The workforce of an Australian steel production company typically stays in work for ten years despite historically low unemployment, allowing them to pursue careers elsewhere.
Online career coach group CV.io has revealed the top 20 companies listed on the Australian Securities Exchange for employee retention, based on a search of LinkedIn profiles.
They all held staff for at least six years, with energy companies, banks, insurers, a bathroom supplier and some major retailers on the loyalty list.
With unemployment at 3.5 percent, a 48-year low, many employers are struggling to retain staff. Data from the Australian Bureau of Statistics shows that 56 per cent of employees have been employed for less than five years.
But the typical BlueScope employee has been around much longer, with an average stay of nine years and eight months.
This put it far ahead of flying kangaroo airline Qantas, which has an average retention rate of eight years and seven months.
Employees of an Australian steel production company BlueScope typically stay in work for ten years despite historically low unemployment, giving them more career opportunities elsewhere
Qantas has an average retention rate of eight years and seven months (pictured is a crew member on a flight from Sydney to Adelaide)
Bauxite miner Alumina came in third with an average retention rate of eight years and six months, ahead of crate supplier Brambles in fourth place where staff remained for eight years and five months.
Amanda Augustine, a career coach at Resume.io, said these companies were much better at retaining staff during a time of high turnover.
“It is clear from the data that the majority of these companies’ workforces stay with their employers because they really enjoy the work they do and the culture the company has built,” she told Daily Mail Australia.
“It should also be noted that these companies have maintained a level of stability that others have been unable to sustain in recent years.”
Ms. Augustine said employers should provide career paths and work-life balance to retain staff.
“People tend to stay in companies where their aspirations are supported and their labor needs are met,” she said.
“These needs include fair pay, job security, and a work culture that makes them feel valued.
“If companies want to build greater employee loyalty, they need to ask themselves: Do our employees feel they are adequately compensated for their work? Do they feel appreciated?
‘What benefits do we currently offer our employees? Are we meeting their needs and making them feel heard?’
Amanda Augustine, a workplace expert at Resume.io, said these companies did a much better job of retaining staff during a time of high turnover
Telstra ranked fifth with staff typically staying there for seven years and ten months.
Oil and gas producer Santos ranked sixth with an average retention of seven years and 10 months, equal to energy supplier Origin.
Two banks made the top 10 with ANZ and Bendigo and Adelaide Bank both retaining staff for seven years and four months.
Construction and commercial real estate conglomerate Lendlease ranked 10th, holding staff for seven years and two months.
Queensland-based bank and insurer Suncorp was 11th, holding staff for seven years and one month.
Wesfarmers, the parent company of Bunnings and Officeworks, placed 12th, with an average retention of six years and eight months.
Finance and retirement giant AMP was 13th, with staff typically there for six years and seven months.
Trading and fertilizer company Orica came in 14th, detaining employees for six years and six months.
This put it ahead of bathroom supplier Reece Group, which retained staff for six years and five months, equaling furniture, electrical and bedding retailer Harvey Norman.
Woodside, Australia’s largest oil and gas company, came 17th, retaining staff for six years and four months, equaling insurer QBE.
Pharmaceutical company Mesoblast with 19th headcount for six years and two months, with financial investment firm Magellan rounding out the top 20, with an average retention rate of six years and one month.
An Australian HR Institute survey of 603 business leaders found that 43 percent of employers struggled to fill vacancies in the September quarter, up from 47 percent in the June quarter.
Wesfarmers, the parent company of Bunnings (photo of staff member) and Officeworks, placed 12th, with an average retention of six years and eight months
When asked for clarification for the HR industry group, 72 percent cited a lack of suitable candidates, while 45 percent blamed high salary expectations, compared to 37 percent citing competition from rival organizations.
Last year, average employee turnover was 14 percent, up from 12 percent in the year to June, with 23 percent of organizations reporting annual revenue of 20 percent or more.
AHRI chief executive Sarah McCann-Bartlett said Australian companies needed to improve productivity with the workforce they had, with Australia falling behind other developed countries in output per worker.
“It is encouraging that many employers are adopting high-performing working practices, such as flexible working and performance-related pay, to a positive effect,” she said.
“However, it is worrying that fewer people are investing in line management capabilities, which is crucial to better leverage people’s skills to improve productivity.”