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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!

Virtual Trade Show Event for Diversifying Supply Chains & Celebrating Inclusivity

By Employer

This year, the OCC is using its convening power to address the equity gap in business with the Business Diversity Economic Expo, a business to business virtual trade show and networking event, putting a spotlight on businesses which are Black-owned, Indigenous-owned, People of Colour-owned, Women-owned, LGBTQ2+-owned, and businesses owned by People with Disabilities.  The OCC is inviting procurement officers and supply chain leaders from large private sector, public sector and academic institutions to attend and meet with business owners – and we’re excited to share that Career Edge will be exhibiting at the Business Diversity Economic Expo 2020 on October 22, October 28 and November 17! Read More

It’s Time to Stop Celebrating Diversity

By Employer

We need to stop celebrating diversity in the workplace. Yes, you read that right – we need to stop celebrating diversity. Here is why – diversity in the workplace is powerful, influential, engaging…but only if it is being tapped and utilized. If we do not use the skills and perspectives and experiences our diverse teams offer to create better products and services, then our diversity becomes a vanity statistic; a data point that makes us feel better and has no real impact.

So, how can we tap into diversity? Read More

Hiring During a Global Pandemic

By Employer

With the COVID-19 global pandemic, many businesses’ recruitment goals have drastically changed overnight. Some organizations are working through significantly increased demand for their products and services. Others are shifting their business operations to help support other in-demand industries. And most have closed their stores and offices in favor of e-commerce and work-from-home arrangements, prioritizing and urging for digital transformation.

Presented with the challenge of addressing the emerging and urgent business needs, while following social distancing recommendations, having a seamless remote recruitment strategy is more important than ever.

So how do you do it? Read More

RBC employees

RBC Business Client Program Reaches Milestone

By Employer, General

The RBC Associate Employer Program recently reached its 100th hire. Launched in 2012 in partnership with RBC, the program supports RBC’s small- and medium-sized businesses based in the Greater Toronto Region by connecting their clients with skilled newcomers to Canada who fit their employment needs.

In addition to hiring almost 1,000 interns through Career Edge, RBC incentivizes their business clients to share their commitment to launching careers of individuals facing barriers to employment. The award-winning financial institution offers hiring subsidies to clients that hire skilled newcomers through Career Edge paid internships. Read More

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Workplace Health & Safety

By Employer

In the midst of the unofficial flu season, it’s important for employers to maintain a healthy and safe workplace for its employees. Employers have a general obligation to educate employees on up-to-date health and safety regulations and to take every precaution to provide a workplace free of hazards. Beyond abstaining from perfume and cologne, employers need to educate their employees, take precautions, and plan ahead. Read More

Recruitment Trends for 2020

By Employer, General

A new year – and new decade – brings expected change to the recruitment process. Before the conclusion of the 2020s, Gen Z will comprise – by a wide margin – the largest percentage of the candidate pool. So, how will employers evolve their recruitment process to secure and retain top Gen Z talent? In 2019, companies focused on employer branding and candidate relationship management.

In 2020, employers are building people analytics, preparing for an economic recession, and allocating more resources into recruitment than ever before. What hasn’t changed? Candidates still maintain the leverage. They drive the recruitment process. It’s 2020 – the war for talent’s still ongoing, the talent’s younger (“okay, boomer…”), and these are your 2020 recruitment trends! Read More

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Growing Gig Economy: Choice or Circumstance?

By Employer

Approximately 20 to 30 per cent of the Canadian workforce comprises of contingent workers, freelancers, independent contractors, and consultants. The self-employment rate continues to grow as consumers continue to support the sharing of services fueling the gig economy – but is the increase in precarious employment by choice or circumstance? Read More

Generation Z

Generation Z: Looking Ahead

By Employer

Looking ahead to those we characterize for only looking ahead

Our insight into Gen Zs is as broad as how we’ve defined them. Born between the early 1990s to the late 2000s, they comprise approximately one quarter of the population. Most would agree they’ve entered a world much different from ours, but these “post-millennials” aren’t the future – they’re its creators. Gen Zs are redesigning their – and our future. Read More