What is the Secret to Finding and Keeping Talent?

Canada’s Labour Market shows the unemployment rate, as of March 2022, at 5.3%. Overall, jobs increased by 72,500 for an overall 12-month employment gain of 949,600.

It’s no secret that finding and retaining great talent is the leading challenge for employers across Canada. Companies are looking at creative ways to hire and keep employees. While there is not one single solution to creating a happy workforce, there are a number of initiatives being taken that are increasing employee satisfaction and loyalty. We gathered the following three ideas from experts around the world:

1. Raising the Incentive Bar: Robert Half recently released a report on 2022 Hiring and Employment Trends. It highlights several areas where smart businesses are adapting and what job candidates are looking for from their employers. It shows that companies are adding staff across sectors in 2022. 49% of employers are looking to add new permanent positions along with an anticipated 52% increase in contract positions. Like all employers, once they hire the top talent, retention is top of mind. Employers who are ‘Raising the Incentives Bar’ are seeing the results in engagement and loyalty from their employees. Offering remote working options, signing bonuses and increased time off are just some of the actions employers are taking. The report shows that 30% of hires are looking for better benefits and perks in their job searches.
   

2. Ongoing education and training: Training is one of the most important factors in retaining employees and employers are increasingly investing in training and development. Not only does providing training support retention goals, it is also critical in preparing employees for future opportunities and enabling improved performance and productivity. And, it’s good for business! As employers are seeking ways to attract and retain a strong workforce, they recognize the need for training, upskilling and talent development. The 2022 LinkedIn Global Talent Trends Report found that employees believe professional development is the number-one way to improve company culture. This excellent article from the Harvard Business Review, 3 Ways to Boost Retention Through Professional Development, highlights a number of initiatives to help organizations prioritize learning and development in their organization. There are also some great examples!
   

3. Workplace Social Clubs: According to Strategy Collective, specialists in creating people and culture to help businesses grow, every business rises and falls on the quality and engagement of its people. The motto that “a happy worker is a productive one” is a business philosophy that rings very true today, perhaps now more than ever. And disengagement is costly for any business. In studies by the Queens School of Business and by the Gallup Organization, disengaged workers have 37% absenteeism and 60% more errors and defects. More importantly, businesses with highly engaged employees enjoyed 100% more job applications. Workplace Social Clubs are the bread and butter of company culture. Strategy Collective have created this great guide that will help any company create a strong social club that will support engagement and retention strategies for the organization: Workplace Social Clubs.

As workplaces continue to change and develop, many employers are finding more ways to increase engagement and create a productive and positive workforce. Some of the ideas have been in place for a long time, while other solutions come from employee feedback and the changing landscape that employers everywhere are navigating.

To learn more about how BOOM’s fully managed employee and member rewards solution can help you increase employee engagement and help your employees save money, CLICK HERE.

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