Top retention tacticsThursday September 11, 2014 Written by Brandi Cowen
Flexible hours and education and development top the list of retention strategies Canadian organizations are employing in efforts to hold on to talent.
Flexible work hours (76 per cent) and education, training and development (66 per cent) are the most common tools organizations use to try and keep talented employees on board. Far fewer employers have increased health and dental benefits (36 per cent), increased paid vacation time (29 per cent), offered tuition assistance (27 per cent) or offered telecommuting (25 per cent) to retain their employees.
"Canadian business owners share a collective belief and understanding about the importance of hiring, training and maintaining a talented workforce," said Steve Murphy, head of Canadian commercial banking with BMO Bank of Montreal. "Employees are the most prized and valuable asset an organization possesses. It's important for business owners to offer strong employee retention programs that can help drive the company's overall success."
The report also found that, beyond flex hours, large organizations are much more likely to offer various retention promoting strategies. For example, nearly all large businesses (96 per cent) offer their employees opportunities for education and special training, compared to 64 per cent of small businesses. And large businesses are twice as likely as small businesses to offer telecommuting to their employees (50 per cent versus 25 per cent, respectively)
Companies in British Columbia were most likely to offer flex hours to their employees (82 per cent), while business owners in Quebec were the most likely to offer education and training opportunities for their staff (76 per cent).
From March 7 to 24, 502 Canadian business owners completed a telephone survey conducted by Pollara. The margin of error for this survey is +/- 4.4 per cent, 19 times out of 20. Results have been weighted by region and business size, according to the most recent Census figures, to reflect Canadian businesses.