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Hiring the Wrong Person Can Cost You Big: The $30,000 Aussie Price Tag of a Bad Hire

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Dive into this week’s newsletter for an exciting exploration of what today’s job seekers are really after in their next career move (hint: it’s all about balance). Plus, learn how the marvinHR Scout Survey can be your ultimate tool in identifying the crucial engagement factors that retain employees within your organisation. Hiring the wrong person costs the average Australian employer $30,000 – don’t let this be you. And there’s more—we’re looking for an enthusiastic student ready to embark on a transformative internship with us. Apply now and join our team.

  1. WEEKLY INSIGHT

A job ad tells you 5% about a candidate; stop guessing and start knowing uncover the remaining 95% using the marvinHR Scout Survey.

A resume provides only a superficial glimpse into an applicant’s life, revealing merely 5% of their journey. Recognising this limitation, the co-founders at marvinHR introduced an innovative solution in 2014, the Scout Survey. This unique tool is designed to uncover the WHOLE HUMAN BEING (the remaining 95%) behind an application. It used mixed-methods research methods (qualitative and quantitative data) to uncover 30 insights into a job seeker, which is grouped into five dimensions.

A notable aspect of the Scout is its exploration of the fifth dimension, which encompasses six engagement factors (VOICE, CHOICE, LEARNING, LEGACY, RECOGNITION, & REWARD); each factor will vary according to an individual’s life circumstances. 

Ever wondered if someone has the desire to speak up and challenge the status quo? The Scout identifies employees with a strong “Voice”. They crave input and want to make a difference. Picture an enthusiastic management consultant, always brainstorming and pushing limits. Next is “Choice.” This dimension is about how people like getting their work done (style of work). Picture a new parent thriving with flexible work arrangements or a remote work setup.

Some people have a on-going thirst for knowledge; The Scout identifies those with a high “Learning” drive. A higher scorer? Consider an IT expert eager to implement AI into your company. However, administrative assistants prefer routine tasks over learning, resulting in lower scores. Do your employees crave purpose and want to make a lasting impact? The Scout helps you identify those with a strong “Legacy” focus. Think of passionate NFP workers or dedicated teachers – these employees are driven by a cause bigger than themselves.

While some professions, like teaching, find joy in the work itself, others crave “Recognition.” The Scout can help you understand this need and implement strategies to acknowledge and appreciate your team. In competitive industries like finance, top performers score high on recognition. They stand out, earning public praise and industry accolades. The last factor to consider is “Reward“—the financial payoff. Take first-time home buyers, for instance; they’re a prime example of individuals tend to want higher salaries. Why? Because they’re saving up for that all-important deposit. Note: In Episode 3 of our podcast (The MarvinHR De-Brief) we extensively explored the concept of ‘Reward’. – watch now! Intriguingly, while salary is the main reason people leave am organisation, research shows it does not play a significant role in their decision to apply for a new position (Burke, 2024).

2. HR/IR & LEADERSHIP

Boomers Out, Balance In: Gen Z Redefines Workplace Priorities

Just a week ago, SEEK unveiled the perspectives of 140,000 Australian job seekers, most interestingly, a new generational change that’s hard to ignore. Previously, the data highlighted how Baby Boomers highly valued legacy and meaningful work, setting the bar for workplace engagement. Now, there’s a new player in the job market: Gen Z. They see a balance between their professional and personal lives as paramount. This is reflected in the data (SEEK 2024), with work-life balance being the number one attraction to new employment.

Additionally, SEEK disclosed 4 other crucial factors that, alongside WLP, constitute the five attractions for Australian job seekers. A captivating job ad can certainly catch job seekers attention, but what truly keeps them content and invested over time is meaningful engagement. That’s where marvinHR Scout Survey comes in as a bridge to deep, authentic engagement. The connection between SEEKS’ attraction factors and Scout’s Engagement Factors is listed below (in order of ‘importance’). Note: Surprisingly, only 3/4 of Australian employees feel engaged at work, trailing just behind the global average and the APAC region’s figures (Mercer 2024). Our marvinHR track record speaks for itself: with retention rates for placed candidates over 30% higher than the industry standard.

  1. CHOICE – Work-life Balance (15.4 per cent importance score)
  2. REWARD – Salary & Compensation (13.9 % )
  3. LEGACY – Working Environment (11.5 % )
  4. RECOGNITION – Management & Management quality (10.1 % )
  5. LEARNING – Career/Development Opportunities (9.4 % )

The new Fair Work Amendment (Right to Disconnect) Bill signals a legislative recognition of the issue. There is a growing need for clearer boundaries between work and personal life in Australia, especially as the ABS in August 2023 found that 30% of Australians report a deterioration in work-life balance over the past five years, a trend directly correlated with increased digital connectivity. Research indicates that Gen Z, profoundly affected by the economic repercussions of the 2008 Global Financial Crisis (GFC) and the COVID-19 pandemic, places a high value on maintaining financial buffers to safeguard against unforeseen events.  According to a study by the Pew Research Center, this trend reflects a broader understanding of economic volatility and a strategic approach to personal finance among younger generations.

3. TEAM DIARY

Want to be 85% more likely to secure a full-time job after graduation? Apply for the new internship opportunity at marvinHR

The MarvinHR team recently took the stage at UWA, offering an engaging workshop that equipped students with the secrets to craft standout resumes and cover letters. Their expertise and practical tips have empowered attendees to tackle the job market confidently. Studies show that work experience is a major factor for employers (65%), even more than academic credentials (21%).

We are offering a unique internship opportunity at marvinHR. Our director, Nick Marvin was the former Managing Director of Perth Wildcats and CEO of Western Force. Further, our co-founder, Saarrah Mathinthiran, is renowned for securing high-level placements. Together they have over two decades of combined experience.

Work alongside our dedicated team to shape your future in HR. You’ll be exposed to diverse clients across sectors like law, sport, real estate, healthcare, and education. See how we help organisations like WestTrac, John Holland, KPMG, Woodside Energy, and Perth Wildcats achieve their HR goals.

We are flexible, key details here:

  • Duration: 150 hours (negotiable) spread over 2-4 months (negotiable)
  • Onsite, 2-3 business days per week (negotiable)
  • Working hours: 8:30 am to 5 pm (with a lunch break – negotiable)
  • Location: Conveniently located at 1122 Hay Street, West Perth (6005).

We encourage applications from passionate individuals interested in learning from the best. Send your email to ella@marvincg.com or saarrah@marvincg.com and take advantage of this exciting opportunity!

4. THE WEEK’S TOP 4 READS

1. What HR needs to know about the 2024 Federal Budget.

2. Microsoft 2024 Work Trends Index finds 75 per cent of Australian business leaders would baulk at taking on a job seeker without AI skills, above the global average of 66 per cent.

3. 4 Resume Mistakes to Avoid When You Don’t Have Much Experience

4. ‘Confused’ worker tries to clarify ‘unclear’ dismissal date

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