Most workers would consider changing jobs for better retirement benefits

Salary, health benefits not only important factors: Survey
|hrreporter.com|Last Updated: 08/09/2016

More than three-quarters of employees would consider changing jobs to obtain better retirement benefits, according to a national survey of 862 working Canadians.

About 77 per cent of those surveyed said they may jump ship if another employer offered better retirement benefits, according to the most recent ADP Canada Sentiment Survey.

Employees in B.C. were the most likely to consider changing jobs, as 88 per cent said they would consider making a change if better retirement support was offered by another employer.

Employees in Quebec are were less likely to say they'd consider leaving their current job if they were offered retirement benefits elsewhere (69 per cent) versus the national average (77 per cent).

About 70 per cent of employees of small businesses said they may leave their current job for better retirement benefits, compared with 86 per cent of employees at mod-sized companies (51-500 employees) and 74 per cent of employees at large companies (501 or more employees).

Interestingly, there was no significant difference in willingness among different age groups, with almost 78 per cent of millennial workers saying retirement benefits could potentially motivate a job change.

"These numbers are an indication that employers should pay close attention to what's important to their employees, and to what is being offered by their competitors," said Sooky Lee, Division vice-president and general manager, HR business process outsourcing, at ADP Canada.  

"Most companies track salaries to make sure they are competitive, but many forget about other compensation factors, such as retirement programs. Workers, on the other hand, take a holistic view of what's being offered and, as the survey shows, will make a switch if they see more value in the long term."

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