“With the number of American companies targeting talent, and a playing field levelled by remote work, we’re taking a hard look at what’s in it for the employee and how we can improve their experience”
Cheryl Kerrigan,
BlueCat Networks
“If we truly believe the employee experience is important, we need to take a deep dive into what makes the company attractive to prospective talent”
Diana Godfrey,
Fidelity Investments
In Partnership with
Winning the battle for top talent
What does it take to manage the Great Resignation? Industry experts reveal achievable employment strategies
Read on
Diana Holec
AON Canada
Erin Dick
AON Canada
Chris Taylor
Best Buy Canada
Cheryl Kerrigan
BlueCat Networks
Industry experts
TODAY'S LABOUR market is unlike anything companies have experienced before, and as organizations examine sustainable plans and practices, one thing is clear: the employee value proposition (EVP) is entering uncharted territory.
Unemployment is at an all-time low, while predictions for the future of talent acquisition and retention point toward strategies shaped by more than salary alone to include employee wellness, resilience, and a strong sense of connection.
At a recent roundtable co-hosted by Diana Holec, associate partner in the people advisory human capital practice at AON, and Erin Dick, assistant vice president in wellbeing services at AON, experts from Best Buy Canada, BlueCat Networks, and Fidelity Investments spoke candidly about the challenges they’re facing in today’s rapidly changing landscape, sharing tips, trends, and practical employment strategies.
2022 HRPA Woman of Distinction award-winner Cheryl Kerrigan, chief people officer at Toronto-based BlueCat Networks, a global software company that specializes in network infrastructure for larger organizations, says that while turnover in tech has always been comparatively high, plummeting retention rates are fast becoming a key concern.
“We expect to get three or four years from our people,” Kerrigan says. “What we’ve found over the last two years is that people are leaving after six months. Our attrition rates have doubled.”
Panelists agree the exodus to remote work precipitated by the pandemic led to a decline in employee engagement and company connection. This, coupled with an increase in US interest in skilled, affordable Canadian talent, is presumed to be driving disruptions.
“BlueCat is well known in Toronto,” says Kerrigan. “We are the boutique software company with the cool office – but that’s no longer a draw. With the sheer number of American companies targeting talent, combined with a playing field levelled by remote work, we’re taking a hard look at what’s in it for the employee and how we can improve their experience.”
Today’s top talent is under siege
“It’s a seller’s market in the hot jobs category,” says Chris Taylor, CHRO for Best Buy Canada, a US-owned company headquartered in Vancouver, BC. “Here on the west coast, we are under constant siege from those who want to take our great people.”
A 36-month review of company activity revealed a dramatic increase in turnover across all Best Buy divisions that began midpoint in the pandemic. Attracting and retaining skilled tech talent – especially in a competitive hub like Vancouver – has been especially tough. These conditions led to a full rebuild of the company’s talent process to include what they’re calling “career conversations.” Information gleaned from these discussions revealed gaps in perceived career progressions that Best Buy is now addressing with strategies that help employees visualize their futures with the company.
What’s fuelling attrition?
“When you conduct exit interviews, no one ever says they’re going for a worse job,” says Kerrigan. “We started asking what percentage increases in salary people were being offered. Not to pin things on money alone, but we’re seeing 30, 40, 50 percent increases.”
Though Kerrigan has always hated the term “Cash is king,” this trend has forced her to rethink her position on this. “Now we’re getting ahead of the curve by presenting counter offers and increasing salary reviews. We’re doing a lot more saves and counters than we ever had to.”
Diana Godfrey, senior president of human resources and corporate affairs at fintech Fidelity Investments, says there’s no one-size-fits-all when it comes to stemming the great goodbye. With a firm made up of generations that “run the gamut,” not everyone is in the same place in life or career.
“What an empty-nester needs versus a new employee looking to buy their first house is very different,” she says. “Flexibility, pay, employee support, and career progression are key.”
These insights are borne out by the numbers.
A recent Great Resignation Pulse Survey conducted by AON says the reasons employees are leaving their jobs come down to better career opportunities, better salaries, and better career advancement opportunities, respectively.
But the news isn’t all bad.
Despite reaching levels not seen in years, turnover appears to be stabilizing. In some cases, turnover is being offset by boomerang employees who left in pursuit of higher salaries, only to return to where they felt better off, all things considered.
Upward trends in employee budgets
Employee budgets have ballooned. Kerrigan notes BlueCat is experiencing six- to eight-percent increases, depending on the role, when typically they budget for three percent.
