The Market is Changing, But It’s Not Any Easier Securing Top Talent

Interesting times indeed as we enter the last month of the financial year.

In most sectors, this year’s annual plan has either been met or it’s back to the drawing board to work out what happened and how a better result could have been achieved. Most likely it will have been through not acting quickly enough and realigning to maximize the changing, challenging economic conditions.

Business plans for FY2024 have for the most part been signed off and it’s pretty clear that most shareholders are expecting an improvement in profitability with a major focus on productivity enhancement, particularly given the acute skills shortage we are facing as an economy, not just skill shortages but a clear lack of sought after skills.

The latter cannot be fixed short term and in fact, the lack of workers and the likelihood this will continue really only leaves technology improvement/change to take up and fill the capability gap This is particularly concerning given the increasing presence of cyber incursion and the extra cost, risk, and management stress this new reality has imposed on very business model. This impost is real no matter how secure your systems and processes appear to be. Cyber incursion specialists wake up every day with the objective of developing ways to attack your businesses and they work 24/7 at this, it is endemic.

Everyone in every business is expected to own their part of the business plan and be prepared to commit to initiatives and objectives that will be well received around the board table, regardless of how realistic they are. Even though there is much more flexibility in today’s hybrid workplace it also means there is a lot of transparency and accountability expected to be displayed as so many of today’s organisations are self-managed by those who have demanded this through the pandemic days and as a result of critical talent have insisted on the greater balance of life-be careful what you wish for!

In terms of talent retention and attraction, it is of great importance to understand what level of skills and experience you are going to need to have to achieve the desired results. So it requires a well-thought-through evaluation of what you have, what you need, and what you don’t need, importantly with no emotion in the decisions, it must provide clarity on what talent map you need to get there. 

Next is a critical evaluation of what you have and retention plans on what is needed to ensure critical players are secured. They are sought after and what’s more, are reviewing options for the first time in 3 years, they will move. Overlaying that will be who can go from your business (likely at least 20%) and what you then need to recruit to complete your ideal team.

A well-thought-through recruitment plan is critical and needs to be coordinated with the assistance of professional recruitment experts who know where the talent is and can assist in creating awareness of your employment offer. Top talent will not come to you in most cases and as a general rule internal talent teams seldom have the time, experience or the want to headhunt, plus it can cause significant market disruption if companies try and poach their competitor’s talent, leading to instability across the board for all.

Best of luck in finalizing your business plan. The 3-year strategic plans seem to be on the way back as well! Critical to all else, what you do in preparing for FY2024 will be your approach to Talent Management; you know that, but maybe what you do not know is that now is the time to address this, not in December when it will be too late.

Call us to discuss how you can make FY2024 your best business year. Reach out to Peter Gleeson, Ian Stacy or Peter Tanner at (03) 9190 8904 or visit