Two-thirds (67 per cent) of employers say there’s currently a shortage of skilled workers in their industry and 58 per cent anticipate a skilled labour shortage over the next five to 10 years, according to Benefits Canada’s 2024 Future of Work Survey.
To reverse this trend, nearly three-quarters (72 per cent) of employers cited improving skills and training their workforces as their most critical human resources issue. Notably, six in 10 (59 per cent) respondents said they’re providing technical training and soft skills training, as well as training on artificial intelligence.
Read: 71% of Canadian employers feel positive about 2025 hiring outlook: survey
“We’ve certainly experienced increased challenges in recruiting talent,” said Sofia Theodorou (pictured left), chief human experience officer at Securian Canada, during a panel session discussing the survey’s results at the 2024 Future of Work Summit. “We’re certainly investing in upskilling our talent to build the skills needed where we have skill gaps [and] we are definitely wanting to build an enviable culture and employer brand to attract and retain talent.”
The survey found a disconnect between what employers and employees believe should be prioritized when it comes to supporting employee well-being. While employers ranked creating a positive workplace culture as their No. 1 priority, employees said benefits such as health care and retirement savings and/or pension plans should be the top priority.
Theodorou said Securian has prioritized health benefits and retirement savings, along with a focus on inclusion and workplace flexibility, to attract and retain talent.
Read: 70% of Canadian workers say flexibility key to job satisfaction: survey
Also speaking during the panel, Omo Akintan (pictured centre), chief people officer at the University Pension Plan, said a hybrid working arrangement is among the keys to the organization’s talent management. Indeed, the survey found nearly two-thirds of employees said they want flexible or hybrid working arrangements to be their employer’s No. 1 priority in supporting work-life balance.
“Our employees are expected to be in the office two days a week [and], of those two days, one day is a team day,” she said. “The reason there’s a team day is we want people to see the value in coming into the office. We don’t want people to show up in the office and spend their day on [virtual meetings] that they could do at home. That’s pointless for them. The team day is the expectation that people leaders will make it meaningful.”
The UPP also has a work-from-anywhere policy that allows employees to work from anywhere in the world for up to eight weeks a year, she added.
Read: Q&A with the UPP’s Omo Akintan
Among employee respondents, the survey found compensation and salary were the top considerations cited in whether to stay with their current employer. Nearly half (47 per cent) of employers said they’re increasing salaries and/or offering signing and retention bonuses to help their attraction and retention efforts.
During the panel session, Jeff Bastien (pictured right), counsel at Dentons Canada LLP, said there are several considerations for employers when developing salary policies, particularly around former employees claiming for signing or retention bonuses during a notice period.
“Employers can try to get ahead of that by making sure their plans are adapted with clear language that disentitles employees to those incentives after termination in a clear way and that those clauses are brought to their attention so that it takes some of the wind out of those arguments.”
Read more coverage of the 2024 Future of Work Summit.
Download a copy of the 2024 Future of Work Report.