Did you know more than half of your team is ready to resign and move onto their next opportunity? Our Salary Guide reveals that 65% of workers are seriously considering leaving their current role, meanwhile 40% of you also told us you’re losing talent to higher pay being offered somewhere else.
The great reset to the world of work has significantly shifted employee expectations, meaning you will need to take a hard look at your retention strategy to keep your staff happy.
WORKERS READY TO RESIGN AND MOVE ONTO THEIR NEXT OPPORTUNITY
More workers are stepping into the driver’s seat and taking matters into their own hands when it comes to their next role. 65% of respondents expressed that they are seriously considering leaving their current role. 62% of employees stated they would leave their role due to lack of career growth. If workers feel their career has stalled, it is likely they will say enough is enough and voluntarily leave their jobs. As workers prepare to explore opportunities, this gives employers a chance to attract new skilled talent.
HIRING INTENT IS HIGH BUT ABILITY TO FILL JOBS ISN’T KEEPING PACE
When employers were asked about their hiring plans, 53% of them said they intend to increase permanent headcount over the next year. This is up by
17% from last year which speaks to how hot the current job market is, and how this is a favorable market for candidates who have more options than ever. Additionally, 38% of employers are also seeking to build their contingent workforce. With candidates in high demand, employers will need to approach recruiting differently in order to keep up in busy market.
EMPLOYERS NEED TO RESET BY LOOKING AT THEIR COMPENSATION AND TRAINING OFFERINGS
Employers are offering significantly higher wages in efforts to entice new candidates. In fact, 40% of employers recognize that they are losing out on talent due to higher pay offered elsewhere. When looking at training, 44%
of employees cited that no training has been initiated by their company to help develop their skills. Since upskilling focuses on helping workers learn future-forward skills, employers can fill open jobs while retaining their current workforce.
THE PANDEMIC HAS BROUGHT MAINTAINING A WORK-LIFE BALANCE MORE INTO THE SPOTLIGHT
The importance of maintaining a healthy work-life balance has been brought out of the shadows and into the spotlight. What employees care about is having their work-life balance supported, for example employers offering flexible work schedules or not contacting staff outside of work hours – however only 53% of employers are taking action in this area. Additionally when it comes to wellbeing initiatives, 59% of employers are encouraging their employees to take vacation time off, yet only 29% of employees care about this.
THE WAVE OF EMPLOYEE RESIGNATION
The effects of the pandemic have been vast and made many people take a second look at what is important to them. The changing expectations have brought about mixed feelings when it comes to their work-life. It is important to understand which factors most affect employee satisfaction so that employers spend their time and energy on programs, processes, and factors that will have a positive impact on satisfaction. Take the time to ask for staff feedback to understand what factors are most important to them such as opportunities to upskill, compensation, benefits or feeling a sense of belonging at work.
Perhaps more concerningly, 65% of respondents are seriously considering leaving their role. Since people are willing to leave, this presents the opportunity for employers to gain new skilled workers on their team, if they can promote themselves as an attractive employer. Employers will also want to rethink the structure of their team to maximize efficiencies and identify any skills gaps that need to be filled.
Chosen excerpts by Job Market Monitor. Read the whole story @ Hays 2022 Canada Salary Guide | Salary trends