5 Statistics About Turnover in the Canadian Workforce (and What Companies Can Do About It)
Navigating the job market today is a dynamic task. We’re witnessing an upheaval in traditional employment patterns, particularly visible in Canada.
This has been largely fueled by shifts brought about by COVID-19 some recent months ago. For example, the realm of work has seen the emergence of what experts call ‘The Great Resignation’.
In this context, understanding changes in the labor landscape is crucial – both for businesses striving to retain their workforce and for employees considering their career paths.
Let’s delve deeper into essential trends and statistics shaping Canada’s workforce today, starting with ‘The Great Resignation’.
1. The Great Resignation: 50 Percent of Canadians Seeking New Jobs Post-Covid
A major trend shaping Canada’s labor landscape today shows that an estimated 50% of Canadians are planning to seek new jobs post-Covid-19.
Coined as ‘The Great Resignation’, this phenomenon further emphasizes the shift away from what once was considered static employment patterns.
While employee turnover is a typical part of workforce dynamics, the scale and sustained nature of this trend can be concerning for companies, echoing the urgency for robust retention strategies.
2. Turnover Crisis: Over 63% of Canadian Companies Report Decreased Employee Retention
In the backdrop of ‘The Great Resignation’, more than 63% of companies in Canada are facing a dip in employee retention. With an increasing number of employees seeking new jobs, keeping existing talent has become a significant challenge for businesses across various sectors.
Given this scenario, businesses might need to put in strategic efforts to attract and keep talent.
What Canadian Companies Can Do About It
Show appreciation to your employees and that you recognize their achievements
Employee appreciation is no longer just an HR catchphrase—it’s a necessity. Businesses that recognize employees’ hard work foster an environment of respect that reduces turnover.
One way companies could show appreciation is by engaging services such as those offered at ablerecognition.com. These corporate partners provide specially crafted awards and plaques that can be used to highlight employee achievements, making them feel important to the company.
Invest in professional development
Investing in professional development programs for employees not only equips them with new skills but also instills a sense of personal growth. When employees see clear career progression within an organization, they are more likely to stay committed.
Consider flexible work strategies to keep employees engaged and motivated
Finally, embracing flexible work strategies has proved beneficial for many businesses. Whether it’s remote working, flexible hours, or job-sharing initiatives, these strategies can lead to improved work-life balance for employees and ultimately better retention rates.
3. Lower Turnover among Experienced Employees in the Canadian Workforce
Interestingly, it appears that turnover rates lessen with the level of experience and position. If Canadian-based surveys and big data analytics are anything to go by, more experienced employees and those in higher-paid positions tend to remain more loyal to their companies.
This might be due to reasons such as more sophisticated engagement strategies for these employees or a likely correlation between higher job satisfaction and accumulated professional experience.
4. Higher Turnover Rates for Certain Sectors in Canada
Sector-wise, some industries have far higher turnover rates than others in Canada. A recent Turnover Survey from Mercer showed that Retail and wholesale, other Non-Manufacturing, and Health Care Services suffered the most from employee churn in Canada.
Exploring the reasons behind this could help organizations within these sectors adapt their recruitment and retention strategies to mitigate their turnover challenges.
5. The ‘Edge’ of Publicly-Traded Companies in Employment Amid High Turnover
Publicly traded companies seem to fare better in the recruitment game compared to state-run enterprises. The allure of publicly traded companies could be tied to their perceived market success or specific benefits they offer to their employees, such as stock options.
Understanding why these companies have a hiring edge could provide valuable insights for businesses struggling with high employee turnover.
The ‘Great Resignation’ is redefining Canada’s employment landscape. Enhanced employee appreciation, professional growth opportunities, and flexible work strategies are needed in response. By understanding and adapting to these trends, businesses can foster an engaged, loyal workforce in this new era of employment.
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