One-third of Canadian workers are considering looking for a new job in the next few months, and half of them are seeking a better salary, according to a study conducted by the Robert Half global staffing firm.
These are employees who have been in the job for several months, who don’t hate their work, who are not overworked, but who still aspire for better. The job market is favourable, they know that their resume stands out, and they say that they would probably be more successful in another company… There are a lot of employees like this.
“Are you planning to look for another job in the next 12 months?” This is the clear and direct question that Robert Half put to 400 Canadian employees in an online survey. Their answers – 33% affirmative – confirm a well-known trend: employee retention is one of the biggest challenges for today’s managers. It’s a situation not to be taken lightly. More than ever, employers need to step up measures to retain their teams and keep them on board.
Managers know this and are very concerned about it. In a separate survey, 52% said they were “somewhat concerned” and 28% said they were “very concerned” about their company’s ability to retain high-value employees. Only 20% said they were “not at all concerned”.
Money is always the critical factor
The cost of life goes up each year in Canada. Unsurprisingly, employees mostly dream of greater purchasing power or better financial autonomy. According to this Robert Half survey, nothing satisfies an employee more than a raise in pay. So there is no need for managers to focus their efforts on team building activities, designing Zen and playful style work areas, or creatively rearranging tasks. 51% of employees just want “more money”, quite simply.
18% of respondents would be persuaded to stay in their current job if they were offered a promotion, and the others would like more leave or benefits, or a new boss altogether.
Bosses need to try to offer their employees a balance between salary and benefits, according to David King, senior regional president for Robert Half. “While competitive compensation remains essential, there is a variety of offers that companies can propose to keep employees happy, such as opportunities for professional development and extra vacation days. At the end of the day, professionals will not stray far from companies that make efforts to encourage their professional growth and actively support their wellness.”