There has been much discussion on how companies can improve business on an operational level, but there has been less focus on the impact it may have on employees who remain within troubled organisations.

Bayside Personnel Queensland State Manager Sean Blanche says “Employees are aware the current economic climate will impact businesses in some way. As a result, job security and morale amongst staff may be negatively impacted.”

Mr Blanche says that it isn’t all doom and gloom, noting “It is still important to recognise that within the current global turmoil there are excellent opportunities for businesses to get ahead: training staff, seeking homebound professionals, and further developing relationships with recruitment agencies can all assist in preparing businesses for an upturn in the economy.”

Train to retain

Training enables the flexible movement of employees, whether laterally or upwardly. For instance, sharing expertise among staff within the company can train and up-skill lesser experienced staff and ultimately result in a better equipped and more productive workforce.

“Neglecting employees’ training and development will only result in a disgruntled workforce with one foot out the door,” advises Mr Blanche who believes leaders should invest in their people now more than ever.

“Retaining employees can also lower costs associated with hiring,” explains Mr Blanche. “Recent studies have shown that it can cost a company approximately three times the amount of an employee’s salary to replace a skilled position. This means some companies could be spending millions in filling vacancies.”

The downturn proves to be an excellent time to re-skill current employees and fast-track their career development, thereby lifting morale and increasing productivity.

Seek the boomerangs

With the global rise in unemployment levels, many overseas Australians are looking to return home. Mr Blanche reveals, “The Australian Department of Immigration recently reported that 2,700 Australian expats are leaving the UK each month compared with only 1,750 in 2005. As a result, there has been a surge in the boomerang effect with an increase of professionals returning home to Australia.”

He says that this confidently suggests the nation has the capabilities and resources to sustain the current economic climate, and perhaps even surpass it.

It was not too long ago that companies all over the world were crying out for engineers and skilled professionals and many still are. Peter Taylor, CEO of Engineers Australia, says that Australia is not out of the woods yet. Taylor recently reported that there is still a shortage of more than 28,000 engineering professionals in Australia. With that in mind, now is the time to attract skilled professionals whether returning home or from overseas.

Developing partnerships

A downturn can provide management the ability to look deeply at its current recruitment suppliers and improve the scope of a company’s business operations. “Now is a good time to assess and develop relationships with the recruitment agencies. Especially those that have provided value to your organisation by matching service level requirements, cultural-fit and skill level appropriately,” says Mr Blanche.

For the last three to five years, it has been in a tight candidate-driven market. This has created greater competition between employers, many of whom have been forced to offer positions to under- qualified candidates. This dramatic shift has given companies the opportunity to assess current workforce and prepare companies for the next economic wave.

Business leaders have a great opportunity to capitalise on the marketplace. Honest and consistent communication with staff can assist delivering relevant information and engaging your workforce through turbulent times. Training valuable employees demonstrating potential; capturing the returning talent; and, developing solid working relationships with recruiters are all ways for businesses to get ahead.

Bayside Personnel assists local and international pipeline professionals to find contract or permanent career opportunities across Australia and in the Middle East. With an engineering and technical focus, Bayside Personnel recruit construction professionals, pipeline engineers, consultants, project managers and government regulation staff to the pipeline industry.