|By Marketwired .||
|June 3, 2014 02:02 PM EDT||
ST. LOUIS, MO -- (Marketwired) -- 06/03/14 --
- Nearly half (40 percent) of business owners/executives surveyed see flexible hours as critical to employee retention
- When hiring junior employees, skill set, work experience, and personality are the most important attributes sought
- 55 percent of business owners/executives feel that college graduates are either more prepared or equally prepared to enter the workforce today, compared to 20 years ago
BMO Harris Bank released a study today that found that, other than a salary increase, business owners and executives see flexible hours as the most important strategy for retaining talented employees. Providing educational opportunities and health and dental benefits ranked second and third, respectively.
"The study reflects that businesses are looking for ways to retain the top talent in the market," said David Warning, Commercial Banking Managing Director, BMO Harris Bank. "Having a specific employee retention strategy that reflects the needs of the talent pool can be a major contributor to a successful business."
Strategies seen to be most effective for retaining talented employees include:
- Flexible hours (40 percent)
- Education, training and development opportunities (35 percent)
- Increased health and dental benefits (34 percent)
- Increased paid vacation time (29 percent)
Today's College Graduates
The study found that 55 percent of business owners/executives feel that college graduates are either more prepared or equally prepared to enter the workforce today, compared to 20 years age. Furthermore, when it comes to ideal attributes, business owners/executives that are hiring junior employees look for a variety of attributes when considering their ideal candidate:
- Skill set (32 percent)
- Work experience (29 percent)
- Personality traits (29 percent)
- References and recommendations (24 percent)
"It bodes well for college graduates, who generally don't have a lot of experience, that business owners are looking for a broad range of attributes for new hires," added Mr. Warning.
The survey was conducted by Pollara with an online sample of 601 American business owners in November, 2013. A probability sample of this size would be accurate to +/- 4%, 19 times out of 20.
About BMO Harris Bank
BMO Harris Bank provides a broad range of personal banking products and solutions through more than 600 branches and approximately 1,300 ATMs in Illinois, Wisconsin, Indiana, Kansas, Missouri, Minnesota, Nevada, Arizona and Florida. BMO Harris Bank's commercial banking team provides a combination of sector expertise, local knowledge and mid-market focus throughout the U.S. For more information about BMO Harris Bank, go to the company fact sheet. Banking products and services are provided by BMO Harris Bank N.A. and are subject to bank or credit approval. BMO Harris Bank® is a trade name used by BMO Harris Bank N.A. Member FDIC. BMO Harris Bank is part of BMO Financial Group, a North American financial organization with approximately 1,600 branches, and CDN $582 billion in assets (as of April 30, 2014).