With wage growth remaining stagnant across many sectors, it’s perhaps unsurprising that 1.1 million Australians – representing 8% of the workforce - changed their employer or industry in the year leading up to February 2024. Other common reasons workers site for growing job dissatisfaction are limited growth opportunities, burnout, and lack of recognition and value. 

The Cost of Employee Retention Challenges for Australian Business’

Indeed, employee retention issues continue to pose a significant challenge for businesses. Replacing a valuable employee can have considerable financial implications, costing on average between 33% to 50% of their salary due to expenses associated with recruitment, onboarding, training, and lost productivity. Indirect costs also include loss of institutional knowledge and disruption to the team dynamic and office morale. Whilst trying to find a suitable replacement, employers run the risk of overburdening remaining staff, causing them to experience burnout, and thereby compounding the retention issues.

With the average tenure for an Australian employee across all sectors standing at just 3.5 years, it’s clear that employers need to develop clear and actionable strategies to retain valuable employees. 

Harnessing Recognition of Prior Learning to Upskill Staff

For employees that have reached the limit of their qualifications and don’t have any desire to step into a senior management role or have learned everything they can about the industry and become restless, finding a new job may seem like a logical step. However, undertaking a Graduate Diploma of Portfolio Management could prove to be a far more rewarding career development, effectively benefiting both employee and employer alike. 

Esteemed employees that have worked their way up the ranks are often ideal candidates for portfolio/project management roles. They know the job inside out, are aware of the potential problems that may arise, and know exactly how to head them off. By encouraging employees to train for roles in project or portfolio management, employers can demonstrate their commitment to employee growth, aid employees in bringing their existing expertise to new roles, improve organisational efficiency, and reduce staff turnover. 

For a knowledgeable and hard-working employee, gaining this much sought after qualification, may be easier and quicker than they think. Recognition of Prior Learning allows students to translate prior learning and experience into subject credits, fast-tracking their qualifications and paving the way to a new, exciting career with their existing employer.  

By investing in the upskilling of a valuable staff member, employers can support them to transition into a new role that reignites their passion for the job, whilst also fostering a sense of loyalty to the business. 

It’s a win-win!