It is almost impossible to find another thing that is as effective as the skill to retain employees, particularly when there are few employees in the organization. It costs more money to acquire new employees than the cost of retaining the same employees. These measures include โperksโ in addition to wages and or salaries combined with exciting plus potential job features. According to the Conference Board of Canada, such measures enhance the possibility of working remotely and having flexible hours, which can help companies achieve a 70% lower employee turnover.
Employee referral programs can provide quality new talent. Workers are more inclined to introduce candidates who match the organization’s culture. From LinkedIn data analysis, we know that candidates who come via referrals are not only 55% quicker to hire but also have longer tenures compared to other applicants. Enhancing the number of candidates through hiring requires the provision of incentives for employee availability.
Retaining and recruiting employees demands that we offer enticing salaries and a selection of benefits. To cope with rising inflation, Canada saw its average pay per hour soar by 5.2% last year. Added advantages for health, retirement plans, and bonuses can improve your businessโ attractiveness to those searching for jobs.
In times of stress, organizations that are both adaptable and offer support tend to pull in talent and reinforce employee fidelity. Glassdoor found that 77% of individuals who seek jobs take into account a companyโs culture before they apply. By nurturing a calm work environment, paying attention to their achievements, and granting them space to articulate their ideas, there is a chance that both their happiness and retention may improve.
Engaging with colleges and universities allows for the creation of a system that eases business connections to a fresh talent pipeline. Activities geared towards collaboration, alongside applied internships and apprenticeships, give students a platform to develop significant experiential skills and give organizations a way to gauge candidate aptitude. According to the Canadian Apprenticeship Forum, organizations that feature apprenticeship programs hold onto 90% of their apprentices afterwards.
Despite labour shortages in Canada throughout 2024, organizations can meet these challenges by applying strategies that draw in and keep talent while also developing their skills. Institutions can achieve headway in labour matters and sustain market competitiveness through the application of automation, cultivating international talent, and creating flexible work environments that support. With the proper funding for workforce development and technology, businesses can confront workforce issues and take a dominant position in the emerging Canadian economy.
These ten tips will allow businesses to address the longstanding labour shortages in Canada more adequately. Overcoming the forthcoming challenges will rely strongly on the ability to innovate, generate innovative ideas, and ensure the happiness of employees.
