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VEDIOR ASIA PACIFIC 2008 EMPLOYMENT TRENDS SURVEY

The year ahead for many organisations will be heavily influenced by the ongoing talent shortage. We will continue to see a shift in the balance of power between the employer and the employee, as organisations go into attack mode to compete over talent and simultaneously ensure that they defend high performers from being lured away.

 

The 2008 Vedior Asia Pacific Employment Trends Survey was conducted throughout Australia, New Zealand and Singapore and included 1044 responses from professionals within large organisations as well as small-to-medium enterprises representing 23 industry sectorsIntroduction

Organisations stating they will increase headcount in 2008 (42%) has increased remarkably since 2007 (28%). This added pressure on the talent market is likely to see a continued growth in organisations who currently believe their employer brand attracts and retains employees (63%). Over half (60%) admit that there is still a knowledge gap to improve their employer brand strategy.

 COMPANY STRATEGIES FOR RETAINING EMPLOYEES:

	%
Formal performance reviews	77.3
Training and development	70.8
Flexible work options	65.9
Internal career opportunities	65.5
Health and wellbeing prgorams	45.7
Remuneration and benefits	40.5
Career breaks	27.5
International exchange programs	18.2
Subsidised child care	6.1

Shortages Impacting Existing Employees

Overall, the difficulty in filling headcount is having a very real adverse effect on organisations. Almost two-thirds (61%) of organisations state that a failure to source the right talent is having a negative impact on their organisation due to staff experiencing stress from increased workloads.

Keeping Talent Happy

It's been tough to find them, it's been even tougher to attract them, so how do you go about  keeping talent? Step one - ask them. Step two - ask them again. Step three - repeat steps one and two. The biggest mistake employers make is thinking they know what employees think are important. Employers need to stop thinking, start asking and start doing.

 

According to the Australian Bureau of Statistics, unemployment across Australia remains relatively low (4.3% in December 2007). Not surprisingly, Australian respondents believe the biggest human capital challenge over the next 18 months will be attracting talent (25%), with many already  ruggling today (63%). An overwhelming 50% or more of organisations nationally are being hit with this dilemma, with the Australian Capital Territory (81%) finding it the most difficult. This is leading directly to an increase in headhunters, with organisations in Queensland (40%), New South Wales (44%), Victoria (47%) and Western Australia (38%) saying they are resorting to headhunting more than they did 12 months ago. Headcount is set to soar in the west as the mining and resources sector continues to boom. With a 3.1% unemployment rate and with well over half of Western Australian organisations (58%) planning to ramp up their workforce over the next 18 months, expect to see a trail of smoke coming from the west as they set the labour market alight with recruitment activity. Growth is also expected to come from the Australian Capital Territory (57%)and South Australia (51%) as they plan to add more headcount over the coming 18 months. Counterparts on the eastern seaboard in comparison, appear more cautious with their recruitment strategies. In these states, more organisations intend to keep their staff numbers constant rather than increase them over the next 18 months (Queensland - 57%, Victoria - 54%, New South Wales - 49% and Tasmania - 60%).