Research firm Gartner has released their latest Global Talent Monitor report on Australian employment trends – and the results aren’t glowing.
According to the figures in the report, the last three months have seen a 2 per cent drop in Australian employees willing to go above and beyond in their jobs, as well as a 3.2 per cent fall in willingness to stay at their current job.
Confidence in the business environment has also dropped by almost 1.5 per cent.
This downward trend has been happening since the beginning of the year, and Gartner HR advisory leader Aaron McEwan says that the figures reflect multiple factors at play all at once.
Political and business leadership is wavering, global economic confidence has faltered, and the property market has weakened,” he said.
“Employees in Australia are feeling the volatility and instability in both their personal and professional lives.”
Mr McEwan added that the “typical employee reaction” to such uncertainty was to “put their heads down, focus and ride out the storm with their current employer”.
But Australian workers are “getting itchy feet,” he said.
“They know that if they don’t move now, the looming Christmas recruitment cycle means they’re unlikely to find a new job until 1Q next year.”
More personalised retention strategies
In terms of drivers of attraction for Australian employees, stability has risen in the ranks to fourth place, trailing work-life balance, location and respect.
Similarly, work-life balance is also the fourth biggest reason why employees opt to find a new job (following future career opportunities, people management, and recognition).
Mr McEwan said employers needed to rethink their value proposition to better suit their employees. One way to retain employees would be personalising engagement strategies to the employee, rather than imposing one-size-fits-all policies.
“For example, parental leave has a greater emotional investment compared to other types of leave and often results in lots of questions and concerns about status, pay and benefits.
“It requires a unique approach and must be handled differently depending on the needs of the employee,” he said.
Furthermore, flexible work to one employee could mean flexible work during school holidays, and to another could mean flexible work all the time.
The research firm recommended employers more deeply understand what employees valued and tailor employee experiences according to the individual.