Most Canadian Professionals Expect to be Actively Job Hunting Next Year, Survey Reveals

Most Canadian Professionals Actively Job Hunting for Next Year, Survey Says

Almost 75 per cent of Canadian professionals are seeking new job opportunities due to stagnant pay, according to a recent survey by global recruitment agency Robert Walters Inc. This alarming trend is a clear indication that many employees feel underpaid and undervalued in their current roles.

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Reasons Behind the Job-Hopping Trend

The poll revealed that nearly half of workers are expecting a pay raise from their current employer in the new year, but most are still looking to move jobs anyway. The reason is that many respondents said their expected salary increases will not be as high as they had hoped. With the cost of living still rising, employees find that current modest pay raises do not significantly improve their financial situation.

The Financial Benefits of Job-Hopping

However, the professionals could achieve significant salary increases when they change companies, the survey said. As an example, it mentioned how senior HR professionals saw an average salary increase of 23 per cent after moving to new companies. Financial services professionals saw earnings go up by 20 per cent, while those working in legal, risk and compliance experienced a 17 per cent rise.

Inflation Rate and Its Impact on Financial Stability

Even though the inflation rate has decreased to two per cent, the lingering effects of previous inflationary periods continue to impact financial stability. The survey said that outside of stagnant pay raises, the leading reason professionals want to move is because they feel they are underpaid and undervalued in their current roles.

The Importance of Benefits Packages

With 70 per cent of professionals saying they are currently dissatisfied with their benefits plan, the survey highlighted that many professionals prioritize benefits such as private health insurance, flexible working options, and extended holidays. Employers are investing heavily in these areas to retain talent, with some spending up to 30 per cent of an employee’s total salary on benefits.

Adapting to Changes in the Job Market

Martin Fox, managing director of Robert Walters Canada, emphasized that employers need to adapt to changes in the evolving job market in order to stay competitive. "Professionals are seeking not only higher salaries but also comprehensive compensation packages with robust benefits," he said. Employers must recognize that the landscape has changed and it’s no longer just about the paycheque anymore.

A Shift Towards a Well-Rounded Approach

The finding that moving companies can yield significant pay increases highlights the potential financial benefits of job-hopping, which is becoming more common than ever before. Professionals are leveraging the competitive job market to negotiate better compensation packages, making mobility a strategic move for career advancement.

Conclusion

To stay competitive, employers need to offer more than just financial incentives. A well-rounded approach that includes strong benefits, career development, and a positive work environment is essential. By adapting to changes in the job market, employers can attract and retain top talent, ultimately driving business success.