These sky-high budgets have led to creative, more holistic ways of retaining skilled, knowledgeable employees, including a holdoff on backfills, investing in career development opportunities, and focusing on employee wellness.
Godfrey says these budget increases, while necessary right now, are not sustainable.
“The reality is, if you don’t adopt a more holistic employee approach, all you’re doing is feeding market increases and giving
employees more to bargain with. If we truly believe the employee experience is important, we need to take a deep dive into what makes the company attractive to prospective talent.”
Zeroing in on purpose and connection
With remote work options no longer a unique perk, panelists say they’ve looked elsewhere to create high-value employee experiences. At Fidelity, this meant a full in-office makeover to offer collaboration and socialization spaces, touchdown spaces, a yoga room, a games room, a mothers’ room, and gender-neutral washrooms.
Best Buy has implemented meaningful leadership and wellness committees across different districts and territories to accommodate employ needs, reduce stress and anxiety, and prevent burnout.
“Groups of individuals who are passionate about this came together, like an ERG, to build awareness of individual and family benefits programs available to their colleagues,” says Taylor.
The company also vests store leaders with a sense of ownership – “and here’s what’s cool,” he says: “Seventy-five percent of employees now say they would talk about their mental health challenges with their store leaders. This is a huge shift in company culture.”
At BlueCat, where mental health and first aid training ERGs evolved organically well before the pandemic, the uptick in employee benefits programs was so overwhelming it caused the company’s vendor to sound the alarm.
“I told them I wasn’t concerned,” says Kerrigan. “We’re trying to remove the stigma associated with mental health by educating our employees and giving them resources. I’d much rather people get the help they need and feel comfortable using the benefits available to them. That’s what they’re there for.”
Roundtable facilitator Diana Holec notes companies that had foundations in place to bolster well-being pre-pandemic are the ones faring best now.
What does the future hold?
Panelists agree that prioritizing a superior, holistic EVP is crucial. By understanding and meeting employee needs in ways that fuel a sense of belonging, well-being, purpose, and progression, companies can shield themselves against attempted one-upmanship in competitive salary offers.
“It’s going to be about listening and flexibility in any environment,” says Taylor, who notes he’s feeling “cautiously optimistic” about where things are headed.
Canadian Employment Trends, 2022
Top reasons employees are leaving
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Diana has over 20 years of consulting and professional experience in mergers & acquisitions, human capital strategy development, total rewards design & delivery, project management, business development, client relationship management, research, and change management. She is passionate and enthusiastic about providing innovative solutions to clients' people issues in order to improve the success and value of mergers, acquisitions, divestitures, joint ventures, and business transformation initiatives.
associate partner, people advisory human capital, AON Canada
Diana Holec
Erin focuses on guiding clients along their mental health journey through expert consulting and best-in-class solutions. With nearly 20 years of industry experience, Erin is passionate about supporting organizations in their people-focused approach that aims to build a culture of health and resilience, and helps companies sustain even the toughest of times. Her areas of specialty include assessment, strategic planning, leadership practices, and alignment with the National Standard for Psychological Health and Safety.
Assistant vice president, wellbeing solutions, Aon Canada
Erin Dick
Chris oversees the people strategy for more than 11,000 employees across the country, leading HR teams supporting all Best Buy and Best Buy Mobile stores, distribution & service centres, and the corporate headquarters located in Vancouver, BC.
Chief human resources officer, Best Buy Canada
Chris Taylor
Cheryl is responsible for the overall people strategy focusing on attracting, retaining, and inspiring top talent. Cheryl is passionate about creating a culture of employee success where employees feel recognized and valued for the contributions they make.
With over 20 years of experience in global human resources, Cheryl is a seasoned HR executive who began her career as a recruiter focused on discovering exceptional talent. She then moved into several HR leadership roles as the initial HR resource in fast-emerging global technology companies such as Eloqua and Achievers, where she was responsible for building out the HR function.
Cheryl earned her honors bachelor’s degree from the University of Guelph and a postgraduate certificate in human resource management from Seneca College.
Chief people officer, BlueCat Networks
Cheryl Kerrigan
In Partnership with
Fighting for
the customer
What does it take to manage the
Great Resignation? Industry experts reveal achievable employment strategies
Read on
Cheryl Kerrigan
BlueCat Networks
Chris Taylor
Best Buy Canada
Erin Dick
AON Canada
Diana Holec
AON Canada
Industry experts
TODAY'S LABOUR market is unlike anything companies have experienced before, and as organizations examine sustainable plans and practices, one thing is clear: the employee value proposition (EVP) is entering uncharted territory.
