Survey finds many Canadians looking for another job – with benefits
Just because workers are not confident with the job market does not mean that they will not be heading out the door, according to a recent report.
In fact, 74 per cent of Canadian professionals are considering changing jobs, even though they stand to benefit by staying with their current employer, reports Robert Walters.
Employers are looking to make the move even though nearly half (49 per cent) anticipate receiving a pay raise from their current employer in the coming year, and only 35 per cent report optimism about opportunities in their sector.
Employment in Canada is projected to have increased by just 10,000 jobs in November, while the unemployment rate is expected to climb to 6.7 per cent, up from 6.5 per cent in October, according to a previous report from the Royal Bank of Canada (RBC).
Why are people looking for a new job?
Pay stagnation is the number one reason for workers wanting to leave, finds Robert Walters’ survey. And even as inflation rates stabilize at 1.6 per cent, many professionals feel that recent modest salary increases fail to address the lingering financial strain from earlier inflation spikes.
Other reasons that workers want to leave include:
- not enough advancement opportunities (33 per cent)
- a lack of work-life balance (30 per cent)
- inadequate workplace benefits and perks (23 per cent).
In fact, 70 per cent of professionals are currently dissatisfied with their benefits plan.
Overall, 57 per cent of CHROs and 75 per cent of people leaders say they are considering leaving their roles within the next eight to 12 months, according to a previous Blu Ivy Group report.
Pay bumps with new job
Changing employment addresses at least one of these concerns. The survey reveals that senior HR professionals see an average pay rise of 23 per cent when switching companies, while financial services candidates achieve a 20 per cent increase. Legal, risk, and compliance professionals also benefit from an average 17 per cent bump in pay.
A senior total rewards director in Canada should expect to earn anywhere from $174,000 to $226,000 in 2025, according to a previous report from Randstad.
Also, employers are now investing heavily in benefits for employees to retain talent, with some spending up to 30 per cent of an employee’s total salary on benefits, according to Robert Walters.
However, there is often a disparity between the benefits employees receive and what they actually want. And a lack of clear communication surrounding these benefits can lead to underutilization and dissatisfaction.
“Professionals are seeking not only higher salaries but also comprehensive compensation packages with robust benefits,” says Martin Fox, managing director at Robert Walters Canada.
“The job market is evolving, and employers need to adapt to these changes to stay competitive.”
