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    Staff retention anchored by economic uncertainty

    An Insync Surveys thought piece

    Post Global Financial Crisis (GFC) and the Euro debt crisis, Insync Surveys believes that employers may be further hit by neglecting to consider employee engagement.

    Since 2007 and post GFC the majority of sectors in Australia have been badly hit on the bottom line and/or have faced serious economic uncertainty; this has further been compounded in 2012 by the Euro debt crisis. Many sectors have made employee redundancies or subjected staff to pay freezes, pay cuts or at the very least withheld bonuses. Some hard hit employers, particularly among the banking and telco sectors, have cut costs by off-shoring.

    Simultaneously Australia is facing skills shortages in some sectors. Those jobs sometimes filled by migrant workers include roles in business management, education, healthcare (i.e. doctors, anaesthetists, psychologists, podiatrists and radiographers) and also lawyers, accountants and teachers. We even have overseas talent filling some marketing and creative/design industry roles.

    Gillard's government has set out to implement their own costs saving measures. For example, they are proposing to slash the Living Away from Home Allowance (LAFHA) from June. Forecasters predict a rapid decline in overseas qualified migrants who can no longer afford to work in cities like Melbourne and Sydney.

    Gillard is however investing hugely in government subsidised training courses - giving employees who had been locked in to a job role the opportunity to explore new training opportunities.

    Considering all of the above points, staff retention of late may be been anchored simply by economic uncertainty. In Insync Surveys' experience, the average time in jobs is around four years but if your staff have lower morale, they may be tempted to quit and start a subsidised and available course to plug the skills gap which until recently has been filled by migrant workers. Such courses may be in business administration or education.

    High staff turnover is incredibly costly to organisations. Will you be further hit? Is your organisation resilient enough to weather the storm? Is it time to measure how engaged your workforce really is?

    Insync Surveys specialises in staff surveys, these include our:

    Please contact us for more information.

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