It's a sign of the times for HR leaders as turnover spikes to new heights
Nearly a quarter of Canadians jumped to a new job in the recent months, revealed an ADP Canada report, bringing a challenge to employers on how to retain their staff amid such competition.
The report revealed that 24% of these workers are new to their current role or position. It comes as a lot of employees have jumped, or are considering jumping to another organisation, for compensation and further career progression.
For Ed Yuen, Vice President, Strategy and HR Outsourcing at ADP Canada, as other employees land new jobs, employers need to look at and appreciate the employees who stayed.
"While many Canadians find themselves in a new job, employers also need to put the focus on those who stayed in their roles. It's now time for the 'Great Recognition' and to build a culture of appreciation," said Yuen in a statement.
The ADP Canada report said that while workplace flexibility remains as a "core priority" for Canadians, 88% of those considering new jobs in the next six months said compensation is their most important determinant.
It will be important to revisit compensation models, suggested the report, to ensure that they remain competitive amid a tight labour market. Aside compensation and flexibility, job satisfaction is also high on employees' list when switching jobs.
Employers can breathe a sigh of relief, however, because 93% of the survey's respondents are happy in their current role, and nine in 10 indicated they are satisfied with their work environment. However, the report also underscored that many of these satisfied employees are new to their roles - and expectations will continue to evolve.
"To retain the best talent, it is important for employers to track the various factors that may impact overall job satisfaction," read the ADP Canada media release.
The report suggested that it is also critical that employers track the factors that may affect job satisfaction by collecting regular feedback and carrying out check-ins to identify employees' priorities, concerns, and needs.
"These findings highlight the wide range of factors that play a role in employee retention, most importantly the growing need for job flexibility and competitive compensation," said Yuen.
