based on the unique needs of your business, and you should work with your employees to determine the best approach. Understanding the priorities and pain points for your team – for example, parents juggling work with school pick-up or people struggling with long commute times – can help you to develop a system that works to keep your employees feeling engaged and committed to their role while also benefiting your business as a whole.
As Australia’s record-high job mobility rates don’t show any sign of slowing down, it offers the perfect opportunity for businesses to adapt to the changing needs of the workforce. Understanding and addressing the experiences of your employees will not only help you to retain a great team but will also provide ample opportunity for growth company-wide.
