Global Randstad study finds employer loyalty in Canada is on the decline – but it’s not dead if employers pay attention
TORONTO, July 16, 2014 – The days of employees spending years with the same employer before heading into retirement may be a thing of the past in Canada. According to the latest Randstad Workmonitor study, which surveys employees in 33 countries around the world, revealed that although more than half of Canadian employees (56 per cent) state they have the perfect job, 65 per cent report they would leave their employer at any moment in time.
The survey found most Canadians would be willing to leave their employers for more money (75 per cent) or to improve their career opportunities (70 per cent), or if they found a job that was a better match with their educational background (58 per cent).
Globally, the majority of the results are in line with Canada, as 75 per cent of global respondents reported they would leave their employer if they were presented with the opportunity to make more money elsewhere; 69 per cent would change jobs to improve their career opportunities and 59 per cent would make the switch if they found a job that better suited 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 are worth on the market. 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,” says Shannon Young, HR Manager, Randstad Canada.
According to Young, employer loyalty is a very real issue that cannot go ignored, and the consequences of losing top performers can be dire. “Costs are rising, labor is scarce, competition is growing, and employers are being squeezed. In that context, losing good employees can be costly and frustrating. Every departing employee costs an organization money -- a combination of recruiting costs, training time and lost productivity as co-workers and supervisors pitch in during the transition. It’s no question that having a loyal workforce will have a direct impact on business success,” she says.”
So, is employer loyalty dead? Young says the answer is no. “Today’s employees view loyalty as something their employer must earn. To make them want to stay, they’ll need to be treated fairly, have plenty of opportunities to learn and develop, and be given responsibilities and projects that truly match their abilities and ambition,” she says.
While losing top talent is a very real and a growing issue for employers, it is still possible to retain skilled workers in today’s competitive environment, adds Young. “Employers who invest into nurturing employee loyalty, can then reap the benefits of employee loyalty including productivity, quality service, retention and healthy bottom-lines,” she says. “Employers must continually review employee salaries and make sure they are competitive. They must also work to ensure that each individual employee feels challenged and appreciated within the organization. While some employers try to hold on to departing employees with counteroffers, the response it often too late. Employers who are proactive in providing employees with opportunities to grow and develop all year long will have an edge when it comes to retaining their best talent.”
Source: A complete press report, including detailed regional differences, is available on http://www.randstad.com/press-room/research-reports
The Randstad Workmonitor: After the successful introduction of the Workmonitor in the Netherlands in 2003 and more recently in Germany, the survey now covers 33 countries around the world, encompassing Europe, Asia Pacific and the Americas. The Randstad Workmonitor is published four times a year, making both local and global trends in mobility regularly visible over time. The quantitative study is conducted via an online questionnaire among a population aged 18-65, working a minimum of 24 hours a week in a paid job (not self-employed). The minimal sample size is 400 interviews per country, using Survey Sampling International. Research for the second wave of 2014 was conducted from April 16 to May 6, 2014.
About Randstad Canada: Randstad Canada is the Canadian leader for staffing, recruitment and HR Services. As the only fully integrated staffing company in the country, we understand the recruitment needs and demands of employers and job seekers across all levels and industries. Through our insightful knowledge of local markets, employment trends and global network of recruitment experts, we are shaping the Canadian world of work. Visit randstad.ca