'If companies want to retain top talent, don't make assumptions about what employees want'
Four in 10 Canadian employees plan on switching jobs this year, according to new data from Robert Half.
The stat is not good news for many stressed-out employers desperate to hold on to top talent.
“This number, which is higher than a year and 18 months ago, points to more movement in the job market ahead, and companies should be focusing on retaining their top talent right now,” Deborah Bottineau, managing director at Robert Half Canada, tells HRD.
Wages, flexibility and benefits for retention
And why? Much of it comes down to inflation concerns – and perks. The survey found that the top reasons employees are desperate to jump ship are higher pay (55%), better benefits (28%), and more flexible working arrangements (26%).
“With that in mind, there are few key things employers should be doing to retain valued talent,” adds Bottineau.
“Businesses that offer some level of flexibility with where and when employees work will also have a competitive advantage, though there is no one-size-fits-all approach to a flexible work model. Communicating with your team members about their needs and finding ways to provide flexibility while meeting business requirements is key.”
However, it’s not just in the retention stakes that employers are struggling with – hiring is lagging behind too. According to the data, HR leaders are failing at followups.
In applying for a new job, candidates said they'd lose interest and withdraw from consideration due to:
- Poor communication and follow-up from the hiring manager (56%)
- Excessive — or more than three — rounds of interviews (46%)
- Delayed decision-making/lengthy timeline (38%)
"Many employers continue to face challenges with their recruitment efforts", adds David King, senior managing director at Robert Half Canada.
"Ensuring that your company offers competitive pay and benefits, a supportive work culture that promotes employee satisfaction, career growth opportunities, and some level of flexibility, will give your business a large advantage when it comes to attracting and retaining talent."
Retention techniques in the labour crisis
So, how can employers hold on to top talent? While money is important, communication is also a powerful tool. And that begins by asking people what they actually want, according to Angela Champ, SVP of HR at Alpine Building Maintenance.
“The world of work has changed again and, if companies want to retain top talent, my advice would be don't make assumptions about what employees want,” she says.
“Some employees will want more money, but others may be interested in career development, promotional opportunities, or non-monetary benefits such as flexible work arrangements or extra vacation. Ask your employees - don't assume.”
Champ also advises employers to:
- Hold regular career conversations with employees and provide them with feedback to reinforce their strengths and provide recognition for their contributions.
- Offer top talent what they're seeking within the parameters of your broader talent management, career development, learning and development, or compensation programs. And if you don't have those, now is the time to create them.
- Conduct a Flight Risk Assessment on top talent to assess the likelihood of their leaving and coach your managers to act if there is a risk.