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8 Proven Employee Retention Strategies

By Employer

Picture this; your top employee quits out of the blue. You try to keep them, but they got an unmatched offer. 

Now, you have to rely on the remaining staff to take on more responsibility while searching for a replacement. The rest of the team feels overwhelmed, their morale is not the best, and they probably think about leaving.

The good news is that almost two-thirds of employee departures are preventable. 

So before losing another top performer, it’s time to revisit your employee retention strategies to ensure your business provides job satisfaction and employee retention. 

76% of workers want to look for a new job. In 2021, Visier’s research reported that the turnover rate was 25%.

You might be asking, what makes employees stay?

Employee retention should always be a priority—having comprehensive employee retention strategies can play an important role in attracting and retaining employees and reducing turnover and all its costs. Here are some of the ways to do that…

1. Create Professional Development Opportunities

Losing employees due to no or minimal learning or development opportunities is one of the worst kinds of employee turnover.

Because the best employees want to advance in their careers, they are motivated by challenging work and the potential of promotions. Employees who remain stagnant for an extended period are more likely to leave an organization.

94% of employees surveyed by LinkedIn said they’d stay longer at a company if it invested in their professional development. 

Here is how to develop effective learning and growth strategies:

  • Understand the learning preferences of your employees
  • Provide tuition assistance: support your employees by subsidizing their education when possible.
  • Support employees build upon their skills through stretch assignments, cross-training, and seminars.
  • Mentor employees to help them reach their full potential.

2. Ensure that Employees are Appreciated and Recognized

According to one Gallup poll, 66% of employees say they would quit their job if they felt unappreciated. Only 49% of exiting employees said they felt valued by their leaders.

Some managers don’t show gratitude, which leaves employees feeling underappreciated. In fact, employees are more than twice as likely to experience burnout when they feel unappreciated. 

Some managers would make common mistakes when trying to improve recognition, including:

  • Going around at the end of each day to thank everyone on the team one by one
  • Going from never thanking anyone to suddenly thanking everyone for everything
  • Delivering thank-yous followed by a negative comment

Tips to improve employee appreciation

  • Build a culture of recognition by celebrating and rewarding behaviours and going above and beyond.
  • Present the recognition publicly during events or on internal networks that allow you to broadcast a coworker’s accomplishments.
  • Create annual awards where recognized employees are honoured by their peers and senior management.
  • Show recognition and appreciation to employees in other ways (such as bonuses, promotions, more time off, etc.) to demonstrate your respect and appreciation for hard-working team members.

3. Prevent Burnout

A study from Morneau Shepell reported that 40% of managers and 34% of employees suffer from “extreme stress.” Researchers from Harvard and Stanford found that working for long hours increases life expectancy by roughly 20%. 

Burnout from work is experienced by 74% of employees. But overworking employees is a short-term strategy that doesn’t have a lot of long-term gains. Research shows that after a certain point, productivity declines every additional hour. Moreover, overworked employees tend to fall ill more and make expensive mistakes. Not to mention that it hurts job satisfaction over time and affects the company’s recruitment and retention costs.

Actionable strategies to prevent employee burnout

  • Facilitate an open manager-direct dialogue for workers to freely speak about their workload and request the support they need it
  • Encourage workers to take time off
  • Increase headcount or radically prioritize tasks

4. Create Flexible Working Arrangements

After Covid and having to work remotely, employees realized that they could eliminate one of the biggest pain points of the job—commuting into the office, especially when people are working from home, has proven to be as productive as those who remain at the office. 

Employees who are given ample growth and flexibility are 4x less likely to become a retention risk. Employee turnover statistics: 23% of workers have left their job due to a bad commute.

A few actionable strategies to provide flexibility in the workplace include:

  • Provide remote and hybrid options; business leaders should promote remote working and flexible hours, especially if your teamwork in terms of deliverables.
  • Consider conditional flexibility. This means the option to work from the office one to two days a week. Flexible hours allow workers to create a schedule that works for them. 
  • Offer flexibility in how employees work, by giving your team autonomy and eliminating micromanagement.

