Competing With Big Brands For Retaining Talent

Global attrition is at an all-time high and as per statistics, more people will leave their jobs in the next 6 months, than all of 2021, the year which saw ‘The Great Resignation’. It’s hard to retain talent, at both ends of the spectrum: the highly successful and the opportunists. Big brands with their deep pockets can organise far-fetched outreach programs, but it does not mean that they are necessarily better. 

Be Proactive

If you want to expand your business, you need to think about how to keep your best employees happy and engaged. They’re getting extremely challenging to deal with in a tight job market. Some companies hire trained outsourcing teams to help them find talented employees, but today’s executives straight up poach.

When it comes to filling crucial positions, don’t hesitate to explore outside your company for qualified candidates. Your goal is to get them out of their existing jobs as soon as possible. Big bonuses, stock option buyouts, and generous remuneration packages are all part of the deal. You’re aware that competing organizations are sifting through your ranks to snatch away some of your top employees. When it comes to keeping employees from defecting, many Australian businesses have turned to tried-and-true methods like retention programs. To regain the trust of its employees, the corporation devised and promoted new, long-term career opportunities and invested extensively in staff development.

Thinking Differently About Employee Retention

Your company’s employees will be forced to move because of the marketplace, not your organisation, if you want to embrace a new strategy. Yes, you have the power to improve the working environment at your company and keep employees from looking for ways to leave. Market forces are unavoidable; you cannot protect your employees from lucrative job openings and aggressive recruiters. 

For the first time, Prudential has started doing something most firms avoid: assessing how long the company wants its staff to remain on board with it. Such an assessment always indicates that various groups of employees necessitate different retention strategies, and we can say time management is very crucial in this.

Compensation Package

Compensation is the most widely used retention strategy nowadays. Most organisations use golden handcuffs —pay packages that are substantially weighted towards unvested incentives or other kinds of deferred compensation—to keep their most talented employees.

In the short term, offering signing incentives in phases instead of lump sums will assist retain new people in place. Deferred bonuses do not ensure that a new hire will continue for the deferment term, though. In the end, these incentives are little more than golden shackles. There is always the possibility of a golden welcome from another organization.

Job Design

Any business that wants to keep employees with vital talents for a long length of time requires more than cash rewards. One is the creation of new positions. Sydney-based companies can have a significant impact on retention rates by carefully considering which responsibilities to include in certain positions.

Examine what UPS leadership did to boost driver retention. UPS identified drivers’ talents as vital in the delivery service. They understand the routes and have direct contact with customers. UPS observed that most of the turnover was due to the arduous and exhausting operation of loading items at the start of a run. So, it separated loading from driver duties and allocated it to the second set of workers. Driver turnover fell substantially.

Location, Location, Location..

Location is yet another wonderful resource for large firms to manage retention. Selecting appropriate settings for different staff groups might reduce turnover. A high-tech corporation, for example, would benefit from having an R&D facility near Silicon Valley to leverage cutting-edge ideas.

But a long-term R&D effort could be ruined by high turnover. The company should establish a long-term R&D facility in a rural area where the development team’s expertise is not always in high demand. While many will still depart, the total turnover will be substantially lower.

Of course, convincing individuals to go to far-flung areas has its own set of difficulties. However, in this case, it’s important to consider the unique conditions and requirements of your team members since employees are assets and we can say asset management is essential for the growth of your business. A rural location may not be more appealing to employees who are starting families. It will be difficult for them to depart once they’re onboard.

Final Thoughts

Knowing what clicks with individuals, enabling a work environment that people respect, and hiring a good partner company that can help you manage tasks effectively, is the key to the success of any business and this is exactly where AccSource can come into the picture. No matter what industry or size your company is, a valuable partner can help you lead the way, when things get rough.

For the B2B space in Australia, AccSource is the go-to business process outsourcing (BPO) that specialises in operations, accounting, administrative, and compliance work. It is headquartered in Sydney and Mortgage Broking companies, accounting organisation, financial planning firms, and corporate enterprises are just a few of the types of clients they represent.

Among its services are daily compliance work, bookkeeping, SMSF compliance, tax return preparation, financial planning and management reporting, forecasting as well as budgeting, virtual assistant services, customer assistance, chat support, and any other business process feature that is tailored to your specific requirements. Most of what they offer, if not all, is customized specifically for SMEs which seek to compete at a level playing field with the big brands.

How else can  businesses retain their employees or manage an active workforce? Through delegating to outsourcing companies that specialize within the industry to shoulder businesses responsibilities.