'Many workers have confidence in the job market despite news of layoffs and a slowdown in hiring'
Negative economic winds are expected next year and for employers focused on retention, turbulent times are ahead.
Fifty per cent of workers surveyed by Robert Half plan to look for a new job in 2023, and higher wages is the top driver for 62 per cent of those who said they want to leave their current employers.
“Many Canadian workers continue to have confidence in the job market despite news of layoffs and a slowdown in hiring,” says David King, senior managing director, Robert Half, Canada and South America.
The survey of more than 1,100 workers between Oct. 17 and Nov. 7 found that the level of job dissatisfaction rose from 31 per cent in survey done six months ago.
Other reasons for leaving were better benefits being offered (39 per cent), more room to grow careers (30 per cent) and the all-important role of flexibility, that was cited by 27 per cent of respondents.
“Professionals with in-demand skills know they have leverage given the talent shortage, and are open to new opportunities that offer more fulfilling work, a higher salary, and improved perks and benefits,” says King.
The lack of a higher pay package was seen as a big reasons for the trend of “quiet quitting,” according to another survey.
Who wants to leave?
When the survey broke down who were hoping for greener pastures, it included:
- 61 per cent of workers who have been with the current organization for two to four years
- 57 per cent of technology employees
- 56 per cent of gen Z and millennials
- 55 per cent of working parents
“While we don’t know what the future holds as the labour market continues to evolve, prioritizing employee wellbeing, engagement and recognition will always be critical to attracting and retaining valued talent,” says King.
Employee turnover continues to be a big problem for many employers resulting in a coast of about $41,000 each year per employee, according to another study.