Protecting your business from skills shortage
The Chamber of Commerce and Industry WA (CCIWA) published the findings of its business confidence survey yesterday (20th January 2019). Their findings lend support to the growing sentiment in the region of a strengthening mining and resources sector.
Hard indicators – such as the number of positions advertised on Seek growing by nearly a quarter compared to the same time a year ago, the highest growth of any sector nationwide, and $75 billion of new resources or mining projects in the pipeline – have contributed to a significant confidence boost among business owners. This quarter’s survey results showed a ten-fold increase in the number of businesses anticipating stronger economic conditions, over the last 3 years, with businesses confidence in the market prospects the highest its been in six years, according to the CCI report.
What does this mean for employers?
Tightening labour supply will inevitably lead to a return to wages growth after a few flat years. We’re likely to see fewer applicants for each position as competition for the stronger candidates intensifies.
How can I protect my business in a strong labour market?
By far the most cost effective means of securing your labour position is to focus on strategies to reduce reliance on recruitment. Get clear on who your key resources are and keep them close, understanding their motivations and drivers. While hard cash is a significant motivator it is just one piece of the puzzle when we’re talking retention. Have a look at some of Cornerstone’s other recent blogs for ideas about retention that go beyond the monetary, such as recognition, culture, effective feedback, training, time off in lieu, understanding individuals and more.
How can I reduce recruitment costs?
Of course we can’t expect to continue to grow our businesses without additional resource. To make sure you’re getting the best return on every dollar invested in recruitment, have a look at our simple four point plan on hiring.
Need some help?
Cornerstone’s team of experts is on hand to assist, freeing you up to focus on running your business. For an initial chat without obligation, give us a call and speak to a real person, or drop us an email and expect a response within half an hour.