According to a recent survey, companies in Canada are worried about high turnover and employee burnout in light of the persistent labour crisis.
More than four out of five businesses are concerned about a competitive labour market, according to a survey commissioned by the Healthcare of Ontario Pension Plan (HOOPP), while nearly two-thirds are concerned about employee productivity.
HOOPP’s vice-president of client services Ivana Zanardo says employers are very worried about employee burnout, as most people have either seen it or experienced it firsthand over the past few years.
According to the poll, companies are especially worried about their workers’ financial hardship as a result of rising interest rates and continuous inflation.
Zanardo said firms are worried about finding replacement workers more difficult than usual in the midst of a tight labour market.
The Canadian labour market was still robust in September despite rising interest rates and continuing inflation, with the unemployment rate falling to 5.2% and the economy adding 21,000 jobs.
More than 75% of businesses expressed concern about staff turnover being too high.
Employers expressed concern about employee burnout at the same rate as they expressed concern about the labour shortage, which is roughly four out of five.
Nearly one in five firms, according to Zanardo, are launching or upgrading retirement benefits this year, which may help with employee morale and retention.
Meanwhile, around half of the employers concerned about employee mental health say they are taking action to address it.
According to the report, employers feel responsibility for offering suitable pension plans, but the majority are concentrating on quick fixes like rising pay over improving benefits as a means of luring and keeping workers.
Steven McCormick, senior vice-president of HOOPP, stated in a release on Thursday that “current inflationary pressures are understandably causing many businesses and workers to prefer cash in hand, even as they acknowledge the short- and long-term importance of retirement benefits.”
Employee fatigue and turnover worries as the labour crisis persists: survey
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