Canada Employed: Businesses Losing Institutional Knowledge of Retiring Workers 

Canadian companies trying to attract and retain employees need to take note that workers are prioritizing personal fulfillment and work/life balance, and are willing to make sacrifices to do so, according to new data from The Harris Poll commissioned by Express Employment Professionals. 

Canadian hiring decision-makers believe the definition of professional success for employees is advancing in their careers (66%). And to achieve such success, 51% report the only way to do so is to “climb the corporate ladder.” Most job seekers (68%) are aligned on this definition of professional success, with 56% agreeing it can only be done by climbing the corporate ladder. Read more.

Even though three-quarters (75%) of Canadian companies say they’ve had employees retire in the past two years, most do not have mentorship programs (66%), according to a recent survey from The Harris Poll commissioned by Express Employment Professionals. As a result, retiring employees are taking valuable institutional knowledge and experience with them instead of passing it on to their replacements. 

Canadian hiring decision-makers report the top reasons for employee retirement include no longer wanting to work (41%), reaching what they believe to be their retirement age (37%) and feeling they have enough money saved to retire (35%). Read more.