2023/02/10

5 Tips for Attracting and Retaining Talent in 2023

Drake Editorial Team

Introduction 

 A business is only as good as its employees. With the unemployment rate in New Zealand at 3.3% and the minimum wage rising, it is important for businesses to recruit, train and retain the right staff to keep their business running smoothly. The cost of employing staff is high and with a shortage of skilled workers in New Zealand, businesses need to manage their staffing levels effectively. 

New Zealand economist, Tony Alexander, released survey results on how New Zealand businesses can effectively manage staff shortages. This article outlines the top 5 tips from the survey results for businesses to attract and retain great talent in 2023. 

1. Competitive remuneration 

New Zealand remains in a candidate tight market, and when you add on high inflation, your remuneration needs to be competitive before other workplace benefits are considered valuable.  

A competitive remuneration package will attract candidates and keep them in employment. This includes salary, KiwiSaver and bonuses. You can also consider offering incentives such as car allowances and free parking to help attract the best workers. 

2. Work/life balance and flexibility 

Work/life balance is a huge factor in attracting and retaining staff. See if your business can offer flexible hours, the opportunity to work from home, or flexible rosters. Other examples include providing additional leave such as birthday leave, mental health days or even a childcare allowance to help make it easier for your team to manage their family responsibilities. 

If you have staff who are about to retire, offer them part-time work to keep them in your business. This will not only help you retain those valuable skills and experience, but also provide you with a great opportunity to train the next generation of staff. 

3. Training, development and a career path 

Train new recruits as quickly as possible. A well-trained workforce will be more efficient and effective in delivering results. Make sure you invest in training and development programs so that employees have the skills they need to do their jobs effectively. 

When you hire employees, get them motivated by mapping out their career path. This will ensure they will stay with your business, while focusing on their professional growth and development.  

4. WIIFM - "What's in it for me?"

Candidates want to know what the "WIIFM" is for a role. What's in it for them?  SEEK’s Laws of Attraction data portal provides easy access to wide-ranging insights into what local candidates really want in a job. Aside from salary, these are any additional benefits or 'perks' a business can offer? This could range from flexibility and working from home to subsidised training or healthcare benefits, discounted gym memberships, or complimentary food. Your company may want to keep the fridge and staffroom stocked with cereals, bread, fruit and snacks that they can eat throughout the day. This brings people together and makes them feel valued.  

 5. Create a strong team environment 

Create a strong team environment by encouraging communication and collaboration. Provide opportunities for staff to socialise with each other so they can get to know each other better and build stronger relationships.  

Plus, remember your staff members’ birthdays, family achievements and milestones. This will make them feel valued and appreciated.  

Conclusion  

It’s important to remember that there is no one-size-fits-all solution when it comes to staffing shortages. Each business and industry has unique needs, so it’s up to you to find creative ways around the problem that work best for your company.  

If you need support with hiring great talent, contact Drake New Zealand today on 0800 840 940 or [email protected]