Employee engagement, attracting and retaining the right people and improving processes using data analytics, will be key to addressing Australia’s decline in productivity.
Within the Australian workforce, estimates show the cost of disengagement is more than $39 billion in lost productivity.3
To solve the looming skills shortage businesses can look closely at the value generated by those who work to enhance growth prospects as outlined below:
|Enhancing workforce productivity to beat the skills crisis
The combination of Australia’s national productivity decline since the late 1990s and the looming skills shortage, means businesses need to consider new and better ways to get work done.
|Developing workforce talents and skills for evolving roles
Personal growth and internal mobility strategies are the key for many businesses as they overlook the enormous potential of their own staff in the struggle to meet skills shortages and the race to recruit external talent.
|Succession planning required to retain future leaders
With the danger of losing key staff and future leaders, business needs to consider how to retain the best people, including those at the beginning and the end of their careers.
|Engaging and motivating employees
The cost of disengagement for Australian businesses is more than $39 billion a year, so it makes sense that beating the skills shortage, and improving productivity, will come from greater engagement.
3. See Employee Engagement.
4. Deloitte Access Economics estimates, 2011