As inflation bites, employers are trying anything to hold on to their top talent
Data released this week found that half of Canadian employers plan on awarding year-end bonuses to their employees, despite the fact that inflation worries have begun to hit organizations. The survey, which addressed 900 senior Canadian managers, highlighted that mass retention is their main concern, and that by awarding bonuses they hope to hold on that much-needed talent.
The ongoing talent shortage is hitting Canada hard, with organizations fighting tooth and nail to lure in new employees. Further data from Robert Half found that 42% of employers have raised their starting salary offers, while 79% who have raised base compensation for new hires have begun adjusting the wages of their current staff.
It’s a dog eat dog world out there – and while it may be tempting to hike up your salaries, in the long-run it could only lead to more inflation concerns. Speaking with HRD, Pedro Antunes, chief economist at The Conference Board of Canada, warned employers against mass salary hikes, suggesting one-off payments instead – something reflected in Robert Half’s report.
But what about employers that simply can’t afford these year-end pay-outs? Well, it’s time to start considering some non-monetary rewards. Robert Half’s survey found that 53% of employees cite “extra paid time off” as the most effective way for employers to show appreciation – without breaking the bank. Another way to show the love this year is through enhancing your wellbeing benefits, specifically around mental health support.
“With mental health and wellness top of mind for workers, companies need to offer benefits and perks to meet their needs,” Sandra Lavoy, regional director at Robert Half Canada, told HRD. “Managers play an important role in directly supporting their teams. If a manager is concerned that someone on their team is struggling, keeping lines of communication open is critical - including conducting regular check-ins to assess how they’re feeling and to help balance priorities. Making sure employees are aware of the mental health resources and benefits available to them is also key to ensuring all relevant options are being shared and utilized.”
How are you showing your staff you care this festive season? Tell us in the comments.
