If you’re still wondering if you should grow your talent pipeline from within your organisation, consider the following four reasons:
1. A likely future skills shortage
The pipeline of skilled migrants coming to NZ has now halted. A recent article entitled “When the Great NZ immigration tap suddenly went dry” in The SpinOff, Sept 7th 2020, says:
“One thing is certain: population growth over the next year or two will slow dramatically as migration slows.”
Although NZ has seen a small upswing in net migration as Kiwis return to NZ, the numbers are so small as to provide little short-term relief for NZ employers. In addition, returnees do not necessarily bring the specialised skillset your business may be looking for, because they are exempt from any labour market thresholds that a new migrant has to meet.
2. Hiring new staff is expensive
Hiring new staff comes at a cost. According to MBIE’s Employee Cost Calculator, making a new hire can cost anything from $1,500 upwards per employee. When you consider not only the recruitment costs but also set-up and training along with all the normal employee costs. And the more skilled the hire, the more expensive it becomes.
3. Funding support is available
Worried about the cost of investing in training when your business is under many pressures, including financial, at this time? It’s worth noting that there is a significant amount of government support for business to invest in training at this time. Consider recent announcements around things like the ‘Apprenticeship Support Scheme’ and longer-term initiatives such as ‘Employer Workplace Literacy Funding’ which significantly minimise actual costs to a business seeking to develop its workforce. A good training partner will be able to advise you and take care of the heavy lifting around accessing funding for your workplace.
4. Learning is good for wellbeing
And finally, learning is really good for your employees’ mental health. Education and life-long learning lead to individuals reporting better general wellbeing and greater stress-coping abilities – more important now than ever. The internationally recognised ‘Five Ways to Wellbeing’ includes ‘Keep Learning’ as one of its core pillars for good mental health. If your business is looking to build staff morale, a learning programme could bring individual benefits as well as increase the profitability of the business.
Perhaps you’ve already started?
We like to take a balanced approach but looking for the reasons why you may choose not to grow your talent pipeline from within – we are struggling to find any. Particularly at this point in time. So now you know the benefits of making this a goal, let’s see how well you’re doing towards it. Take our one minute quiz to find out.