Magazine article New Zealand Management

Talent War Heats Up

Magazine article New Zealand Management

Talent War Heats Up

Article excerpt

This year risks being the year of the revolving door if employers continue to focus on simply attracting new staff, rather than developing and retaining current employees. Resulting staff turnover is expected to cost New Zealand businesses dearly over coming months, information services company Unisys has predicted.

"At a time when the skills shortage is squeezing the New Zealand economy, staff turnover is turning into a major problem that is already costing the country's businesses 1.5 times the annual salary of the replaced worker," Terry Subkin, New Zealand manager of account and service delivery, says.

"It costs more to continually replace staff, and in a tight labour market each new hire drives up wage levels for the same job role without a corresponding increase in productivity. With good staff also goes intellectual property and the valuable relationships they established with customers and business partners. All indications are that this will get worse in 2008," she says.

Unisys has come up with three strategies to keep good staff:

* Accept that staff don't want the same job forever--find out what challenges stimulate them and develop a tailored progressive career path within the organisation.

* Identify and groom best performers--work out what technical and business skills will develop the individual and ensure they access the training and experience to attain them.

* Support work-life balance--offer mobile tools and flexible work arrangements to better manage time and encourage programmes which support a healthy lifestyle. …

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