5. Offer a Fair Compensation

If your employees are putting in the full effort but feel like their pay is not fair or not consistent with the industry benchmarks, they’re likely to entertain offers from another employer who is happy to pay them more.  

A recent Glassdoor investigation found that 45% of employees who resign have done so as they were not satisfied with their salaries.

Competitive pay is more than just the paycheck; it also includes the benefits offered to employees that contribute to their total compensation—bonuses, healthcare coverage, paid parental leave, life/disability insurance, paid time off, and retirement benefits. 

Great benefits make employees feel valued, supported, cared for, and less likely to look elsewhere. 

6. Prioritize EDI 

Diversity, equity, and inclusion have become an expectation in the modern workplace. Managers should always think of ways to make the workplace more inclusive by eliminating bias and barriers to diversity. Leaders need to consider each employee individually and create a work environment that supports everyone’s unique needs. As employees feel seen and included, they’ll have more initiative to stay. In addition to the retention benefits, your business will also reap many other EDI benefits.

7. Communicate Openly 

Create a culture where employees can talk and feel connected enough to do their jobs well. Managers should regularly check in with employees to address issues, answer questions, and discuss future career goals. 

Employees’ insights can also provide you with the tools to take strategic, evidence-based action and improve the employee experience and retention. 

An actionable employee communication plan includes

  • Employee surveys to understand the employee experience, perception, and feedback. 
  • Creating a safe space for your team to share their honest opinion. 
  • Exit interviews and surveys to help leaders understand why employees leave
  • Having two-way feedback where managers can uncover areas of improvement for themselves and grow in their role
  • Getting insights from consultants and coaches to assess the work environment.

8. Enhance the Onboarding Process

Imagine going through an expensive recruiting of a new talent only to lose them within the first two months.

Losing a new employee potentially points to a poor onboarding process. An HR research found that 76% of workplaces aren’t onboarding their new hires properly, while only 47% believed their onboarding program effectively retained new employees.

Actionable tips to improve onboarding

Create a program that’s about integrating new hires into the company culture. Your onboarding process should: 

  • Clarify job expectations
  • Set employees up for success
  • Explain the company’s policies and procedures
  • Outline company culture
  • Introduce the new hire to their team and other teams
  • Give the new employee a chance to ask questions when they arise. 

This process can take up to a year to ensure your employees are fully immersed and comfortable with the organization. A strong onboarding plan can help employees feel connected faster, decreasing their likelihood of second-guessing their decision to join your organization. 

 

While money can retain people, it’s not the only way to retain employees. There is more to keeping employees than just paying more; in many cases, you just may need to pay attention.

Keeping your current employees happy and improving job satisfaction is the smartest employee retention strategy.

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6 Benefits of Diversity Hiring That You May Not Know About

By Employer

Hiring a diverse workforce has become a priority for so many companies worldwide. While it’s still optional for many employers in Canada, some governments worldwide are starting to regulate it.

Some businesses want to attract a diverse group of people to reflect the community, but that’s not the only advantage. Diversity in the workplace has many more benefits than just ticking a box. 

What is EDI or Equity, Diversity, and Inclusion in the Workplace?

Diversity and inclusion hiring provide opportunities for underrepresented groups that wouldn’t otherwise be considered because of biases related to a candidate’s age, race, gender, religion, sexual orientation, or any characteristics unrelated to their job performance.

There is a common misconception that EDI hiring aims to increase workplace diversity for the sake of diversity. The objective of diversity hiring is to identify and reduce potential unconscious biases in screening, shortlisting, and hiring qualified candidates. The long-term goal for EDI hiring is to create a culture of inclusivity and diversity in the workplace to reflect society.

Benefits of Diversity in the Workplace

Diversity recruitment isn’t only the right thing to do, but it’s also the smart thing to do. When a business recruits and retains a diverse pool of people, it benefits the company and its employees. 

