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| IMF growth forecast highlights critical leadership skills shortage
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 On the same day that the IMF revised up its 2010 forecast for economic growth, Drake released its latest research, “Gearing Up for Growth”, which identifies some critical challenges for employers if they are to take advantage of the economic recovery.
With economic recovery now gathering pace, as further evidenced by the IMF forecast, employers are recognising that they have a critical challenge to re-motivate and engage their workforces. Leadership will be one of the key drivers behind the growth that corporate Australia and businesses will have to focus on.
However, employers are critical of their ability to find and develop effective leaders. The research found that 44% of organisations rated themselves not effective in finding and developing leaders.
The 'Gearing Up for Growth" report found that improving retention of skilled employees was the most important people challenge facing employers in a growing economy. This is a direct result of the report’s findings that 72% of organisations expect to face skills shortages this year at the same time as accelerating staff turnover, with one quarter of employees expecting to move employers in 2010.
The five highest priority people management strategies identified by employers were:
• Improve retention of skilled employees – 93.7%
• Find and develop effective leaders – 87.1%
• Effectively manage culture and change – 80.5%
• Increase training and development – 80.2%
• Increase productivity of staff through process improvement – 73.5%
With skills shortages and staff turnover looming as high risks for employers in a growing economy, it is critical that organisations develop leaders that can engage staff and generate increased productivity.
If you would like a copy of the “Gearing Up for Growth” survey report, please email us.
For more information on “Gearing Up For Growth” seminars click here. |
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| Drop in January job adverts holds no fear!
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 David Edwards, Strategic Manager at Drake Australia advised not to read too much into the drop of job adverts reported on 1st February 2010 by the ANZ Job Advertisement Series.
January compared to December is generally a poor month for job advertisements. When you take into account that a majority of Australians take annual leave for at least the first and second week of January, |
| Successful onboarding – How to get your new employees started off right
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 Research at Corning Glass Works revealed that employees who attended a structured orientation program were 69% more likely to remain with the company after three years than those who did not go through the same program.
Onboarding is the process of integrating new employees into the organisation, preparing them to succeed at their jobs, and having them become fully engaged, productive members of the organisation. It includes the initial orientation process and the ensuing three to six months, or however long it takes to get an employee up to speed in a particular company or discipline.
Research tells us that it makes sense to invest time and effort into preparing employees to be successful at their jobs. If you want them to become productive as quickly as possible, why would anyone not do whatever it takes to make that happen? If you're going to spend money on acquiring new employees and paying them to come to work, why would you not prepare them to succeed? |
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The continuing inspiration of visionary leaders – the second edition of DBR has arrived! |
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The Drake Business Review (DBR) is a worldwide publication for senior management that will help you meet the challenges and opportunities in your business - right now! This is your "in" to innovative ideas and articles that will assist to improve your business results, allowing you and your company to outperform. In this issue you can read on:
- Why Intellectual Capital Is The Currency For Success – Lessons From Award Winning Dr. Nick Bontis
- Seven Things You Need To Know To Build Great Teams
- Understanding And Minimising CEO Failure
- Successful Onboarding – How To Get Your Employees Started Off Right
Click here to view the magazine.
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| Workplace Bullying results in Record Fines
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In Victoria recently, record fines totaling $330,000 were handed down as a result of a workplace bullying prosecution by WorkSafe. Both the company and individual employees were found guilty of bullying behaviour.
As previously featured in Performance Edge, this sort of behaviour is deemed as unsafe and contrary to OH&S requirements. The organisation in the hospitality industry, despite submitting a guilty plea, was fined $250,000 for failing to maintain a safe working environment. As revealed at its last conference, WorkSafe is committing additional resource to specifically investigate such issues. | |
| Gearing Up for Growth – complimentary seminar series
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Could this be your organisation?
Employee engagement levels have dropped alarmingly since the start of the GFC, almost a quarter of our staff expect to leave in 2010, and we forecast that we will experience skills shortages in some of our critical roles.
If this sounds familiar then you are a typical employer facing a very challenging year ahead as you prepare to gear up for growth in a strengthening economy.
Throughout the world, the Global Financial Crisis (GFC) has affected the bottom line of businesses. As the economy moves to recovery, it is important to understand the impact of the GFC on human capital management and the ramifications for future growth. | |
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