Closed borders and tight quarantine precautions have resulted in a talent scarcity

In the aftermath of the Covid pandemic, there is little doubt that talent shortages are impeding Australia's and many other affluent economies' economic recovery. Border restrictions and quarantine efforts to control Covid aren't, however, the only reason for workforce shortages across the country.

Covid, like so many other pre-pandemic patterns, has intensified and hastened things. And, as one might assume, generalisation is difficult due to the complexity of the issue and the multiple contributing components.

One basic fact is that many of the job openings existed prior to the pandemic due to labour shortages. According to the World Economic Forum, many job openings simply do not appeal to potential applicants.

This raises fundamental concerns about justice and the ways in which economies are built. It also begs the question of whether it is beneficial to the economy for people to be able to make more money collecting welfare payments than working a full-time job, particularly at this time.

Another problem is that wages have remained stagnant while the cost of living continues to rise, given that many jobs on offer only pay minimum wage. Increasing the wage rate is one approach to make occupations more appealing. Is that, however, actually a silver bullet? What, if any, side effects might it have?

The topic of immigration is quite important. There are plenty of refugees and economic migrants to go around. Do they, however, give the necessary skills and experience?

Border controls for employees with Temporary Skills Shortages (subclass 482) and Temporary Work (Skilled) (subclass 457) visas from other countries also have an impact. Those who have been stood down have the option to stay. Those who have been laid off and are now unemployed must find another work within 60 days or leave the country. When circumstances prevent a worker from returning to their native country, they may be qualified for the COVID-19 Pandemic Event Visa, according to government regulation.

Australia isn't the only country coping with these problems. The United States, Canada, France, and the United Kingdom are all striving to solve the core reasons for workforce shortages. However, Australia may be exceptional in that one study implies that the country's 30-year "economic miracle" of continuous development may be a fabrication.

Returning to the basics and the foundations of a solid HR strategy

Recruiters and companies have no influence over these macroeconomic concerns. Trade groups, employment and recruitment sector bodies, and industry captains as influencers are best positioned to work with the government and put pressure on it to assist solve the skills problem.

The immediate focus for recruiters and employers should be on the essential principles that support a solid HR strategy.

Find individuals with transferrable skills who can be cross-trained and adapted rapidly to cover gaps. One strategy to quickly fill gaps is to identify candidates with transferrable skills who can be cross-trained and adapted to fill roles where there are gaps. This strategy is more likely to yield results faster than traditional new hires.

Consider training existing staff to higher skilled roles if you already have established workers who are settled and culturally associated with the organisation. Investing in workers through a CPD programme is an important part of any successful HR strategy.

It is common to lose experience and information. It's also costly to hire new people. It's never been more critical to reduce churn and increase retention. Consider how to make your office an appealing place to work. Salary and benefits packages, commissions, bonuses, benefits packages, and company culture are all important factors to consider.

Make sure your agency brand is both vocalised and externalised. The majority of people seek rewarding work rather than just a job. A sense of belonging and being a part of a team, and potentially something bigger, are common ambitions, particularly for knowledge workers. To stand out and attract new personnel, promote your agency's brand.

Looking to hire excellent individuals for your Real Estate Agency?

We get it. Great people are hard to find. We've heard the story a hundred times. You've found the perfect candidate, they nail the interview, they 'wow' everyone, and then six months later they haven't performed and you're back to square one.

Anyone can find people. P3 identifies talent that can actually deliver.  P3 know how to find, identify, and secure the talent that can get the job done, so your business can prosper.

Call us today on 0295555999 to find your next Superstar!