The majority (80 per cent) of Canadian employers said they’re concerned about retaining top talent, with more than a quarter of respondents saying they’re very concerned, according to a new survey by global staffing firm Robert Half International.
The survey, which polled more than 600 senior managers at companies across Canada, found employers’ most cited retention tactics include increasing communication with staff (42 per cent), improving employee recognition programs (40 per cent) and offering professional development (40 per cent).
“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,” said David King, senior district president for Robert Half, in a press release.
“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.”
A separate survey by Robert Half found 33 per cent of employees said they’re planning to look for a new job in the next 12 months. Among those who said they intend to leave their jobs, the top reasons they would stay include a pay raise (51 per cent) and a promotion (18 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,” said King. “Ultimately, professionals will stick close to companies who make an effort to encourage their professional growth, recognize their contributions and actively support their well-being.”