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Providing Flexible Hours and Increased Dental/Health Benefits Seen as Key to Effective Talent Retention in Illinois, Says BMO Harris Bank Study

CHICAGO, IL -- (Marketwired) -- 06/03/14 --


  • When hiring junior employees, skill set, work experience and personality are most sought-after attributes
  • The focus Illinois-based business owners/executives place on skill set is almost twice has high as the national response rate
  • 69 percent of business owners/executives in Illinois 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 business owners and executives in Illinois believe that, other than a salary increase, providing flexible hours (55 percent) and increased dental/health benefits (40 percent) are the most critical tenets to an effective employee retention strategy.

Other strategies seen to be most effective for retaining talented employees in Illinois include:

  • Increased paid vacation time (35 percent)
  • Opportunities for education, training and development (30 percent)
  • Tele-commuting options (25 percent)

"Implementing the right strategies to ensure retention of top talent is very important, and it's not always easy," said Dave Casper, Executive Vice President and Head, Commercial Banking, BMO Harris Bank. "But business owners are making significant progress, adapting their operations to the changing expectations of their employees."

Furthermore, business owners/executives in Illinois that are hiring junior employees look for a variety of attributes when considering their ideal candidate:

  • Skill set (60 percent)
  • Work experience (45 percent)
  • Personality traits (30 percent)

Notably, the focus Illinois-based business owners/executives place on skill set is almost twice has high as the national response rate (34 percent).

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).

Media Contact:
Patrick O'Herlihy
Chicago
patrick.o'[email protected]
(312) 461-6970

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