RBC in Oliver was our host business for one of our Network Building Nights and we had a great turnout of new members, regular attendees and several RBC employees. Chris Anjo who joined us from the RBC Group Advantage team shared with us a few of his thoughts and insights on Labour Shortages and what businesses can do to help with employee recruitment and retention.
Chris referenced a report which was put out by Central Okanagan Economic Development Commission: Growing in the Okanagan 2020 Labour Market Outlook. The report encompasses our South Okanagan region as well and has some valuable insight for business owners – it is well worth the read and can be found here. 2020 is a few years away but business owners and managers that we talked to during our Business Walks in October 2015 tell us that the challenges have been here for awhile.
We will be exploring this topic more over the coming months. For now, here are some of Chris's thoughts on the report and the forecasted labour challenges:
Highlights from the June 2014 report from the Central Okanagan Economic Development Commission:
• Employers will require significant numbers of new workers by 2020. An 18% increase
• Current labour force growth will only meet 60% of that need
• The South Okanagan region has additional challenges in that they have the highest % of seasonal workers combined with the oldest workforce of the 3 regions in the report.
My biggest take away is that only 1/3 of employers of the almost 900 surveyed reported having an HR Strategy to deal with their workforce requirement. If you want to get a leg up on your competition, this is one place to start.
Group Savings Trends:
Over the past 10-15 years there was been a move away from structured pension plans (defined contribution, defined benefit) particularly in the private sector. As the labour force becomes more mobile, plans are becoming more flexible and adaptable.
Delivery of benefit programs are also taking on greater scope. We are seeing Health & Wellness Programs and Financial Wellness Programs take shape across numerous companies in North America. Employers are looking for higher engagement and participation in their benefit programs.
How important are benefit programs to employees?
• 92% – important factor in staying with current employer
• 41%- would consider moving for a better benefit package
DId you know that RBC has Group Savings & Financial Wellness Programs? Now may be a good time to explore these programs to help with employee recruitment and retention.
RBC Group Advantage takes a holistic, balanced approach and our plans are all centered around delivering advice to employees. We help employers develop plans that are affordable and reflective of the company culture and values.
We are able to leverage all the resources RBC has across the full enterprise. When a plan is launched we connect every employee with a local accredited Financial Planner or Financial Advisor. The employee is fully engaged in the process as they are getting a full understanding of how their Group savings Plan can help them meet their goals.
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