ADMS 3015 Study Guide - Final Guide: Employee Retention, Environment Of Canada, Employer Branding

• School: York University
• Department: Administrative Studies
• Course: ADMS 3015
• Professor: Marlene Bernholtz

Document Summary

Talent retention in a highly demanding canadian workforce market. Significant workforce shortage has become a reality in canada and the trend will intensify over next several decades. To address the challenge, canadian organizations should implement innovative strategies for workforce retention. Iep students need to develop people management, employee engagement and retention skills to succeed in a fast-paced canadian environment. Employee turnover is estimated to cost 1. 5% of annual salary budget of organizations and include direct separation, replacement and orientation costs, and indirect productivity decrease. Besides, when a business loses employees, it loses competencies, experience and corporate memory . As human capital becomes the most significant resource in canadian fast-paced and highly competitive environment, employee retention becomes an issue, affecting productivity, profitability, and service and product quality. Thus, employee retention programs become significantly important in the canadian market. Not only organizations, but employees view themselves as investors, as they invest their human capital (knowledge, skills and experience) into organizations.