The New Marketplace: A Solution to the High Rates of Resignation

We have often seen people leaving their current jobs to either acquire a job that is paying them more or just to start freelancing work.

There can be many reasons that cause this - low wages, less growth in their current field, and the work environment are all potential factors. 

Whatever the reason is, the marketplace has been impacted.

When I had a chance to listen to the ABC Offsiders program, I  heard a discussion about the challenges faced by the aged care sector in Australia. The majority of the discussion on the program focused on issues such as low wages, a shortage of skilled workers, limited opportunities for career advancement compared to other healthcare fields, and the question of what actions politicians will take to address these issues in the aged care sector.

There was another discussion as well on ABC about the phenomenon known as "The Great Resignation," in which 20% of people have changed jobs since the beginning of the COVID-19 pandemic. This phenomenon has had a wide impact on business. Let’s address the issues organisations are facing today.

From my perspective, I believe that politicians will not be able to provide a long-term solution to problems because they are primarily concerned with short-term goals, such as winning elections and completing their three-year terms. This narrow focus means that they are not able to consider the long-term consequences of their actions or decisions. 

As employers, it is our responsibility to take matters into our own hands and find ways to address these issues ourselves. This means finding innovative solutions and thinking beyond the immediate needs of the moment. It may require a bit of extra effort and resources, but in the long run, it will be worth it to have a more sustainable and effective approach to addressing problems and challenges.

We should shift our approach from reacting to situations to proactively addressing them.

A comprehensive approach is necessary to:

• Improve sustainability.
• Recruit Employees from Competitive Companies.
• Establish a new job market for workers.

In this blog post, I want to focus on how to effectively access and utilize the "new marketplace" for workers.

The Concept Of The “New Marketplace”

We define the "new marketplace" as a group of workers who have relevant skills and experience but are unable to commit to permanent positions due to family obligations.

It has been found that in Australia, there are approximately 400,000 to 500,000 stay-at-home parents aged between 25 and 44 who desire to return to work but have difficulty finding employment that accommodates their needs. These individuals are often referred to as the "hidden unemployed." This presents a significant opportunity for employers.

The group of "hidden unemployed" individuals, who are primarily stay-at-home parents, are highly motivated to return to work due to the rising cost of living. While it may seem counterintuitive, their work schedule is more important to them than their hourly pay rate. This is because their primary concern is fulfilling their family responsibilities, which may include caring for children or elderly relatives. 

People are looking for employment opportunities that will allow them to balance their work and family commitments, rather than focusing solely on earning a higher wage. 

This means that employers who are able to offer flexible work schedules, such as part-time or remote work options, may be more attractive to this group of individuals. By providing them with the opportunity to return to work on their own terms, employers can tap into this pool of talented and motivated workers while also meeting their own business needs.

How Can Employers Take Advantage Of This?

Employers can benefit from this situation by finding ways to efficiently and effectively communicate with this group of individuals, providing them with the necessary training and induction, and creating work schedules that meet the requirements for service quality, cost-effectiveness, and worker preference. 

Traditionally, it was believed that it was impossible to achieve operational effectiveness, or the ability to efficiently and effectively run a business, while also taking into account the preferences of workers. This was because it was thought that the needs of the business would always take precedence over the needs of the workers. 

For example, if a business needed to be operational at all hours of the day, it was expected that workers would have to be available to work any shift, regardless of their personal preferences or commitments. This often resulted in a lack of worker satisfaction and high turnover rates, as individuals were unable to find employment that suited their needs.  

However, advancements in automated recruitment, onboarding, training programs, and payroll processing, including direct integration for tax reporting, have reduced the cost of this process. 

Enhance Efficiency By Accessing The "Hidden Unemployed" Group

This allows for greater efficiency by using the 40 hours more creatively and delivering the work when it is required by the appropriately skilled and available workers. 

Employers can take advantage of this by tapping into the "hidden unemployed" to address skill gaps, reducing the cost of service by directly matching delivery services to the optimal service delivery time, and improving service outcomes. 

What Steps Can An Employer Take To Put This Into Practice?

This can be done through the use of complex algorithms and optimisation tools that consider all constraints simultaneously. 

By utilising intelligent workforce management tools, it is possible to access the "hidden workers," provide them with options that meet their specific circumstances and have them working when the need is greatest. 

Now is the time to move from being reactive to proactive and seize this opportunity. 

If you want to learn more about how to do this, please get in touch today.