Australian firms struggle to attract skilled talent

The latest research from specialised recruiter Robert Half highlights a growing concern among Australian employers and employees regarding their company's ability to attract skilled talent in 2024. The study, which surveyed 500 employers and 1,000 workers, reveals that 89% of employers and 71% of employees doubt their company's capacity to secure qualified personnel this year.

Chief among the reasons for this concern is the discrepancy between what companies offer and the expectations of potential candidates. The study identified uncompetitive salaries as a significant issue, cited by 30% of workers as the primary factor hindering their employers' ability to attract top talent.

The research also pointed out that limited career opportunities pose a considerable challenge. Both employers and employees noted this as a problem, with 30% of employers and 26% of workers expressing concerns over the lack of progression prospects within their organisations. This factor was similarly emphasised regarding flexibility, which has become a critical element in modern employment dynamics.

Nicole Gorton, Director at Robert Half, commented on the findings, indicating the duality currently present in the employment market. Despite a slight softening with an increased pool of candidates, the persistent demand for skilled talent remains high against the backdrop of historically low unemployment rates. Gorton emphasized the necessity for employers to understand and address the root causes of their attraction difficulties to enhance their appeal to high-calibre professionals.

Financial and accounting workers appear to be the most concerned about staff retention policies, with 74% indicating worry in this area. This contrasts with technology sector employees, of whom 67% expressed concerns about retention policies, making them the least apprehensive group. Business support workers stood in the middle, with 73% voicing their concerns.

Gorton suggests that companies must develop strategic action plans to overcome talent acquisition challenges. She advises that by identifying the root causes and creating a compelling value proposition, businesses can better communicate their unique offerings. Such transparency and honesty about workplace conditions can foster an environment conducive to attracting and retaining top talent.

The data underscores a longstanding concern among employers, particularly following a turbulent five years in the employment sector. Retaining top-notch talent has become increasingly critical as the quality of the workforce significantly influences a company's success. Given this, employers are urged to prioritise their talent attraction and retention capabilities.

This call to action invites companies to openly address workers' concerns regarding salaries, career progression, and work-life balance. By doing so, firms are better positioned to secure employee loyalty and ensure continued growth and competitiveness in the market.

The research, conducted by Robert Half in November 2023, is part of a wider international survey exploring job trends and workforce management. This comprehensive study offers valuable insights into the Australian job market, providing employers with the necessary information to make informed decisions about their talent management strategies.