New Zealand is booming, with the tech industry expanding (Wellington is promoting itself as the new mini Silicone Valley) and beginning to attract top IT talent from around the world. Businesses are working hard to get up to speed with advancing technology and the government’s immigration campaigns are aimed at bringing in highly skilled talent. At such a crucial time of change, how do New Zealand businesses ensure that they continue to entice and retain top talent? One sure method is to ramp up investment in attraction and retention strategies, enabling them to compete for talent in the global marketplace. Equally as important, though, is utilising migration to fill niche skill gaps.
The Future of Talent report (Chartered Accountants Australia and New Zealand, 2017) tells us that, “…Over two thirds (of employers) in New Zealand feel they need to make changes to their work practices to prepare for the talent and work of the future.” Organisations are now focused on delivering automated processes for customers and adjusting strategies to attract the most innovative digital minds to their teams. Highly skilled individuals are in demand to carry out these digital changes, and these gaps often require skills that cannot be found locally, but from more cutting-edge digital markets overseas.
New Zealand has always been an appealing destination for working holiday makers. Surging in the popularity stakes in recent times, New Zealand boasts work-life balance, consistently scores well in overall lifestyle surveys and great opportunities for career advancement. With so much to offer, the New Zealand government is aware that businesses require assistance in luring highly skilled candidates and has recently adjusted immigration policies to reflect this. The Staffing Industry Analysts Daily News reported that New Zealand’s migration program has contributed to a rise in “the proportion of people aged 25-34 with higher qualifications rose from 57.1% in December 2016 to 57.7%”.
Tips for attracting and retaining talent
To maximise your workforce’s potential, here are some ideas that could assist you in attracting and retaining talent:
- Find out how Migration could be useful
Specialist skill gaps that cannot be filled by local talent can be sourced internationally. You may wish to consider working with a migration agency, which simplifies the engagement of overseas talent. Qualified migration agents can advise clients of suitable visa options and take the stress out of what can sometimes be a lengthy process.
- Engage contingent talent
In 2013, 8% of New Zealand’s workforce was contingent, a number that is quickly rising. By 2015, contingent workers comprised approximately 17% of the workforce. Why is this so? Specialist project work appeals to the cream of the crop and engaging talent on a contract basis can be mutually beneficial, as niche skilled workers often prefer to undertake highly paid, project based work. A contingent workforce gives organisations flexibility to upscale or downscale as needed, and to engage workers for short and long term projects, without adding to the permanent headcount.
- Are you able to reuse talent?
Engaging contingent talent has many benefits, particularly when it comes to flexibility. But where does your talent go when they have completed their assignments? What if that talent could be used in other areas of the business? Reusing appropriate contingent talent results in a significant reduction of time, money and disruption within an organisation as the candidates have been pre-qualified. It also means that valuable Intellectual Property can be retained for as long as possible. A great way to build a talent pool would be to implement a centralised platform that stores details about contractors’ skills and contract information, thus providing visibility to all areas of the business.
Investing in these very important aspects of your talent strategy might just be the key to differentiating your business from the competition. Let’s face it, standing out from the crowd is a great advantage to have in the tussle for talent.
If you are looking for an overall, customised talent attraction and retention solution for your organisation, contact Entity Solutions New Zealand on +64 4 384 6622 or email@example.com.