Eighty per cent of Canadian employers are concerned about holding on to top talent, with more than one-quarter (28 per cent) very concerned, and with good reason — 33 per cent of professionals plan to look for a new job in the next 12 months.
"Turnover can be incredibly costly to businesses, not just in terms of lost time or money, but also through its impact on staff morale, which is why managers need to make retention an ongoing focus," says David King, senior district president at Robert Half. "Rather than scramble to keep valued workers from leaving, a proactive retention strategy will ensure employee engagement and satisfaction remain high, and business priorities stay on track."
The retention tactics most often cited by employers were increasing communication with staff (42 per cent), improving employee recognition programs and offering professional development (each with 40 per cent), found a survey of more than 600 senior managers.
But when workers who said they intend to leave their jobs were asked what would entice them to stay, more money topped the list (51 per cent) followed by a promotion (18 per cent). A new boss came in at seven per cent, found a survey of more than 400 workers.
Enhancing compensation and benefits came in at 36 per cent with employer retention efforts, followed by reimbursement for ongoing education (29 per cent), working with interim staff to prevent burnout (25 per cent) and facilitating mentorship programs (24 per cent).
"While competitive compensation is still crucial, there are a variety of offerings organizations can provide, such as career development opportunities and extra vacation days, to keep employees happy," says King. "Ultimately, professionals will stick close to companies who make an effort to encourage their professional growth, recognize their contributions and actively support their wellbeing."