But almost half of employers struggling with recruitment, retention: Report
The COVID-19 pandemic is having a dramatic impact on several key HR benchmarks, according to a report from the Conference Board of Canada.
For one, the overall absence rate for the most recent 12 months stood at 5.1 per cent, the lowest rate in the 21st century.
The rate is a significant drop from seven per cent for 2018-19, 6.7 per cent for 2018-17, 6.6 per cent for 2016-17, 6.4 per cent for 2015-16 and 6.5 per cent for 2014-15.
The number drops even lower to 3.3 per cent for the most recent six months.
“This is not surprising. Many organizations switched to a remote-work arrangement at the onset of the pandemic and there have been extra health and safety measures in place for workplaces that remained open,” says the Conference Board of Canada.
Employee assistance programs (EAP) result in cost savings ranging from about $2,000 to $3,500 per employee, from reductions in work presenteeism (87 per cent of total return) and absenteeism (13 per cent), according to Morneau Shepell.
Also, 55 per cent of organizations are having no difficulty recruiting and retaining talent, with 24 per cent having some trouble recruiting and 20 per cent having difficulty in both recruitment and retention, according to the Conference Board. Just two per cent of organizations are having difficulty just retaining talent.
The 45 per cent for 2019-20 who are having issues with recruiting and retaining talent is a huge drop from 62 per cent for 2018-19, followed by 64 per cent for 2017-18, 57 per cent for 2016-17, 58 per cent for 2015-16 and 59 per cent for 2014-15.
Despite the hardships of the COVID-19 pandemic, recruiting and hiring remain strong in Canada, according to a recent Robert Half survey.
Currently, the top in-demand specializations are IT/technology, management and engineering, according to the Conference Board of Canada.
The voluntary turnover rate also dropped considerably, falling to seven per cent for 2019-20 from 8.9 per cent for 2018-19, 8.1 per cent for 2017-18, 7.1 per cent for 2016-17, 7.8 per cent for 2015-16 and 7.6 per cent for 2014-15.
The rate for the private sector is 7.5 per cent compared with five per cent for the public sector, says the Conference Board.
Forty-four per cent of organizations report decreased turnover since the onset of the COVID-19 pandemic, while 45 per cent say it stayed the same. Only 11 per cent report an increase.
Voluntary turnover stands at 5.2 per cent for those in the trades, service and production level, 3.6 per cent for those in administrative and support services and 4.4 per cent for professionals. The number is 2.5 per cent for those in management and just 1.8 per cent for executives.
Involuntary turnover rates are 3.1 per cent for those in the trades, service and production level, two per cent for those in administrative and support services and 2.6 per cent for professionals. The number is 2.5 per cent for those in management and just 1.5 per cent for executives.
Randstad shared three tips to boost employee satisfaction:
- Conduct regular salary surveys for key roles, and stay up to date about prevailing pay rates. If you are at parity, you probably won’t lose talent for this reason.
- Make sure managers help their employees achieve a clear view of their future with the organization.
- Understanding the stresses that your employees undergo and the sacrifices they make to their personal lives should be a critical undertaking for your organization. By capturing insights on how these demands could potentially force workers to leave, it allows you to develop mitigation plans.