Here are some of the benefits that employment diversity could improve your business in the short and long run.

1. Improving Sales 

Diverse companies are more profitable and more likely to achieve long-term growth as an entity when compared to less-diverse counterparts. 

Forbes research has identified that workforce diversity and inclusion create better performance for product development and new markets, while companies with diverse top management reap the benefits of higher earnings and returns on equity.

According to McKinsey’s research, for every 1% increase in diversity, the company should predict a 3% to 9% increase in sales revenue.

2. Decreasing Turnover 

Companies that recruit and retain a diverse workforce have a competitive advantage. 

Many employees prefer companies with diverse workforces because this shows that the company is open, accepting, and free of discrimination. This leads to happier employees who feel loyal to their company and are more likely to stay there for years. 

Decreased turnover rates can also save time and money, improve recruiting efforts and help you get the brightest available talent through your doors.

3. Increasing Creativity

Growing up, living, and working in a different country often gives immigrants to Canada a unique perspective that can enrich your company’s decision-making processes. When you have a wide variety of minds working together to solve a problem or help your company achieve some goals, you get unique and out-of-the-box solutions.

Professors Hong and Page from the University of Michigan showed that groups of diverse problem solvers could outperform groups of high-ability problem solvers.

4. Cultivating a Resilient Workforce 

In today’s ever-changing market, the ability to adapt to sudden and unforeseen events can make or break your business.

Luckily for you, diverse groups of immigrants come with a proven ability to stand in the face of any change. They’ve left their countries, families, and lives as they know them, hustled, and settled in Canada. 

If you want to increase your company’s resilience, these are the kinds of employees you should be hiring.

5. Better Access to Local and International Markets

The Canadian market is so diverse right now, with one in five Canadians identifying as an immigrant. 

Hiring diverse immigrant groups is only natural because it reflects the community. Companies with a diverse staff are better positioned to meet the needs of diverse customer bases. They can also help a company tailor its messages and approach and better connect with different groups in the market.

It doesn’t just work locally; immigrants can be an invaluable asset if your company wants to expand internationally. They can often offer up insights and contacts in their home country and save their employers time and money.

6. Enhancing Corporate Reputation

Inclusive companies that hire a diverse workforce are more likely to be viewed positively in their industry.

Being recognized as an inclusive organization can help your company receive good press and develop a strong employer brand, which will help you improve your reputation. 

Career Edge partners such as RBC, Scotia Bank, TD Bank, Manulife, TTC, and the City of Toronto have been receiving Canada’s Best Diversity Employers award for years. This program recognizes employers across Canada with exceptional workplace diversity and inclusiveness programs.

Want to hire a more diverse workforce? Get in touch with Career Edge today!

Celebrating Black History Month

By General

February 1st marks the start of Black History Month – a time where we celebrate and honour the achievements, stories, and legacy of Black Canadians. We are invited to learn about the contributions Black Canadians and their communities have made and continue to make within our society.

“Coming from a place where there are many ways in which African culture and festivals are celebrated, it is interesting to know that contributions made by people of African descent are recognized and celebrated in Canada as well.”

– Lola Pitan, Talent Specialist, Career Edge
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New Year Resolutions

By General

For many of us, the New Year is a chance to not only reset and reflect on the year that passed, but also to set goals, create milestones, and plan for growth over the next 365 days. Considering the eventful, tumultuous, exhausting (and sometimes confusing) last couple of years, mental health, self-care, and work-life balance has shot-up the resolution lists for a lot of us. As for organizations and employers, taking care of their employees and ensuring a healthy and safe work environment will continue to be the priority for the year to come.

For Career Edge, welcoming the year of 2022 meant continuing our mission of creating meaningful, valuable, transforming, life-changing internship opportunities that empower individuals and launch careers that matter. As an organization, this is what we’re committing to for the year to come: Read More