While organizations that operate in Canada fare better than companies in other countries in retaining and attracting employees, still one in four (26%) Canadian employees reports being likely to leave their employer within the next two years.
TORONTO and MONTREAL, Nov. 1, 2016 /CNW Telbec/ - Like their counterparts in the rest of the world, Canadian employers continue to grapple with the challenge of retaining and attracting valuable employees. The results of recent, comprehensive employer and employee surveys conducted by Willis Towers Watson (NASDAQ: WLTW), a leading global advisory, broking and solutions company, show that half of employers have trouble attracting employees in key workforce segments.
The accelerated pace of innovation, shifting demographics and increasing demands for transparency are contributing to profound workplace shifts. Even as these changes are reshaping the workplace, employees in Canada remain focused on the fundamentals such as fair and competitive base pay, opportunities for advancement and job security when deciding to leave or join an organization. However, there is a clear disconnect between employers and employees regarding the value of job security. While employees cite job security among the top three reasons for why they join or leave a company, employers ranked job security as the ninth reason for employees to join a company and as the eighth reason for leaving it.
"Given today's shifting workplace and how technology is disrupting jobs and labor markets, the need for employers to successfully retain and attract the best employees has never been greater" says Sandra McLellan, North American Rewards Practice Leader at Willis Towers Watson. "As top performers and high-potential employees are very well informed and are in high demand, it is imperative for employers to understand them and adapt their programs accordingly in order to compete for the best employees on the market."
Sustainable engagement (the intensity of employees' connection to their organization) of key talent starts with good communication
The studies found that communication and effective supervision are very important to foster a rational, emotional and behavioral attachment to a company. While sustainable engagement pays dividends as it diminishes the turnover risk and boosts the companies' performance, our study showed that only 39% of Canadian companies indicate their employees are highly engaged. Therefore, it is worthwhile for companies to invest in effectiveness at the higher levels of the management hierarchy in order to set an example and lead the way to sustainable engagement by their employees.
An organization's leaders are ultimately accountable for both establishing and maintaining the company's communication strategy. Senior leaders and managers play critical roles in ensuring that the employee experience enables the organization to connect with its employees in a meaningful way. "Employees are looking for more than a job, they expect a personalized work experience aligned with their values and preferences." says France Dufresne, Canadian Rewards, Talent and Communication Business Leader at Willis Towers Watson.
However, The Global Workforce Study reports that less than half of employees say that the senior leadership in their organization has a sincere interest in employee well-being (43%) or that they have trust and confidence in the job being done by the senior leadership of their organization (46%). Only half report that they believe the information they receive from senior leadership.
"Employers stand to realize significant business value by creating work experiences that connect with employees in both traditional and alternative ways. Not only will companies be better equipped to attract new employees, but also they will be better able to keep them highly engaged. By adopting new approaches to the world of work, employers can reduce the value at risk ̶ as fewer employees will have one foot out the door" concludes Dufresne.
About the surveys
The Willis Towers Watson Global Talent Management and Rewards Survey was conducted from April to June 2016 and includes responses from 2,004 companies worldwide, including 88 companies from Canada. The participants represent a wide range of industries and geographic regions.
The Willis Towers Watson Global Workforce Study covers more than 31,000 employees selected from research panels that represent the populations of full-time employees working in large and midsize organizations across a range of industries in 29 markets around the world. It was fielded online during April and May 2016. The Canadian sample includes 1,003 employees and has a margin of error of ±1%.
About Willis Towers Watson
Willis Towers Watson (NASDAQ: WLTW) is a leading global advisory, broking and solutions company that helps clients around the world turn risk into a path for growth. With roots dating to 1828, Willis Towers Watson has 39,000 employees in more than 120 countries. We design and deliver solutions that manage risk, optimize benefits, cultivate talent, and expand the power of capital to protect and strengthen institutions and individuals. Our unique perspective allows us to see the critical intersections between talent, assets and ideas — the dynamic formula that drives business performance. Together, we unlock potential. Learn more at willistowerswatson.com.
SOURCE Willis Towers Watson
Image with caption: "Canadian employers continue to be challenged in keeping and finding key talent (CNW Group/Willis Towers Watson)". Image available at: http://photos.newswire.ca/images/download/20161101_C6139_PHOTO_EN_808395.jpg
For further information: or to schedule an interview with a Willis Towers Watson representative, please contact: Québec: Laurence Therrien, 514-842-2455 ext. 22, [email protected]; Rest of Canada: Allison McLeod, 416-960-2725, [email protected]