The Great Resignation is in full swing in Canada, which has seen a labour crunch that shows no sign of slowing. With unemployment under 5 per cent and workers following their hearts and minds to new careers, employers are left scrambling to attract new workers.
A better job, work-life balance, and more money drive a workforce that refuses to remain in stasis following the long isolation of the pandemic.
Compensation and life balance reasons for leaving
With 30 percent of Canadians saying they would jump ship for the right opportunity, you may wonder why they want new jobs.
The main reasons Canadians are looking for new employers rank as follows:
- More money (58 per cent)
- Better chance of advancement (37 per cent)
- Working from home permanently (33 per cent)
The Great Resignation has affected many countries and employers are looking for ways to attract new talent and keep the personnel they already have.
Four ways to incentivize employees to stay
Flexible compensation, clear communication for remote workers, adaptable work arrangements, and great benefits are examples of ways to retain talent.
1. Flexibility in compensation
Compensation is not just about how much you pay. It's also about how convenient you make it for employees to access their earnings. Direct deposit is more convenient than paper checks, for example. Also, allowing employees to deposit into online banks such as PayPal as well as traditional banks expands their options to suit their preferences and needs.
2. Clearly communicate remote work compliance
The work-from-home trend shows no signs of slowing, so make sure all eligible employees know their options. Work-from-home policies reduce overhead and help you retain talent. However, it's important to document expectations to prevent employees from taking advantage of liberal work policies and to help them understand their rights.
3. Flexible work arrangements
Flexible work has changed in nature. It used to stand for occasional mornings or days working outside the office. Now, it means putting employees in the drivers' seats. A hybrid workforce may require office space and digital access so employees can determine their own work format. Fast-changing health, parental responsibilities, and caregiver needs mean workers may also need flexible hours and days.
Does your corporate structure embrace flexible work options that meet the needs of the company and individual employees?
4. Comprehensive benefits package
If you want to retain talent, go beyond offering a decent base salary. People Corporation offers group benefits to help your company create competitive benefits packages. We can help you design benefits that attract and retain great people to your organization.
What mental health support do you offer?
As well as supporting employees' career aspirations and work preferences, give them resources to safeguard their mental health. Although the country has come a long way in overcoming the effects of Covid-19, individuals may still feel the aftermath of mental health challenges.
Currently, many plans require employees to pay for mental health services and seek reimbursement afterward.
Companies that push for direct invoicing to the insurance plan will quickly see the fruit of their labour in talent retention and improved mental health in their workforce.
Do you have an inclusive culture?
The definition of workplace diversity has expanded. Attracting employees of different gender, ethnic, and social backgrounds remains central to an inclusive workplace. However, it's equally important to cultivate inclusivity amongst those who work at home, in the office, or both. Ultimately, this comes down to creating an inclusive culture.
Here are a few tips to help you get started:
- Hold weekly (or daily) meetings that include in-office and remote staff.
- Offer virtual wellness classes employees can attend separately or together (yoga and meditation are great stress busters).
- Include mental health support in your group benefits.
- Provide hybrid, work-from-home, and flexible hours to help employees balance work and home life.
Moving beyond the great resignation
To boost your company's employment rates and retain talent, it's important to nurture your employees. Give them a clear path of success, acknowledge good work, and keep teams tight with virtual and in-person meetings, as appropriate.
We are now moving past the pandemic and, hopefully, closer to more normal times. Yet, what does normal mean in the new workplace?
To help retain talent and sail through the Great Resignation with your staff intact, reach out to People Corporation to align your benefits packages with the needs of your staff.