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Posted By Rowan O'Grady, President, Hays Canada, on Friday, Oct 11, 2013
Retention today needs to be approached differently than recruitment. As soon as someone starts a new job, the items that attracted them to the new role or company in the first place, instantly change in terms of importance. Based on our recent report – Hays Canada inaugural 'What People Wants Guide 2013', surveying over 5,000 professionals across Canada and representing 16 different industry sectors, we learned that what employers may think are driving professionals today isn’t matching up.
Collectively, company reputation, benefits and career progression rank more in terms of importance to professionals decision on whether to accept a job or not, than compensation. Only 45 per cent of Canadian’s decision whether to accept a job is based on compensation alone. Now, when evaluating whether to stay with a company, things change. Compensation accounts for only 40 per cent of Canadian’s decision and things such as company culture and career growth opportunity spike in terms of importance. To effectively retain staff employers need to approach recruitment and retention differently and understand that culture and growth potential have significant influence on ones decision.
An interesting finding also from the survey is what Career Progression actually means to professionals. The results show that Canadian’s actually want new challenges in their day to day as a form of their professional development, more so than moving up the corporate ladder. By offering variety and challenge to your staff roles will help keep them engaged and motivated and may help with your retention rates.
As a final point, compensation, although collectively is ranked as less important, it is still the single most important factor. However, professionals today are willing to risk their base salary for the potential to earn more through performance related bonuses. In fact, nearly 60 per cent of Canadian’s would take a 20 per cent or higher cut to their base salary for the potential to earn more based on performance. By incentivising performance, employers could perhaps see the benefits of a more motivated workforce and increased productivity.
For more information or to request your copy of the 2013 Hays What People Want Guide, email firstname.lastname@example.org