The key question facing a lot of businesses today is skill shortages. In key Industries where skilled staff are critical e.g. Building Industry; not being able to recruit skilled staff seriously hampers a business’s growth and affects customer satisfaction.
Failing to attract suitable staff can ultimately lead to problems retaining the staff you already have, as they come under increasing pressure to maintain a high standard and rate of production. With an estimated $6K – $7K to employ a new staff member, (these figures will depend on the level of skills that you are looking for), this has a real impact on your bottom line. Other costs associated to high Staff Turnover is low staff morale and staff engagement, lower productivity, inadequate customer service and a reduced talent pool.
The solution to these problems is to adopt Inclusive working practices that lead to a diverse workforce. Some of the many benefits include: a wider customer base leading to an increase in market share and profitability, reduction in recruitment costs through better staff retention, and a more creative and innovative workforce that attract customers and future employees.
The choice of whether or not to have diversity in your workplace has gone, it is now a necessity to adopt a diverse and inclusive culture that will ensure the future viability of your business. Skill shortages are affecting many industries and so the time is here to work smarter and be innovative when employing and managing staff.