Offering flexible work hours is the most popular strategy that companies use to hold on to their employees.
BMO Bank of Montreal’s fourth annual Labour Day Survey finds that 76% of companies use flex hours; followed by education, training and development (66%); increased health and dental benefits (36%); increase in paid vacation time (29%); tuition assistance (27%); and telecommuting (25%).
“Canadian business owners share a collective belief and understanding about the importance of hiring, training and maintaining a talented workforce,” says Steve Murphy, head of Canadian commercial banking. “Employees are the most prized and valuable asset an organization possesses. It’s important for business owners to offer strong employee retention programs that can help drive the company’s overall success.”
The report finds that there are differences across company size. Beyond flex hours, large organizations are much more likely to offer various retention promoting strategies.
Nearly all large businesses (96%) offer their employees opportunities for education and special training, compared with 64% of small businesses. Large businesses are twice as likely as small businesses to offer telecommuting to their employees (50% versus 25%, respectively).
There are also regional differences. Companies in British Columbia are most likely to offer flex hours to their employees (82%). And Quebec business owners were the most likely to offer education and training opportunities for their staff (76%), followed by those in Alberta (71%).
Related articles: