In today’s fast changing working environment candidates have many job opportunities in which to choose from. Whatever the industry the fact remains that Malta is experiencing a candidate shortage.
This situation leads to an increase in poaching from one another and opting to consider EU and non-EU candidates. The only way to solve this happening in your own company is to make sure that your present employees are kept motivated and satisfied in their job. Investing in your own staff is not an option today but a must. Having been in recruitment for well over 10 years I have interviewed many candidates and one of the most common reasons for considering a career change is due to lack of motivation in their present job. The next reason for considering a change is the many job opportunities that are being presented to them.
The youth of today are not only more outgoing and confident than ever before but they are much more connected with social media and therefore they are on a daily basis being presented with different job opportunities. This makes them prone to move from one experience to another sometimes not even giving themselves enough time to settle in a new role. Although they might be enjoying their experience when done too often it will not look too good on their CV. Looking at a candidate’s cv and seeing that they have had 8 different jobs in the last 10 years gives the impression that the candidate is still looking for that fulfilling job satisfaction. However, this does not seem to deter them from moving from one opportunity to another.
Providing clear opportunities for further career growth is an important factor in keeping employees long term. Offering ongoing training, both internally and externally is another important factor. Other benefits such as study leave, fuel allowance, company meals, free mobile packages, health and life insurance, bonuses on reaching KPI’s are a few company benefits which could keep an employee happy however some companies today are being more innovative in order to retain their staff from contemplating a possible move. Recently I met a client that offers his staff free staff lunch every Friday. This helps in building a strong team atmosphere.
Other interesting benefits could include things such as retirement plan options, compensation or extra leave days for not taking sick leave, extra paid leave, paid holidays and work from home options.
To conclude one also needs to keep in mind that replacing a employee is not costly but could also create an unsettled atmosphere thus creating more uncertainty.
Should you wish to discuss these suggestions and other ideas you have feel free to contact the undersigned to discuss the best way forward to reduce your staff turnover.