Globally we are experiencing ongoing recruitment shortages and hiring challenges. Australia’s jobless rate has hit a 13 year low of 4.2%, however the impact of COVID-19 has reduced actual working hours, with many people working in less than a full-time capacity. With this reduced availability of potential candidates, and the International border only just opening up recently, many businesses are still experiencing challenges with attracting, engaging and retaining staff in certain industries.
The terms ‘the great resignation’, ‘the great attrition’ and ‘the great negotiation’ all relate in different ways to how employers are finding it harder to fill roles through the traditional formulas. Employees are increasingly wanting to work on their terms, often in a flexible way but also with a greater search for meaning. The team at McKinsey & Co have identified five crucial employee personas that businesses need to understand in order to improve attrition and attraction for the longer term.
These are career-oriented people who care about work-life balance but are willing to make trade-offs for the sake of their jobs. Their goal is to work full-time for large companies in exchange for competitive compensation packages, perks, a great title, status and career advancement. This is the star of the show in recruiter circles but there aren’t enough of this type of worker to fill the recruitment hole.
Many individuals who left traditional employment indicated that they could be coaxed back under the right conditions.
- The Do-it-Yourselfers
This persona values workplace flexibility, meaningful work and compensation as their key motivators. They are between the ages of 25-45 and run the gamut of self-employed to full-time, to part-time workers. They value flexibility above all else. Many of these workers started their own businesses during the pandemic. Others found part-time work. To attract this group, businesses must demonstrate they can provide freedom and a sense of purpose as well as a compensation package beyond what they can achieve on their own.
- Caregivers at home, looking for more
This group is between the ages of 18 and 44, with more women than men. They require flexibility and support due to their roles at home, caring for children, parents and themselves. They can be motivated with part-time options, four-day workweeks, flexible hours, or expanded benefits packages.
This group is younger – aged between 18-24. They usually don’t have dependents, mortgages or other responsibilities. They are searching for flexibility, career development, advancement potential, meaningful work and reliable and supportive work cultures outweighing compensation.
Companies must demonstrate that they will invest in their development and create an organisational structure that prioritises meaning and purpose. This might include tuition subsidies and development programs.
This group are a mix of retirees, individuals not looking for work and those who would consider work under the right circumstances. This group are very focused on meaningful work and have many productive years left in the workforce but don’t have the financial motivator to return to the workplace.
Would you like to understand more about how to re-think your recruitment approach? Speak to the team at Flexi Personnel.