'The good news for employers is quality talent is out there and ready to make a move'
Many Canadian workers believe it is time that they move on elsewhere in their professional lives, according to a recent report.
One in three employees are currently actively searching for a new job, reports Express Employment Professionals.
These workers have been at their current company for eight years on average. However, 86 per cent say they have concerns that are driving them to look for a relationship with a new employer.
“The good news for employers is quality talent is out there and ready to make a move if the circumstances are right,” says Bill Stoller, Express Employment International CEO. “But the data shows that, just as in any relationship, employers have to value their employees or risk losing them.”
Forty-two per cent of workers have already started looking or plan to look for a new job in the first half of 2024, according to a previous report from Robert Half.
What are the reasons to quit a job?
Stagnation in their current role is among workers’ main concerns with their current employment, which pushes them to look elsewhere, finds Express’ survey of 509 Canadian adults, conducted from Nov. 9 to 23, 2023.
These concerns include:
- not getting the salary increase they believe is deserved (44 per cent)
- never being promoted (30 per cent)
- a change in team structure (28 per cent)
- a slowdown in work opportunities because of the economy (27 per cent)
- the company reducing workforce due to the economic climate (25 per cent)
Many workers have asked for a raise (41 per cent), and have asked for better benefits (26 per cent) from their current employer in the past year because of an increase in the cost of living.
This is far more common among the youngest age group in the workforce. Nearly half (49 per cent) of Gen Z job seekers asked for a raise compared to only 32 per cent of Boomers. Gen Z job seekers are also much more likely to ask for better benefits (38 per cent) than their Boomer counterparts (12 per cent).
Why are people looking for a new job?
In looking for a new job, 53 per cent of workers are prioritizing better compensation, up from 44% in the first half of 2023.
Other reasons employees are looking for a new job include finding better work/life balance (37 per cent) and better growth opportunities in their current industry (37 per cent).
More than eight in 10 (81 per cent) Canadian professionals are on the hunt for new job opportunities this year, driven by the quest for better pay, according to a previous report from Robert Walters.
Despite these sentiments, 60 per cent of workers believe it will be difficult for them to find a new job in the next few months, finds Express.
That’s because 43 per cent think the number of opportunities in their field has remained stagnant, and 31 pe cent believe there are fewer jobs available compared to a year ago.
Still 63 per cent believe it will take them six months or less to find a job.
How can you improve employee retention?
Here are some strategies to increase employee retention in 2024, shares Beth Kempton, owner and writer at Kempt content, via Upwork:
- Regularly review compensation and benefits offerings.
- Offer access to the latest tools and technology.
- Schedule stay interviews.
- Reward retention and years of service.
- Build strong relationships with employees.
- Provide clear expectations and feedback.
- Foster a sense of purpose and meaning.
- Support diversity, equity, and inclusion (DEI).
