The market state is one that is conservative in the Australia ICT area. While still making purchases, investors are very careful in their approach, and while their portfolio firms are still making hires, they must be more cash-conscious and place a significant focus on burn rate, leading to precise and well-thought-out ways to implement their development goals.
The ‘hire quickly, fire fast‘ mindset that we have observed in the start-up environment has been put on hold. The Australia ICT market is continuing its pattern of “considered growth” as we head into the second quarter of the year. The message: Hire Happy…In our ongoing hiring efforts, we place a strong emphasis on employee satisfaction, teamwork, and employer branding.
Today we dive into the role lagging data plays in our ability to refine our People practices and build best of breed employee experience, aiding team retention.
People are our most valuable asset – even when they are departing, maybe even especially so.
Do the exit interview !
Give departing colleagues the opportunity to share their experiences with you. You are not going to like everything you read, so it is important to remain impartial and treat each item as an opportunity to improve. You are asking for feedback from someone in their most vulnerable state, this feedback is invaluable – so take it on board.
Does your HR team send an annual report, capturing the “reasons for departure”?
Analysis on WHY a colleague is leaving is critical. Conducting a thorough review, contrast and comparison exercise on these trends will help to identify patterns and start to formulate strategies to achieve targeted improvement in these spaces. Maybe it is management style, company direction, internal support and training opportunities, or maybe benefits that need to be reviewed. We are constantly improving, so too should our hiring experiences.
Take the next step:
Reason for departure, and exit interview feedback, give you the blueprint of where to from here. Discuss actions plans with your leadership team. Consider leadership training for those who need it. If the feedback is indicating poor communication or transparency in the business, consider soft skills workshops as a team to bridge these gaps.
Lagging indicators – track where departing colleagues are going.
What is the trend? Are they all moving to a competitor? If so, what does this competitor offer that makes them so attractive? At Manvision, we see a large amount of departing talent citing ‘school’ as a driver to return to their home country once their children reach school age. Without schooling allowance, the balancing equation of Work v Cost of living doesn’t make sense to stay. Which leads to our next point..
Benefits beyond cash:
Asking about non-monetary benefits will help you unlock and understand what motivates your team beyond cash. If someone references this in an exit interview, take note – people don’t just move for money. We are seeing everyday huge importance placed on benefits, working flexibility, & parental leave – these elements build the happiness in the team, beyond the salary.
We at manvision consulting firmly believe that a contented workforce doesn’t happen by accident, even though we constantly monitor leading signs that assist us forecast what will happen next. We must take advantage of every chance to do better, and trailing data, when properly tapped, may assist us in building, retaining, and expanding a happy, balanced staff that is committed to ongoing development.
Founded in Sydney, Australia, ManVision is a staffing company that helps businesses grow their IT, commercial, digital, and strategy teams globally. Please, contact us if we can assist with your employment requirements.