Workmonitor study says employee loyalty is declining
Randstad report warns companies must focus on earning it.
TORONTO — Having trouble keeping key employees? You’re not alone. A global Randstad Workmonitor study finds loyalty to a company is on the decline in Canada, but it’s not dead if employers focus on keeping their people engaged and satisfied.
Randstad Canada’s quarterly Workmonitor study surveyed employees in 33 countries around the world, with more than half of Canadian employees (56%) stating they have the perfect job, but 65% report they would leave their employers at any time.
What would draw them away? Most would leave their employers for more money (75%), to improve career opportunities (70%), or for a job that was a better match with their education backgrounds (58%).
The Toronto-based human resources company says global results are in line with Canada: 75% of respondents would leave for more money; 69% would change jobs to improve their career opportunities and 59% would switch based on suitability to their education.
“We often associate low levels of employer loyalty to Gen Y workers, but today, more and more employees, regardless of age, view themselves as “free agents” who must actively manage their own careers and who know what they’re worth on the market,” says Shannon Young, HR manager at Randstad Canada. “They work on maintaining cutting-edge skills and often don’t feel any remorse about jumping ship if another job offers better pay or more growth opportunity.”
To keep favoured employees, Young says companies must ensure salaries are competitive and that each person feels challenged and appreciated within the organization. This involves treating them fairly, offering plenty of opportunities to learn and develop, and giving them responsibilities and projects that match their abilities and ambition.
Click here for study results.