Unemployment is at an all-time low, while predictions for the future of talent acquisition and retention point toward strategies shaped by more than salary alone to include employee wellness, resilience, and a strong sense of connection.
At a recent roundtable co-hosted by Diana Holec, associate partner in the people advisory human capital practice at AON, and Erin Dick, assistant vice president in wellbeing services at AON, experts from Best Buy Canada, BlueCat Networks, and Fidelity Investments spoke candidly about the challenges they’re facing in today’s rapidly changing landscape, sharing tips, trends, and practical employment strategies.
In January, MPA held a roundtable discussion with four customer-owned banks: Heritage Bank, Beyond Bank, Teachers Mutual Bank Limited and Bank Australia. We were also joined by two brokers who use mutual banks for their clients’ business: Christopher Lee and David Merison.
As brokers such as these struggle with the greater scrutiny that has following the royal commission, customer-owned banks are stepping up to the plate, providing a service that highlights the value of human interaction. With questions around living expenses forcing a heavier workload on brokers, this personal touch can be vital.
During the roundtable, which took place at Otto restaurant in Sydney, the group discussed the unique value proposition that customer-owned banks offer, particularly with the lack of shareholders they have to cater for. While other
Diana has over 20 years of consulting and professional experience in mergers & acquisitions, human capital strategy development, total rewards design & delivery, project management, business development, client relationship management, research, and change management. She is passionate and enthusiastic about providing innovative solutions to clients' people issues in order to improve the success and value of mergers, acquisitions, divestitures, joint ventures, and business transformation initiatives.
Associate partner, people advisory human capital, AON Canada
Diana Holec
Erin focuses on guiding clients along their mental health journey through expert consulting and best-in-class solutions. With nearly 20 years of industry experience, Erin is passionate about supporting organizations in their people-focused approach that aims to build a culture of health and resilience, and helps companies sustain even the toughest of times. Her areas of specialty include assessment, strategic planning, leadership practices, and alignment with the National Standard for Psychological Health and Safety.
Assistant vice president, wellbeing solutions, Aon Canada
Erin Dick
Chris oversees the people strategy for more than 11,000 employees across the country, leading HR teams supporting all Best Buy and Best Buy Mobile stores, distribution & service centres, and the corporate headquarters located in Vancouver, BC.
Chief human resources officer, Best Buy Canada
Chris Taylor
Cheryl is responsible for the overall people strategy focusing on attracting, retaining, and inspiring top talent. Cheryl is passionate about creating a culture of employee success where employees feel recognized and valued for the contributions they make.
With over 20 years of experience in global human resources, Cheryl is a seasoned HR executive who began her career as a recruiter focused on discovering exceptional talent. She then moved into several HR leadership roles as the initial HR resource in fast-emerging global technology companies such as Eloqua and Achievers, where she was responsible for building out the HR function.
Cheryl earned her honors bachelor’s degree from the University of Guelph and a postgraduate certificate in human resource management from Seneca College.
Chief people officer, BlueCat Networks
Cheryl Kerrigan
In Partnership with
Fighting for
the customer
What does it take to manage the
Great Resignation? Industry experts reveal achievable employment strategies
Read on
Cheryl Kerrigan
BlueCat Networks
Chris Taylor
Best Buy Canada
Erin Dick
AON Canada
Diana Holec
AON Canada
Industry experts
Erin focuses on guiding clients along their mental health journey through expert consulting and best-in-class solutions. With nearly 20 years of industry experience, Erin is passionate about supporting organizations in their people-focused approach that aims to build a culture of health and resilience, and helps companies sustain even the toughest of times. Her areas of specialty include assessment, strategic planning, leadership practices, and alignment with the National Standard for Psychological Health and Safety.
Assistant vice president, wellbeing solutions, Aon Canada
Erin Dick
Chris oversees the people strategy for more than 11,000 employees across the country, leading HR teams supporting all Best Buy and Best Buy Mobile stores, distribution & service centres, and the corporate headquarters located in Vancouver, BC.
Chief human resources officer, Best Buy Canada
Chris Taylor
Cheryl is responsible for the overall people strategy focusing on attracting, retaining, and inspiring top talent. Cheryl is passionate about creating a culture of employee success where employees feel recognized and valued for the contributions they make.
With over 20 years of experience in global human resources, Cheryl is a seasoned HR executive who began her career as a recruiter focused on discovering exceptional talent. She then moved into several HR leadership roles as the initial HR resource in fast-emerging global technology companies such as Eloqua and Achievers, where she was responsible for building out the HR function.
