How to Attract and Keep Quality Employees
According to Mercer LLC’s 2023 report, over half of Canadian companies are having trouble hiring and keeping employees. The report also notes that the number of employees leaving voluntarily has gone up from 12.4% in 2022 to 15.5% in 2023. Given that it costs around $30,000 to replace an employee who leaves (as stated by the Human Resources Director), it’s clear that successfully keeping and attracting employees is crucial for a business to thrive.
Recruiting new employees and keeping the ones you have might seem like separate tasks, but they are actually very similar. What makes your current employees want to stay with your company is also what will make new people want to join.
Here are a few things to keep in mind when developing your employee retention and recruiting strategies:
Flexible Work Schedule and Work-Life Balance
Nowadays, people work to live, not the other way around. Can your company offer remote work options or flexible hours?
Competitive Wages
Paying competitive wages can help keep employees and reduce the costs of hiring and training new staff. Higher wages boost employee morale and productivity. Plus, offering a good compensation package makes your job openings more attractive to candidates.
Advancement Opportunities and Professional Development
Even if your business doesn’t have a corporate ladder to climb, you can still help employees grow. Promote from within and invest in professional development to show you value your staff’s growth and potential.
Positive Workplace Culture
Creating a supportive, diverse, and enjoyable work environment encourages employees to stay and also to spread the word. Hiring through employee referrals can be cost-effective and help you find candidates who fit well with your team.
Benefits and Perks
While not every employer can offer medical benefits, there are other ways to support your staff’s wellness. Consider organizing a walking group during work hours, reimbursing gym memberships, or providing perks for healthy behaviors like quitting smoking. You could also offer free office coffee or host staff lunches to celebrate successes.
Job Descriptions
Clear job descriptions help employees understand what is expected of them, serve as a useful guide during performance reviews, and can help in creating effective training programs. When roles are clearly defined and employees receive proper training and support, it can prevent them from feeling overwhelmed by their work. Also, job descriptions are a key part of a job posting. A well thought out one can help potential candidates understand the role and if it would be a good fit for them.
Review and adapt
As employee expectations change and evolve over time, it’s important to reassess your recruitment and retention strategies. One useful method is to conduct exit interviews with employees who are leaving. During these interviews, ask about what made them feel satisfied and fulfilled in their job, as well as what caused them stress or unhappiness. Use this information to adapt your strategies.
Sources:
Mercer LLC, “Workforce Turnover Trends, Can.” September 21, 2023. https://www.imercer.com/articleinsights/workforce-turnover-trends-canada
Human Resources Director, “Canadian Employers expect increased turnover in 2024: report”, February 29, 2024. https://www.hcamag.com/ca/specialization/recruitment/canadian-employers-expect-increased-turnover-in-2024-report/479296
Robert Half. “14 Effective Employee Retention Strategies”, April 17, 2023. https://www.roberthalf.com/us/en/insights/management-tips/effective-employee-retention-strategies