LINDSEY SMITH
VANCOUVER ISLAND – Tired of the endless cycle of hiring and training? By treating retention as a deliberate strategy, you can break free from this costly and time-consuming loop.
In 2018, LinkedIn ranked Canada fourth highest globally for employee turnover, with an average turnover rate of 16%, compared to the worldwide average of 12.8%. Retail, tech, and media sectors are particularly affected.
The hard costs of employee turnover include administrative processing of departures, advertising and recruitment, interviewing and testing candidates, and orientation and training of new hires.
Soft costs, though less visible, also have an impact. Your teams might face reduced productivity from departing employees, less efficiency as supervisors and colleagues fill in, more time spent on training, and a drop in morale.
So, how can you reduce turnover? Try these strategies:
- Hire the Right People: Screen candidates carefully from the start.
- Set the Right Culture: Promote positive mental health and work-life balance.
- Recognition and Rewards: Incentivize high performers.
- Flexible Schedules: Offer flexibility where possible.
- Ongoing Training and Mentorship: Help your team grow.
- Effective Leadership: Have candid discussions about goals and performance.
- Proper Compensation and Benefits: Stay competitive with industry standards.
Focusing on benefits can have a high impact on retention with low cost to the employer. I would love to discuss with you the benefits of adding a Group Savings or Benefits plan. Reach out to me at lindsey.smith@cccu.ca to discuss how Coastal Community can help.
Lindsey Smith CFP, RIS is a Financial Planner with Coastal Community Private Wealth Group* and an Investment Advisor with Aviso Wealth.**
*Coastal Community Private Wealth Group is a division of Coastal Community Financial Management Inc. (CCFMI), offering financial planning, life insurance and investments. CCFMI is a licensed life insurance agency and a wholly-owned subsidiary of Coastal Community Credit Union. All insurance products are subject to the limitations, terms and conditions in the applicable policy or insurance contract in force at the time of purchase or enrollment and applicable legislation. The products sold through Coastal Community Financial Management Inc. are not guaranteed or insured by a deposit insurer.
**Mutual funds and other securities are offered through Aviso Wealth, a division of Aviso Financial Inc. Logo links to https://coastalwealth.ca/group-benefits-programs/
