Getting into the heads of employees has always been a challenge, but the past two years have made it even more difficult. Ongoing uncertainty has left employers grappling with how to support (and retain) their current workforces, not to mention bringing in new talent.
Most employers struggle to activate key differentiators in their Employee Value Proposition (EVP), resulting in a ‘race to the middle’. Move beyond benchmarking to identify employees’ most critical unmet needs to uncover the potential value creators in your total rewards.
It’s no secret that employees have more choice than ever – and so it’s more essential to understand what they want, so you can deliver.
Employees from coast to coast – across income levels, ethnicities, age, gender and job seniority – are reprioritizing what’s important to them. Physical and mental wellness are top concerns among workers, more so than factors like career advancement.
At the same time, employers can’t ignore the financial factor. Sufficient pay, plus the ability to make ends meet, address personal debt and retire, are all important to Canadian workers.
Given expected talent shortages, employers should approach these challenges as a marathon – not a sprint. In the near-term, this starts with addressing the supply of talent – how to create a better value proposition to attract new workers and retain existing ones.
A reset in the employee value proposition and effective work design can help you get more from the talent you have, plus bring new perspectives into your workplace.
Get started with aligning the needs of your people with your total rewards strategy.
As employers across Canada contend with the great reckoning, great retirement and great reboot, listening is critical to support your employees.
It’s important not to lose sight of the fact that supporting employees, especially in major moments of disruption, can go a long way. Uncertainty, work-life balance and caregiving duties, among other challenges, will continue and employees expect high levels of flexibility and support.
Remember that your workforce is diverse. What they want will differ and evolve. So, keep listening and keep learning – because your employees are counting on it.
Get our latest perspective to get insights on ways you can attract, retain and engage the talent you need in today’s challenging labour market.