War on talent ‘fiercer than ever’ in Australia

It’s becoming increasingly difficult to attract and retain staff, new research has revealed.

A joint research report, conducted by HubSpot and LinkedIn, surveyed over 1,000 marketing leaders to determine the challenges facing business across the Australian and Singaporean markets, with 540+ Australian based.

According to the Australian findings, 99 per cent of respondents are currently facing barriers to growth.

Corporate silos were identified by 44 per cent of respondents as the biggest barrier to growth, followed by under-resourced teams – selected by 33 per cent of respondents.

HubSpot APAC director Kat Warboys said despite the challenges, marketers are still keen to increase their headcount.

“The pandemic and skills shortage have certainly proven to be a curveball for the global workforce, yet through the turbulence of the pandemic and now today’s economic uncertainty, marketers in Australia have shown resilience and agility,” she said.

“Trends like quiet quitting and the decline of in-person work, in conjunction with the skills shortage, mean that it’s up to businesses to prioritise the needs of their workforce or else risk losing out. But how can employers break the cycle? Research shows that workplace upskilling, unique benefits, and an innovative approach to people and culture may be employers' golden ticket to success.

“Professional development, remote or flexible work options, sabbatical leave and egg freezing are among the benefits gaining traction and available to HubSpot employees, which work to improve the employee experience and put the life back into work/life balance.”

The research report found marketers are already looking at ways to address the talent gap currently being seen within their businesses.

For 39 per cent of marketers, implementing effective local strategies is a key priority, as is upping attention on building awareness and affinity (selected by 31 per cent of respondents).

A further 37 per cent of respondents are looking to introduce better employee benefits and 24 per cent are looking to improve hiring strategies.

“Australia is currently experiencing a national talent and skills shortage affecting all sectors, including marketing, with businesses going to extreme and new lengths to find the right people,” said Teena Wooldridge, director of marketing, APAC at LinkedIn Talent Solutions.

“While there is no easy solution to this challenge, data from the recent LinkedIn and HubSpot survey shows that the number one thing employees want are benefits. We repeatedly see this at LinkedIn, with our members saying they want flexibility over compensation.”

Looking ahead, Ms Wooldridge warned employers may be at risk of losing talent should they not place greater emphasis on ensuring their business is a great place to work.

“Insights from LinkedIn also shows that many brands are looking to wind back pandemic progress and reduce flexibility and learning and development. While we may be in challenging times, smart business leaders will lean into these areas and look for how they can improve the working lives of their employees or future staff,” she explained.

“Companies that pull back in these areas risk a demotivated workforce or offering to the market, which can cause accelerated employee attrition. These talent issues, often of your best people, can impact long-term business performance.”