The reopening of the economy after COVID has led to many dislocations. From supply chain challenges to high gas prices, Canada has faced a bumpy road back to normal. Meanwhile, companies have also faced the Great Resignation — with a tight labor market driving large numbers of workers to look for other options.
Pay has been the main driver of the Great Resignation. A multi-nation study, including Canada, found that nearly three-fourths of workers (71%) pointed to inadequate pay as their main reason for considering a new job. More than a third planned to seek a raise.
Money is only part of the equation, however. Flexible schedules, better benefits, and overall job satisfaction also play a role. As an employer, you need to juggle these conditions, finding a way to keep your best talent in place. With that in mind, here’s how Canadian companies can avoid the worst effects of the Great Resignation:
Ways to Stay Afloat Amid the Great Resignation
Keep Pay Competitive
Inflation in Canada has increased lately. Wages have risen in response, boosted by a tight labor market. This has given workers more choices about where they can work, contributing to the rise in departures.
Given the dynamic situation, do everything you can to keep up with rising wages. Watch the market and adjust your pay as needed. Also, consider raising your own prices to help pay for the additional costs.
Review Your Benefits Program
Look beyond base pay. In most cases, you’ll have a competitive salary, since this represents the most obvious part of any compensation package. But what about the benefits you offer? Make sure these also fit industry expectations.
Consider Flexible Schedules
The pandemic unlocked new ways of thinking about working hours. Employees got used to a less formal approach to scheduling, from remote working to flexible hours. Even as business starts to return to normal, expect this trend to continue.
One study highlighted in the Wall Street Journal found that 95% of workers wanted flexible hours. Meanwhile, more than three-quarters (78%) desired some say in where they worked. Given this level of popularity, you’ll become a go-to employer if you have the ability to offer some elasticity in this area.
Create Advancement Opportunities
Workers don’t just care about the current moment. They also want positions that fit into their long-term plans. Keep your top talent in place by offering advancement opportunities.
Reward strong performance with raises and bonuses. At the same time, show that you’re willing to promote from within. This will give your best team members more than the next paycheck to work for.
Encourage Open Communication
Talk to your employees about the Great Resignation. Learn what they most want to see from you. At the same time, communicate goals beyond the everyday duties of particular jobs. Foster a deeper relationship with your team by taking steps to do the following:
- Strengthen Culture: Make your workplace inviting and welcoming. By providing a supportive, productive environment, you encourage workers to stay for the long haul.
- Share Your Vision: If your staff members are only sticking with you for a paycheck, they are likely to jump to the next employer at a moment’s notice. However, give them a broader mission and they will become emotionally committed. Share your broader vision, explaining the loftier goals your company is looking to achieve.
- Build Ties Within Your Team: Friendships help keep team members for the long haul. Host social events and encourage connections among coworkers. This team spirit will help boost retention.
The Great Resignation means you need stronger recruiting and retention programs. A top recruiter, like Elby Professional Services, will help you get the most out of your efforts.
Are You Avoiding the Impacts of the Great Resignation?
Contact Elby today to avoid the most devastating impacts of the Great Resignation.
