3 Tips on Talent and Compliance
With interest rates set to continue increasing, employers have to be more mindful than ever of the issues that can arise when it comes to hiring and retaining employees. Here are three (3) key areas employers should look out for:
1. Retaining Talent: With higher interest rates usually meaning fewer job openings available and more people vying for fewer positions, employers must ensure they’re doing their utmost to retain current staff. In addition to offering competitive salaries, benefits and incentives, companies should also seek out creative ways to keep their best employees engaged. This could mean creating career development opportunities or providing education subsidies as well as encouraging team building activities with work colleagues.
2. Recruiting Talent: With the pool of prospective candidates shrinking due to rising interest rates, it is essential that employers take a proactive approach to recruiting top talent. Companies need to broaden their search strategy by utilising social media channels such as LinkedIn and Twitter, as well as attending job fairs and networking events in order to attract new talent from outside the usual sources. Additionally, offering internships and apprenticeships can be a great way for businesses looking for talented entry-level hires at reduced cost.
3. Maintaining Compliance: Organisations need to stay up-to-date with compliance issues, including workplace laws such as The Fair Work Act 2009 and The National Employment Standards (NES). Employers must ensure that all staff are treated fairly in accordance with Australian labour laws and regulations set forth by government. It may also be in an employer’s best interests to consult legal professionals when making hiring decisions or changing employment agreements in order to ensure compliance with local laws.
Overall, businesses must consider these three (3) important points when embarking on employee recruitment or retention efforts during times of rising interest rates. Keeping these key factors in mind will help mitigate any risks associated with the recruitment process while allowing you access to top talent in your industry – which is then cemented in place with the best employment contract possible.
Would you like to know more about how to comply with current workplace laws and ensure you have the best possible employment contracts in place? Please call James Burke or Adam Stencel on (08) 8941 6355 or email james@bowden-mccormack.com.au or adam@bowden-mccormack.com.au.