Retaining top talent looks set to become a big priority for Australian businesses as the recovering economy brings with it the potential for increased employee churn.
That's according to the latest Clarius Skills Index, released February 25.
The employment services specialist has identified a major challenge on the horizon for the business sector, as it reports there is a persistent shortage of 9,700 professionals over a wide range of fields.
For instance, the index showed that there was a shortage of 4,500 professionals in the engineering sector, 4,600 in ICT and a further 2,300 in the field of accountants, company secretaries and auditors.
Clarius Group chief executive officer Kym Quick said that effective retention strategies were a must for companies hoping to avoid a "senior talent drain" when improved market conditions prompt employee churn rates to rise.
"Post GFC, world macro events led to depressed local sentiment but positive economic signals are now reversing poor business sentiment and this should lead to increased hiring activity," said Ms Quick in a statement.
She says that employees who had stayed in one place in recent years may now be encouraged by the upturning market to look elsewhere for opportunities. Perhaps a big wake up call to companies who do not have in place an effective employee engagement and retention policy.
In order to engage staff and keep them loyal to your business, it is important that you understand them.
That's why a regular employee engagement survey can be so critical for your company. They can help you develop an accurate and up to date picture of how your employees feel about management, their colleagues, the support they receive, and what they think could be done better.
Online staff engagement questionnaires are easy to implement, intuitive to use and enable instant reporting on results, and they can play a vital role in your company's effort to hold on to top talent.