Retaining top employees and building a loyal workforce

Making sure your staff wants to stay with you for years to come requires planning and follow-through. Here are some key elements to consider:

• Generous employee benefits: Offering extra benefits such as fertility support, elder care, and life insurance can make the difference when it comes to keeping your employees.
• Group retirement plans and RRSPs: Helping employees save for retirement and achieve long-term financial security is a great way to stand out.
• Benefit packages: Most organizations offer some form of refunds for dental care, massage therapy, psychotherapy, and other health-related services, but the more significant the package, the better.
• Competitive time-off programs: Labour legislation dictates the minimum amount of vacation due to employees, but offering more is a tantalizing incentive. Time off in the form of personal and wellness days and paying employees when your business is closed for the holidays is a valuable strategy.
• Discounts and refunds: Discounts on specific products and services, or reimbursements for certain expenses. Offering to cover certain meal, online workout, ergonomic home office equipment, cellphone, and public transit costs can go a long way.
• All-round autonomy: Flexibility in the workplace is no longer just about remote work. Offering employees more control over their hours, benefits, and leave policies is increasingly valued by younger generations, especially Gen Z.

Taking time to think about your business’ values, then making decisions that align with those priorities, will help bolster your company culture.

• Foster a culture of open communication: It’s vital to create a work environment that allows your employees to be heard. Keep the conversation going with tools such as surveys and commit to make adjustments based on that feedback. It’s also important to encourage employees to share their experience on platforms such as Glassdoor and Indeed.
• Build team camaraderie and connection: Organize activities that allow your employees to bond, whether through team dinners, volunteer days, or activities like escape rooms.
• Create a culture of recognition and appreciation: Awards programs and mentions at town halls and in company communications are ways to recognize employee contributions. Don’t neglect the impact of celebrating wins peer-to-peer (and not just from the top down).
• Establish a safe and supportive space: Offering your employees a safe and supportive workplace is essential. Being able to share concerns, questions, and ideas without fear of judgment can boost worker well-being and performance.
• Embrace innovation: Integrating AI into business operations is generally perceived positively by young professionals.

Ample vacation time, retirement savings plans and other financial benefits can help you attract top talent. According to global advisory company Gartner, some key factors for Gen Z staff include respect for employees, work-life balance and workplace location.

• Flexible work arrangements: A robust remote work policy is one of the best methods for attracting employees who became accustomed to working from home or other out-of-office locations over the past few years.
• Flextime: Being able to organize their own schedule can help employees balance work with life commitments, including childcare and eldercare.
• Address burnout proactively: Open and supportive communication around mental health, professional boundaries, and work-life integration shows respect and will ideally allow both employer and employee to avoid cases of burnout.

Employees thrive when they’re provided with the opportunity to grow within an organization. Here are steps to take so your workforce can continue to improve:

• Provide continuous learning opportunities: Investing in individual employees’ interests and skill sets pays off for both them and you.
• Create clear career pathways: Assisting employees in building a personalized path for their career proves that you’re invested in their growth and their future.
• Implement mentorship and coaching programs: Providing resources for these programs proves that your business is serious about supporting staff and helping them develop the capabilities necessary to achieve their goals. 
• Develop goal setting and performance management: Setting goals, monitoring progress, and maintaining motivation with care and diligence is another way to establish how serious your company is about employee retention.  

Your managers need to feel like they have your trust. This can be achieved by giving them the necessary autonomy to lead their teams, make decisions, and communicate without running every step by you. This approach has the added benefit of strengthening the bond and loyalty between your managers and their staff.

There are many financial, operational and cultural costs associated with high staff turnover. For example, when a longtime employee departs, so too does their knowledge of the business. Needing to retrain someone who must then accrue that lost knowledge takes time and money. On the consumer front, a stable and knowledgeable workforce improves customer satisfaction.  

A failure to retain workers usually involves several factors. Employees might leave because of meager benefits, a lack of opportunities for growth or weakened company culture. Learning how to be a better employer will help you with your current employees and those you’re hoping to attract. Setting up and implementing retention measures will make it easier to recruit new talent and to keep the people you have motivated for years to come.

A satisfied workforce is a crucial part of growing your business. Reach out to one of our financial advisors to find out more.

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