'Compensation is highlighted as the biggest concern that affects turnover'
After experiencing much turnover the past few years, many organizations are looking to stem this tide and are hoping for more stable times.
So what are some of the best ways organizations can manage this ongoing challenge?
Canadian HR Reporter recently heard from Sarah Beech, Canadian CEO of Gallagher’s HR consulting division, who provided useful insights that HR professionals can use.
“We’ve seen this trend for a couple of years now that attraction and retention are still the two highest challenges for employers and when we look at that the underlying factors, compensation is highlighted as the biggest concern that affects turnovers,” says Beech, who was the guest of CHRR Talk podcast “Boosting retention and recruitment with organizational wellbeing.”
Beech provided some highlights of the insurance, risk management and consulting company’s 2023 Organizational Wellbeing Report, which heard from 504 Canadian organizations, representing each province between February and April 2023.
The report showed that while salary remains a top consideration for candidates when making a decision to join, there are some other questions that need to be asked by HR professionals before making an offer.
“What is the culture? What is the overall value proposition or employment proposition to work for your organization? Organizations who are doing this well now really are trying to put pay in the context of everything else that an employer provides for an individual to work. So try illustrating everything that you may offer in something like a total-reward statement, showing someone that pay is one component of the employment deal but not the only part,” says Beech.
Remote work keeps growing in popularity and employers should continue to pay attention to what jobseekers are craving, according to another report.
Become a ‘storyteller’ about the offerings
With this in mind, how can organizations trumpet their own wellbeing benefits as the way to achieve true retention?
It begins with a robust communications program of simple letting employees know what is available on an ongoing basis, not only as part of the onboarding process, according to Beech.
“Benefits and retirement and some of the other things, such as time off with pay for bereavement or for a charity day are often communicated in that first week you get hired. Well, it’s also the same time you’re trying to figure out, does your computer work? How do I log-in from home? Who’s on my team? Who do I report to? What is actually the work I’m supposed to do? And trying to remember what all the great things my company offers me at that same time-frame, they get left by the wayside.”
“Best practices are now becoming: ‘How do you communicate? How do you share? How do you actually become a storyteller around it?”