War for the best business talent heating up fast: Ernst & Young

Firm named among Canada's Top 100 Employers for 2010

TORONTO, Oct. 9 /CNW/ - As the recession eases, Canadian businesses must be ready for a possible exodus of talented employees seeking new opportunities, says Ernst & Young. Just named among Canada's Top 100 Employers for 2010, the professional services firm warns of a new race for talent, saying the competition will be fierce.

"As economic conditions improve, companies could see more of their existing employees wondering if the grass is greener on the other side," says Karen Wensley, Human Resources Director for Ernst & Young. "The market for skilled professionals is about to get hot again, and employers must plan ahead to retain their best people."

Just this summer, Ipsos Reid showed Canadian employees are already becoming less loyal to their employers. The Build a Better Workplace study found 22% of Canadian employees expressed decreased loyalty.

Wensley says businesses that took a short-term view through the recession and focused only on cost cutting could lose valuable talent as the economic tide begins to turn. "Retaining a skilled and experienced team must remain a priority in the months and years ahead. That's how businesses make a difference for their clients, and maintain a competitive edge."

    
    Ernst & Young suggests several key steps to help retain top talent,
    including the following:

    -   Be open and honest in communicating with your team.
    -   Continue to invest in individual development through training,
        experiences, and on the job coaching throughout a downturn.
    -   Find other creative rewards when money for raises or bonuses is short
        - and, above all, recognize people for their contributions and hard
        work.
    -   Focus on making the workplace inclusive - a place where the talents
        of a diverse group of people are developed and leveraged so that
        everyone feels included.

    In addition to Canada's Top 100 Employers for 2010, Ernst & Young has
    also received:

    -   Canada's Best Diversity Employers 2009
    -   Progressive Employers of Canada 2009
    -   Alberta's Best Workplace for Millennials 2009
    -   Ottawa's Employee's Choice Awards 2009
    -   Greater Toronto's Top 75 Employers 2009
    

About Ernst & Young

Ernst & Young is a global leader in assurance, tax, transaction and advisory services. Worldwide, our 144,000 people are united by our shared values and an unwavering commitment to quality. We make a difference by helping our people, our clients and our wider communities achieve their potential. For more information, please visit ey.com/ca.

For further information: To reach a spokesperson, please contact: Amanda Olliver, [email protected], [phone]; Brooke McLachlan, [email protected], [phone]; Marie-Ève Graniero, [email protected], [phone]