Employee retention: Facing the flexibility crisis at the forefront of manufacturing. | So Good News
Industry coverage shows that manufacturers are thinking differently about their business and workforce development strategies. Competition to retain qualified talent is fierce and will continue to be fierce in the coming years. About 12 per cent of Canadians plan to leave their jobs in the next 12 months, nearly double the rate in January.
to eliminate supply chain risks; Governments and businesses looking to improve delivery times and improve inventory management are investing in local manufacturing. However, there are not enough skilled and experienced workers to meet the demand, intensifying employers’ efforts to engage and retain them. In a tight qualifying market; Employers who proactively evaluate retention strategies centered on flexibility and financial benefits can outperform their competitors.
By alleviating pressures that underlie and influence employment decisions, employee loyalty can be stimulated. As employee demands increase, production; As in the case of packaging and engineering, work in the workplace can be particularly challenging as a standard.
The Front-Line Flexibility Dilemma
Maintaining a healthy work-life balance is a major stressor for many Canadians. Calls for flexible work accommodations grow louder each year, with some Canadian and US governments pushing to propose “unplugging” policies and four-day workshops. Leaders facing the flexibility crisis on the front lines know that having the ability to provide remote or flexible work options away from essential roles can lead to disconnection and dissatisfaction in the workplace even if employee expectations are not met.
Cultures that support employee health and wellness alleviate another key stressor among Canadians: achieving financial security. A recent survey cited salary and benefits as the most important job feature, maintaining the effectiveness of compensation and creating cost-effective benefits.
Rewarding employees beyond the pay check.
An occupational pension, which provides a lifetime retirement income that protects against inflation, is a differentiator for financially stressed employees. In fact, 71% of workers would prefer a better pension over a higher salary, and 86% of employers who offer pensions say they are saving, It is said to be very important for maintenance and stress reduction.
Once a cornerstone of the employee experience, defined benefit (DB) pensions offset financial stress and anxiety, but remain relevant to today’s workforce, where economic pressures in recent decades have made them more valuable.
- Canadians are concerned about the cost of living affecting their daily expenses (88%) and their ability to save for retirement (85%).
- Seventy per cent of Canadians worry about not saving enough for retirement, with women facing a higher risk of retirement than men.
- Pressures on household finances affect the workplace and raise wages to retain workers; 8.2% of production wages and professional; Employers noted a 9.7% increase in scientific and technical services.
Lifetime careers in manufacturing are highly desirable and rewarding, in part because employees can count on lifetime retirement income, so you don’t have to look too far into the past. Bringing a modern DB pension to the workplace experience helps attract and retain workers, including manufacturers and women and skilled workers, when flexible work arrangements are not an option.
As employers continue to think differently about workplace wellness and total rewards; Organizations should look for more benefits than salary that can solve financial stress. This will align with sector-wide efforts to modernize and overcome the myths of careerism and complacency. How things work: safety; Improve cleanliness and productivity: Increase investments in holistic and financial well-being will demonstrate a continued commitment to developing talent across the full lifespan.