Economic growth has created a good news-bad news scenario. The good news: Canada’s jobless rate has hit levels not seen since the 1970s. The bad news: that has created “fierce competition” among employers to attract and retain top talent.
Wondering how to boost your recruitment and retention strategy? Gallagher, a global insurance brokerage, risk management and consulting services firm, recommends you focus on key aspects of workplace well-being: physical and emotional, career, financial and organizational.
Gallagher’s 2018 Human Capital Insights Report shares best practices on ways to strengthen the key aspects of workplace well-being and identifies specific strategies that support and engage a multi-generational workforce – strategies that “destination employers” have already implemented.
Physical and emotional well-being. Employees often want to work for an organization that supports their values, personal goals and professional endeavours. Conducting a cultural assessment will allow decision makers to pinpoint existing resources and determine gaps and opportunities. In return for better physical and emotional well-being, employees reward their employers with greater engagement and productivity.
Career well-being. Employers that invest in their employees’ career well-being improve their chances to retain top-performing employees and attract new ones. Cornerstones of career well-being include a thoughtfully-executed professional development strategy, clear career paths, flexible work arrangements and compensation plans aligned with business strategy.
Financial well-being. With Canadians shouldering record amounts of debt and many with inadequate retirement savings, employees are likely to become distracted at work. Providing employees with the right financial education, tools and resources will help reduce their financial stress, resulting in better business outcomes.
Organizational well-being. It’s more important than ever for employers to implement sound organizational well-being and communication strategies and to also measure the impact on employee engagement and retention. Because employers depend on technology to deliver human resources and benefit programs, it’s important to align technology and human capital management strategies to protect against cybersecurity threats and properly address compliance issues.