Employers need an employee value proposition that goes beyond higher pay. Here are three areas to reexamine when competing for top talent in Canada:
As inflation tightens hiring budgets, many employers are reexamining their retention strategy. But it can be challenging to understand what today’s talent really wants. Ceridian’s 2022 Pulse of Talent surveyed more than 6,800 workers from around the globe and asked what they value from their current employers as well as what would keep them at their current jobs.
The survey found that 60% of Canadian workers are a flight risk, with 21% actively looking for a new role.
There’s no one-size-fits-all solution to employee retention, and it’s clear that pre-pandemic strategies are no longer as effective as they once were. But this is a great opportunity to change your mindset around how you manage your people. Retention goes hand in hand with employee engagement. When employees are engaged at work, they’re more likely to stay.
Here are three key areas employers should consider to boost their employee retention in the long run.
1. Overcome Burnout
One of the top strategies to improve your retention rates is to explore new ways of supporting the well-being of your people. Burnout can present itself in the forms of exhaustion, anxiety, poor sleep, and low engagement and productivity at work. 2022 Pulse of Talent found 84% of Canadian respondents have experienced burnout during the pandemic. When employees have had enough, they could look for a different role that allows them to alleviate this pressure.
The survey also asked employees what actions employers could take to reduce burnout. The top answer was mental health days, according to almost half (47%) of respondents. The close second answer was 42% saying they feel supported by their employer through flexibility.
HR leaders should consider what benefits their organization can offer employees to better support their mental and physical health. Some companies can provide the option of remote or flexible work at least one day a week or a set number of paid days off each year. Providing your workers with these options shows that you care about their well-being.
2. Support Skill Development
In an increasing digital world, it’s clear that people will need new skills as their jobs change. Understanding what these skills are and learning them is another obstacle entirely. What are the main challenges for employees who want to improve their skills? Thirty percent don’t know which skills they need for the future, 29% face time constraints, and 27% say financial resources make it difficult to acquire new skills.
A staggering 8 in 10 Canadian respondents say employers should have all or some responsibility in their skill development. You can stand apart from your competitors by offering training and learning opportunities as part of your value proposition.
Providing innovative training methods can help your employees overcome cost and time commitment barriers, as well as benefits to your business. Upskilling your own workforce helps you build stronger teams, identify internal promotions, and create a clear succession planning strategy.
3. Amplify Diversity, Equity and Inclusion Efforts
Fostering a culture of belonging starts with diversity, equity, and inclusion (DEI). Many organizations have taken big steps in improving DEI in recent years. Fifty-five percent of Canadian workers said their organizations are very or extremely diverse in the 2022 Pulse of Talent survey, and 69% said their organizations are good at fostering a culture of belonging.
More organizations are recognizing the importance of better DEI strategies, but having a plan isn’t always enough. While 50% of Canadian respondents say their employer has a DEI strategy, 22% of those people say they don’t see results reflected in the culture.
This survey made it clear that DEI has a huge impact on employee retention. Nineteen percent of respondents reported that they were looking for work because employee and employer values weren’t aligned.
Sharing employer values is now an important aspect of belonging in the workplace. Measure your progress in DEI initiatives and share those results to clearly communicate that your organization values change.
By paying attention to these three areas, you can present a different employee value proposition to compete for talent beyond pay. The right retention strategy can help you retain your top talent and nurture your workforce resilience for the future.
At Ceridian, we create innovative technology that organizations around the world use to attract, develop, manage, and pay their people. Learn more about Ceridian and read the full 2022 Pulse of Talent report of global insights.
The views and opinions expressed in this blog post belong solely to the original author(s) and do not necessarily represent the views and opinions of CPHR Alberta.