What Employees Want
Training: Highlights from the 2007 What’s Working survey of Canadian employees conducted by Mercer show that it’s not just about the money: employees are looking for employers that will provide them with continuous learning to improve their skills. Of the employees with managers who play an active role in their personal career planning and actively encourage them to participate in training opportunities, more than 80% are committed to and satisfied with their jobs, and more than two-thirds plan to stay with the company.
Flexibility and work/life balance: The vast majority of employees feel that they have enough flexibility in their jobs to do what is necessary to provide good service to customers. However, fewer employees report that they receive regular feedback on the quality of their work. More than 60% of employees feel that they are able to maintain a healthy work/life balance in their company.
Career advancement: Canadian employees also place a great deal of importance on career advancement opportunities. Just over half of respondents are confident that they will be able to achieve their long-term career objectives in their present companies. Of those who are confident, nearly 90% are committed to and satisfied with their current employers, and more than 75% plan to stay.
In contrast, of those who are not confident about achieving their long-term goals, less than 40% are committed, less than 25% are satisfied and less than 20% are planning to stay.
Salary and reward incentives: Canadian employees maintain relatively positive views toward their pay and its competitiveness within their industry. They feel that they are paid fairly compared to other employees performing similar jobs in the same company, and they are personally motivated by their company’s incentive compensation plan. This is good news for employees and employers alike, as being paid fairly is one of the top drivers of employee engagement, which, in turn, is a major factor in employee retention.
Employers Step Up
There are many factors besides financial benefits that strongly influence the career decisions of Canadian employees. And according to Mercer’s June 2007 Total Rewards Survey, many employers are responding to this shift in mentality. Over half of employers plan to boost their investment in career development and management, and just under half will be spending more on training. One-third of employers are investing in non-cash rewards such as peer recognition and service awards. And one-third are investing in work/life balance initiatives, such as offering flexible scheduling and work locations.
Where will the war for talent be won? Employers that understand and invest in the areas that current and prospective employees strongly value will have the advantage in attracting, optimizing and keeping key talent. And employers that embrace a holistic approach to rewards—including cash, non-cash, pensions and benefits plans, along with other key drivers of employee engagement—will be even further ahead of the game.
Iain Morris is a principal, Human Capital, with Mercer in Toronto. iain.morris@mercer.com
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