New Zealand workers have probably never been in a better position than now to negotiate employment terms or seek alternative employment. It’s known globally as the Great Resignation.
What does this mean for your business?
Unemployment figures had fallen to 3.4% by the end of September quarter, which economists classify as ‘full employment’ due to the fact that at no time is every eligible person seeking work or even registered in the job seeking category.
There is a skill shortage across all roles, industries and regions in New Zealand and the combination of closed borders, no net migration, the economy improving and a small population, definitely gives employees the competitive edge in the job market.
But it is not only the salary that is the driving force behind the resignations, a great work life balance and a job that allows them to achieve professionally and personally is more important. Companies that can offer certainty during uncertainty, provide greater flexibility around hours, enable their employees to manage other commitments or family life as well as their role, and implementing additional incentives such as paid leave for wellbeing days, will be those that win over and retain top talent.
Having a keen understanding of what potential employees want from you as their employer, as well as having a clear and streamlined recruitment process, will help your organisation to stand out from the crowd and help to attract and retain the skilled people you need to meet your business goals.
To keep reading more about what you can do at your company check out this article on LinkedIn - 5 Things You Can Do to Avoid the 'Great Resignation' at Your Company
- Andrea Berrington