Unlocking the power of workforce management

Kathryn Sandford has some timely advice for employers looking to attract, retain and develop top talent.

Inefficient and antiquated hiring practices are not only preventing New Zealand businesses from attracting the right talent but also causing them to lose top performers at an alarming rate. 

Many businesses are struggling with too many gatekeepers, long and arduous hiring processes, and an unrealistic set of expectations and requirements for the current job market.

As a result, businesses are left with a revolving door of employees, with high turnover rates and low morale. 

Furthermore, companies often desire top-notch talent, but they are unwilling to pay the high salaries that come with it, leading to a significant talent gap in the industry.

This talent gap not only hinders businesses’ ability to grow and innovate but also leaves them vulnerable to competitors who are more agile and able to adapt to the rapidly changing job market.

Workforce management plan

The problem of attracting and retaining top talent in New Zealand is a persistent issue that is unlikely to go away soon. Many businesses struggle to develop a robust workforce management plan, either due to a lack of understanding of the link between workforce management and business success or a lack of resources to invest in it. 

Additionally, the job market is highly competitive, with businesses vying for a limited pool of skilled and qualified candidates. The ongoing impact of the Covid-19 pandemic has also created a shift in employees’ mindsets, with many seeking more flexible work arrangements and better work-life balance.

To address this issue, businesses must recognize the importance of workforce management and prioritise it as a strategic priority to attract and retain top talent.

Employers also need a radical shift in mindset, away from traditional thinking and towards a leadership style that is based on trust, empathy and innovation.

It’s time for SME owners to take bold action and adopt new approaches to workforce management if they want to succeed in the current job market.

Strategic focus 

The solution for business owners lies in taking a holistic approach to workforce management. This means developing a strong employer value proposition (EVP), which articulates the unique benefits of working for their organisation. It also means shifting the focus from a short-term, reactive hiring process to a long-term, strategic talent acquisition plan that considers the evolving needs of the organisation. 

Additionally, creating a culture of trust, empathy, and inclusivity can help to attract and retain top talent, while investing in employee development and growth can help to increase both their engagement and productivity.

It’s time for SMEs to step up and unleash the power of their workforce.

Also, addressing the stigma of ageism and tapping into hidden talent can help create a diverse and inclusive workplace. Simple practices like regular feedback and avoiding micromanagement can also go a long way in nurturing a strong EVP.

Trusted partnerships

The next link in a strategic recruitment process that delivers value for SMEs is developing trusted partnerships with like-minded recruitment agencies.

SMEs today, if they want to retain and attract the best talent for their business, have to bury traditional recruitment practices of “post and pray” and also calculate the hidden cost of doing it themselves as opposed to the benefit and value that specialised recruitment agencies deliver. 

Partnering with trusted recruitment agencies can be a game-changer for businesses looking to take their talent acquisition strategy to the next level. Not only does it save time and resources, but it also allows businesses to gain access to top-tier talent that would have otherwise been out of reach, as well as invaluable insights into market trends and competitive intelligence.

It’s time for SMEs to break free from the constraints of traditional workforce management and unleash the full potential of their workforce.

The future is here, and those who dare to think outside the box and embrace the unknown will be the ones who come out on top.

So, are you ready to take the leap?

Kathryn Sandford is the co-founder and director of M2M Coaching & Recruitment. www.m2m.co.nz