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New Zealand – Bosses regretting not incentivising top talent to stay

26 February 2014

Employers have been warned by the Director of recruitment firm Randstad that finding the people they need is about to get a lot tougher as the economy builds up speed, reports the New Zealand Herald.

Two years ago, Randstad Director Paul Robinson said that he was advising companies to retain their best talent, but it seems too many firms have let good staff go or have not treated them well enough to stay: "We have seen a number of organisations that have not looked after their people as well as they could have. Now there is a real danger that if you haven't looked after your staff, and developed them through the tough times, they may be more open to making a shift to a competitor.

"That retention side of the business - good quality training, career development, making people feel valued - is critical. Some companies might find themselves reaching out to former staff to attract them back, but it is a shame it has to be that way," he added.

Mr Robinson said: "With the economy and business conditions starting to stabilise, employers hoping to grow or innovate in 2014 need to address these concerns immediately if they want to keep pace.”

"What I think we'll see as the European economy starts to increase are more people going on their OE (overseas experience). There is a higher risk a lot of young people will leave New Zealand so we need to keep an eye on what the global economy is doing. As the economy increases pace, especially across Asia-Pacific, we are all going to be targeting that talent pool."

Mr Robinson added that organisations need to match their long-term strategies to their more immediate hiring plans: “It's vital businesses look to their longer-term plans and ensure their HR and hiring strategies reflect these needs. Training and development strategies are of course important, as is attracting employees with the skills, expertise and attitude to help achieve long-term workforce needs.”

"It's important these talent strategy game-changers are reflected in your overall business plans and that HR has a seat at the boardroom table. Otherwise it's unlikely you'll have the right people and the right teams you need in five years’ time," Mr Robinson advised.

It appears many businesses have developed programmes to help cover gaps in the leadership pipeline and are now laying the platform for innovation. Almost half of local employers (48%) have developed talent management programmes to identify high-potential employees; 45% are fast-tracking future leaders, and 39% have structured their pay levels to attract high-potential talent.

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