INTRODUCTION
People, people, people.
Attracting and retaining great people is becoming more difficult. This has become both a challenge and a risk for the growth of businesses. According to the 2024 edition of the KPMG report ‘Keeping us up at night’, one of the top issues right now for most businesses in Australia is how to find the right people, retain them and get them to perform the right tasks well.
People discovered during the pandemic that they have more career options than they might have thought. Working from home and virtual working models became the norm, and the demand for skilled people began to outstrip supply. There is a high degree of burnout in many industries as people's resilience has eroded away. And throughout and following the pandemic, the world has witnessed a ‘Great Resignation’ period, where millions of people started to quit their jobs.
As a result, attracting and retaining great people has become stressful and expensive for many businesses. The cost of bringing a new hire from the hiring stage through to delivering a high-performance output can be up to five times their salary, depending on your industry. This is extremely high and for many businesses can make or break your business.
Your people can be either assets or liabilities
At some point in your life, you made a decision to step into being a business leader or owner.
You may have yearned for more freedom, more influence, better systems, better marketing, better leadership and better management ...
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