Corporate

WSPS.CA | 2023 HEALTH & SAFETY LEADERSHIP SURVEY WHITE PAPER 11 Employee and employer perspectives seem close enough that having open and collaborative conversations would likely produce positive results in addressing the issue of attraction and retention. In addition to bolstering engagement, having these conversations could save businesses considerable time and money. In How to Retain Talent during Transformation, Deloitte shared the following financial, time, and productivity costs associated with employee departures. 2 Cost per hire $3,976 Cost of first-year orientation and training per hire $3,000 Time to hire: 52 days Time to reach productivity of lost employee: 60 days Total cost of lost productivity $120,900 Fair pay, working with good people and having a supportive manager were the top reasons that employees said they would stay in their current job. When employees find employers who prioritize health and safety and are able to meet these needs, they stay. When asked if they are actively looking for a new job, only 14% of employees in Leading organizations said yes compared to 54% in Start of Journey organizations. On top of that, half of employees working in these organizations said they would stay even if they were offered more money. In the Steelcase article, "How Bank of America is Improving Talent Retention," HR executive April Hicks notes, "The pandemic not only shifted how we think about the company, but also how employees think about balancing work and their personal lives. We know our employees want more flexibility, but during the pandemic, it really shifted to a conversation around personal needs and self care. We already had a strong focus on wellness, but we needed to double down on our employees' physical, emotional and financial wellness. They don't see it as just a moment in time but an ongoing expectation." 3 ATTRACTION AND RETENTION OF STAFF WSPS Consultant, Ayden Robertson says that employers should remember "Employees don't live to work, we work to live. Every individual has unique circumstances that need to be considered and managed. People need the flexibility to manage their work life balance. When employees bring concerns forward leaders need to listen. If they don't feel heard they won't contribute to the conversation. Listening and providing whatever level of accommodation you can at an individual level will help generate buy-in and will show people that you care." TIP "Due to staffing shortages, we are forced to promote workers who show promise but may not have as much experience as a worker as prior to [when] the staffing challenges began." Survey Respondent

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