A brand new survey says Canadian employers are concerned about worker burnout and excessive turnover amid the continuing labour scarcity.
The survey commissioned by the Healthcare of Ontario Pension Plan (HOOPP) discovered that greater than 4 in 5 employers are fearful about the aggressive labour market, whereas nearly two-thirds are fearful about worker productiveness.
HOOPP’s vice-president of consumer companies Ivana Zanardo says employers are very fearful about worker burnout, as most individuals have both seen it or skilled it firsthand over the previous few years.
The survey discovered employers are concerned particularly with workers’ monetary stress as rates of interest rise and inflation stays persistent.
Amid a aggressive labour market, Zanardo says employers are additionally concerned they’ll have a more durable time than ordinary changing workers who resolve to depart.
Despite rising rates of interest and protracted inflation, the Canadian labour market was nonetheless robust in September, with the unemployment price falling to five.2 per cent and the economic system including 21,000 jobs.
More than three-quarters of employers stated they’re concerned about excessive turnover amongst their workers. Almost 4 in 5 employers stated they’re fearful about the labour scarcity, and the identical proportion are concerned about worker burnout.
Zanardo says nearly one in 5 employers are introducing or bettering retirement advantages this 12 months, which she says might assist with worker retention and morale.
Meanwhile, round half of the employers concerned about worker psychological well being say they’re taking motion to handle it.
Employers really feel chargeable for offering ample pension plans, the survey discovered, however the majority are specializing in short-term options like elevating pay over bettering advantages as a method of attracting and retaining staff.
“Current inflationary pressures are understandably main many employers and staff to prioritize money in hand, at the same time as they acknowledge the short- and long-term worth of retirement advantages,” stated HOOPP senior vice-president Steven McCormick in a launch Thursday.
This report by The Canadian Press was first revealed Nov. 3, 2022