The success of your business will depend greatly upon the calibre of people you’re able to attract into your team. Jack Delosa, Founder of The Entourage, recently shared his advice with Business Review Weekly on how to hire people that are aligned with your vision, mission and values.

“Let’s get real about recruitment. If you are an average Australian business, you are losing your staff after three years of employment. If you have predominantly younger workers, you can halve that timespan*. Once you have factored in recruitment, training, termination and loss of productivity in the early and late stages of employment, the financial costs associated with this revolving door of employees are staggering. One estimate from the NSW Business Chamber places new employee costs at up to a year’s salary of the relevant position.

One year’s salary. To employ someone who is unlikely to stay more than two years.

The intrinsic costs of staff turnover are just as profound and just as disruptive to your business. Growth in the ever-changing modern marketplace requires vision, focus and energy. But it is impossible for any business leader to dedicate themselves to these elements when they are distracted by the impact that regular attrition has on team dynamics, morale, productivity and engagement.

In recent years, the subject of high staff turnover has triggered many pontifications about the impatience, arrogance and restlessness of a younger generation, but the truth is that job mobility across all ages is increasing. Older workers – those in middle age and approaching retirement – are also becoming fearless and are changing employers almost twice as often as they used to.

Chances are, if you are an average Australian business, you are feeling the effects of this new employee mindset. You are possibly struggling with high staff turnover. And you are more than likely unaware of the simple solution to this problem.

You see, employees are not becoming more impatient. They are becoming more empowered. They are not interested in being loyal; they are interested in being enriched. Inspired. So, if you are still recruiting based on the principles below, you are probably hiring the wrong people.

Read the full article as published by BRW here.


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