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Workforces Expanding This Year

More than 40 per cent of participating organizations are expanding their overall workforce in 2012 compared to just 27 per cent in 2010, says ‘Mercer's 2012 Attraction and Retention Survey.’ Moreover, fewer organizations today than two years ago are making selected reductions to their workforce (16 per cent versus 25 per cent, respectively). Despite this positive news, more organizations are reporting a decline in employee engagement compared to two years ago (24 per cent versus 13 per cent, respectively). "Employee loyalty has been eroding the past few years due to companies' responses to the economic downturn," says Iain Morris, its human capital business leader. "Actions like layoffs, pay freezes, and limited training opportunities have altered the employment deal for employees, and created uncertainty about what is expected and how they will be rewarded." Cash and non-cash rewards will continue to play an important role in fostering employee engagement and retention in this environment. Approximately 85 per cent of participants in Canada indicated that attracting, hiring, engaging, and retaining the right talent will be of critical importance to their organization in the short term. During times of limited merit budgets, non-cash rewards will play an even greater role in this effort.

Courtesy of Benefits and Pensions Monitor website News Alerts

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