‘Brain drain’ highlights recruitment importance

There is no argument that recruitment is one of the most important functions of a business. However, the release of a recent report may have brought this back to the top of the agenda.

The AMP.NATSEM: We can work it out – Australia’s Changing Workforce report highlighted a number of statistics based on the national labour market and how trends are influencing recruitment.

According to the report, Australia is in serious danger of losing a number of valuable skills, knowledge and experience because of the ageing population. In fact, AMP predicts by 2050 that the proportion of those older than 65 will grow by nearly 10 per cent to 22.7 per cent.

However, if businesses do not invest in the the future and hire younger employees to fill these gaps, the skills will be lost and the company as a whole will be weaker. There is also a possibility that candidates in future years won’t match up to expectations as they didn’t learn from existing staff.

AMP Chief Customer Officer Paul Sainsbury explained that recruitment in the coming decade will be vital to the ongoing success of many Australian businesses.

“As older people leave the workforce they will take with them skills and experience, while many young people are struggling to find work,” he said.

“As a consequence, it might mean that younger people are not getting the experience they need to do these jobs in the future.”

If hiring a new candidate is outside your business plan at the moment, it might be a good idea to work alongside universities and establish internships and training programs. This way, businesses can pass skills down the workforce while also getting first chance of new talent once developed.

For more information about accessing the next best talent through HRMS, contact Employee Connect today.