At last count, there were more than 2.5 million small businesses in Australia. This equals 97% of all businesses in Australia.
There is no doubt that small businesses are the backbone of our economy. But when you’re a small business owner trying to make ends meet in a competitive industry, some days can be tough.
Attracting and retaining amazing workers is one way that businesses can ensure they stand out from the crowd, helping to drive sales, boost productivity and ensure customer satisfaction.
Attracting and retaining talent: 3 Lessons for small businesses
One thing that can really help businesses succeed in a competitive market is having the right staff. A team of employees working for a small business are likely to be a tight-knit group. It’s also likely that most small Aussie businesses don’t have a huge budget for hiring new employees. Similarly, small business owners probably don;t have much time to sift through dozens of resumes.
These factors all mean that it’s important for SMEs to be able to not only attract top talent, but also retain it. Here are three ways small businesses can do that.
1. Build a positive workplace culture
The average person will spend about 90,000 hours of their life at work. That’s roughly one-third of a lifetime.
When we consider this, it makes sense that people would want to come into a work environment (and continue coming in, day after day) that is positive and supportive. “Workplace culture” is not a buzzword – it’s something that can be fostered to attract and retain talent. A few ways that can help to create a positive workplace culture include:
- Encourage open communication: Transparency can help to foster trust, while encouraging open communication with staff can empower them to feel respected and valued.
- Offer growth opportunities: Provide opportunities for internal growth through professional development, training and workshops.
- Recognise achievements: Celebrate milestones and recognise staffs’ successes. Even small gestures, such as a team shoutout, can go a long way to helping employees feel appreciated. This can help to boost morale.
- Promote a healthy work-life balance: Flexible working arrangements, where possible, can help employees feel supported in their personal lives.
- Strive for diversity: It’s a fact that diversity and inclusivity in the workplace can lead to improved profit and performance, innovation, creativity, talent management, engagement and wellbeing. All of these factors can contribute to building a positive workplace culture.
2. Recognise and develop potential
Identifying rising stars within the business and nurturing their professional growth is key for long-term success. High-performing employees often thrive when given opportunities to expand their skillset and learn new things.
Recognition programs and industry awards are not only ways that can motivate staff to excel in their roles. They are also a great way to boost morale and to help create a positive workplace culture. Advertising recognition programs and the ways in which the business can help employees map a path to success can also help to attract the right kind of staff.
3. Leverage talent to drive success
Leading directly on from the above point, a key part of attracting and retaining talent is to leverage the top performers within the business that are already accessible.
When a business recognises the star performers within the organisation and help them to succeed in their own careers, they can then also leverage their skills, experience and knowledge of the business to help drive results.
Investing in existing talent drives innovation, customer satisfaction and efficiency. Ultimately, all these things can help to enhance the businesses market position – as well as contribute to an overall more positive work environment.
And how does this help to attract talent, not just retain it? If a business becomes well-known as a place where team members are supported to thrive and grow, then this should help to attract other high performing people who see the business as a place where they can develop their careers.
Spotlighting BizCover’s homegrown talent
Two of BizCover’s star employees were recently recognised for their incredible achievements within the business. Adriana Rey and Steven Rickert were both presented with the prestigious Insurance Business Rising Star award for 2024, an industry award recognising exceptional young talent.
Steven has been with BizCover since 2017 and has become an invaluable member of the team. Now, as the IT Operations Manager, he is responsible for the day-to-day running of the BizCover insurance platform and corporate infrastructure.
Adriana has been with BizCover’s sister brand, BizCover for Brokers, since 2021, and has become the go-to communications and marketing expert within the BizCover for Brokers team. From creating targeted content across emails, social media, and broker publications to running webinars and industry events, she continuously strives to go above and beyond for BizCover for Brokers’ customers.
Discover the real reasons why top-performing employees stay on
Attracting qualified, skilled, hardworking employees is important. But this doesn’t mean you should overlook your current staff. Retention is just as important as attracting top talent.
Here, we ask Adriana and Steven a few questions about why they have chosen to stick with the company. Gain insights and ideas into retention strategies for your own business by reading their answers.
Question 1: Why have you chosen to stay with BizCover/BizCover for Brokers for the last few years?
Adriana: Working with BizCover for Brokers has been such a rewarding journey. I’ve had the chance to grow professionally while working with an incredible team. The culture of trust, the flexibility to balance work and life, and the continuous learning opportunities have kept me motivated.
Steven: BizCover has always been very good to me; I primarily stay due to the company culture of inclusivity and respect, my manager and my teams. My manager Dino (best boss) has given me the chance to explore my strengths, improve in any areas of weakness and ensure that my voice is heard even when I was first starting out in the role.
Q2: What made you first want to apply for a role with BizCover/ BizCover for Brokers?
A: I was actually referred by a current employee at BizCover, who spoke highly of the company culture and the leadership. He emphasised how supportive and engaging the environment was. His enthusiasm and insight gave me confidence that this was a place where I could thrive both professionally and personally.
S: When I first saw the role at BizCover I was fresh out of university, had little experience and was not really certain what area of IT I wanted to specialise in. I saw that BizCover was offering an entry level position, promising training, experience and the opportunity to explore where in IT I wanted to focus my career.
Q3: How do you feel supported each day in your role?
A: I feel supported because there’s always someone ready to listen and provide guidance. Whenever I have questions or face challenges, the team collaborates to find a solution or alternative.
S: No matter the department, everybody in the business treats everyone as part of the same team, and my manager Dino is always available to help me at any time.
Q4: Why do you believe other people in the company decide to stay?
A: I think it comes down to the culture and environment. People stay because they feel valued and trusted, and they appreciate the flexibility and support that BizCover for Brokers offers. The sense of community and the opportunity to work in a dynamic, forward-thinking company are also major drawcards.
S: I think people stay at BizCover because of the culture of respect and inclusivity, and everyone in the business is treated as part of one big family.
Ensuring future success for your business
Both attracting talent and retaining talent are important steps towards building a strong foundation for a business’s success. A dedicated, skilled workforce boosts productivity, drives innovation and can go a long way towards enhancing customer satisfaction.
However, securing your business’s future involves more than talent management. It also requires planning ahead for potential challenges and risks. This is where business insurance can help, by potentially protecting your business from claims and enabling it to remain operational when the unexpected happens.
Get a business insurance quote in minutes online with BizCover. Visit us online today to discover how much you could save.
This information is general only and does not take into account your objectives, financial situation or needs. It should not be relied upon as advice. As with any insurance, cover will be subject to the terms, conditions and exclusions contained in the policy wording.
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