Cheryl earned her honors bachelor’s degree from the University of Guelph and a postgraduate certificate in human resource management from Seneca College.
Chief people officer,
BlueCat Networks
Cheryl Kerrigan
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Diana has over 20 years of consulting and professional experience in mergers & acquisitions, human capital strategy development, total rewards design & delivery, project management, business development, client relationship management, research, and change management. She is passionate and enthusiastic about providing innovative solutions to clients' people issues in order to improve the success and value of mergers, acquisitions, divestitures, joint ventures, and business transformation initiatives.
associate partner, people advisory human capital, AON Canada
Diana Holec
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Diana Godfrey
Fidelity Investments
With over 25 years of industry experience, Diana serves as head of human resources for Fidelity Canada and is a member of Fidelity Investments Canada’s senior executive team. Diana is at the forefront of Fidelity's human resources initiatives, regularly participating in employee award ceremonies, scholarship recipient announcements, and women leadership events.
Before joining Fidelity, Diana was head of human resources for a division of Sandvik Canada Inc., a multi-national engineering company specializing in mining and rock excavation, metal-cutting, and materials technology.
Diana is the honorary chair of the Princess Margaret Hospital’s
The Weekend to Conquer Cancer Walk.
Senior vice president, human resources and corporate affairs, Fidelity Investments
Diana Godfrey
Better career opportunity
Better salary
Better career advancement opportunity
Source: Great Resignation Pulse Survey, AON Canada
2022 EXCELLENCE AWARDEES
visit website
Source: Statistics Canada
of Canadian businesses have plans relating to recruitment, retention, and training
of Canadian businesses plan to increase wages offered to existing employees
60.8%
44.9%
23.7%
of Canadian businesses plan to increase wages offered to new employees
“Seventy-five percent of Best Buy employees now say they would talk about their mental health challenges with their store leaders. This is a huge shift in company culture”
Chris Taylor, Best Buy Canada
Diana Godfrey
Fidelity Investments
With over 25 years of industry experience, Diana serves as head of human resources for Fidelity Canada and is a member of Fidelity Investments Canada’s senior executive team. Diana is at the forefront of Fidelity's human resources initiatives, regularly participating in employee award ceremonies, scholarship recipient announcements, and women leadership events.
Before joining Fidelity, Diana was head of human resources for a division of Sandvik Canada Inc., a multi-national engineering company specializing in mining and rock excavation, metal-cutting, and materials technology.
Diana is the honorary chair of the Princess Margaret Hospital’s The Weekend to Conquer Cancer Walk.
Senior vice president, human resources and corporate affairs, Fidelity Investments
Diana Godfrey
Diana Godfrey
Fidelity Investments
With over 25 years of industry experience, Diana serves as head of human resources for Fidelity Canada and is a member of Fidelity Investments Canada’s senior executive team. Diana is at the forefront of Fidelity's human resources initiatives, regularly participating in employee award ceremonies, scholarship recipient announcements, and women leadership events.
Before joining Fidelity, Diana was head of human resources for a division of Sandvik Canada Inc., a multi-national engineering company specializing in mining and rock excavation, metal-cutting, and materials technology.
Diana is the honorary chair of the Princess Margaret Hospital’s The Weekend to Conquer Cancer Walk.
Senior vice president, human resources and corporate affairs, Fidelity Investments
Diana Godfrey
What’s fuelling attrition?
“When you conduct exit interviews, no one ever says they’re going for a worse job,” says Kerrigan. “We started asking what percentage increases in salary people were being offered. Not to pin things on money alone, but we’re seeing 30, 40, 50 percent increases.”
Though Kerrigan has always hated the term “cash is king,” this trend has forced her to compromise on that long-held conviction. “Now we’re getting ahead of the curve by presenting counter offers and increasing salary reviews. We’re doing a lot more saves and counters than we ever had to.”
Zeroing in on purpose and connection
With remote work options no longer a unique perk, panelists say they’ve looked elsewhere to create high-value employee experiences. At Fidelity, this meant a full in-office makeover to offer collaboration and socialization spaces, touchdown spaces, a yoga room, a games room, a mothers’ room, and gender-neutral washrooms.
Best Buy has implemented meaningful leadership and wellness committees across different districts and territories to accommodate employ needs, reduce stress and anxiety, and prevent burnout.
“Groups of individuals who are passionate about this came together, like an ERG, to build awareness of individual and family benefits programs available to their colleagues,” says Taylor.