Staff retention and hiring strategies necessary during business growth

A stronger Australian economy means businesses are expressing increased optimism for growth, but according to a new report by Robert Half, this is creating a larger workload for existing employees.

The findings of the Robert Half ‘Financial Employment Report’ suggest employers must pay close attention to the workload of existing staff, with 66 percent of employees reporting an increased workload compared to last year. Employers should hire extra staff where necessary to keep up with growth and ensure business success.

Robert Half Director Andrew Brushfield told Dynamic Business that “there is a fair degree of optimism out there in the market which is a really positive thing, but employees are feeling the pinch already and employers need to be aware of that.”

A net 10 percent of employers plan to hire more permanent staff over the next 6 months, which is an optimistic number when compared to the global economy. Of these employers, 64 percent are recruiting at an entry level, 48 percent at a middle level, and 8 percent at a senior level

However, the report revealed that out of the companies that experienced growth, 43 percent had not hired extra staff. In these cases “the risk is quite high that employees can move on, burn out,” Brushfield said.

Another finding is that 76 percent of employees say work/life balance is the most important factor in their job satisfaction.

“Ensuring that employees are not overstretched is important for a company’s bottom line. If employees don’t have the time or resources to do their job properly, it affects the quality of work, which can have big implications for a business’ productivity and reputation.”

Brushfield said employers should look into training sessions, extra university degrees and whatever else is needed to retain good staff.

“If the choice is to hire again, businesses need to hire ahead of the curve, rather than behind the curve.”

Pre-empting future growth and planning ahead, means “growth won’t be hindered by not having the right staff in place”.

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