Almost all Australian executives (99%) are looking to former employees to fill job vacancies and boomerang back into their organisations, according to findings in the Ceridian 2022 Executive Survey, conducted by Hanover Research.
While 75% of retail executives were ‘very’ or ‘extremely confident’ in their organisations’ ability to deal with disruptions quickly, they face barriers that don’t show any signs of letting up. Specifically, 41% cited labour shortages and 40% cited budget constraints as top barriers to managing disruption.
However, the report shows that 57% of retail executives are also ‘very’ to ‘extremely concerned’ they won’t be able to fill a key leadership role when it is vacant, proving that employees are in the driving seat when it comes to the job market and it’s up to employers to act fast to attract and retain their talent.
“To be prepared for disruption, it’s essential that employees have the skills organisations need to be competitive. Ceridian’s Executive Survey identified focusing on diversity, equity and inclusion measures (56%), improving employee retention (54%) and continuous training (52%) as the top three tools that Australian companies are deploying to cultivate a change ready culture. This becomes imperative for businesses to incorporate into strategies to ensure long-term success,” Ceridian managing director for Australia and New Zealand, Brian Donn said.
“What retailers should also remember is that, as the world of work changes, and business environments become more complex, leaders can’t overlook the long-term needs of their workforce. Succession planning has never been more important, especially since employees are in a powerful position given today’s competitive job market.
“Having strong leaders in place today and a pipeline of leadership for tomorrow are essential for an organisation to effectively weather change. Considering what businesses need to do to retain and attract talent is a fundamental step to ensure competitiveness moving forward.”