A striking 74 per cent of Canadian professionals say they’re looking for a new job this year, but only 35 per cent feel “assured” about their prospects, according to a new survey.
The report by recruitment company Robert Walters Canada also shows nearly three quarters of managers would “like to give their employees a pay rise” this month, but 37 per cent have been told by their higher-ups that they don’t have the budget to do so.
Martin Fox, managing director of Robert Walters Canada, said while the number of professionals looking for a new job is a worry for employers, leaving current employment and its routines could prove to be difficult.
Employees are now accustomed to flexible and hybrid work schedules in the aftermath of the pandemic, he said, so the list of must-haves has grown for job seekers.
“When you get down to it, there’s a lot of boxes that need to be ticked for that person to actually make the jump,” Fox said. “So it’s that ‘is the grass greener?’ type of scenario.”
“People have got used to a certain way of life, whether it’s a certain number of days in the office or particular days of the week in the office,” Fox added. “So if we’re talking about defining that prospect, is this new prospect going to allow me to continue the way that I am?”
The survey also found that 39 per cent of managers are “unlikely” to give employees bonuses in 2025, while two-thirds of those that do said the bonuses will be “much less” than what they’d promised their employees at the start of 2024.
In the absence of more compensation, however, employers are increasingly offering mental health support, wellness packages and expanded health and dental benefits in a bid to retain top talent, Fox said.
“These kinds of non-financial rewards,” Fox said, “can significantly impact the employee’s satisfaction and retention.”
Despite the less-than-certain chances of bonuses, 56 per cent of professionals say they’re expecting a pay raise in January, with 43 per cent “also under the assumption that they are still on track for a bonus,” the survey found.
As a result, companies should consciously ensure that their employees have defined career paths to provide growth beyond compensation, Fox added.
“If, for example, you cannot get that pay bump or that bonus right now, ensuring that you’re laying out a clear path for people to, say, get promoted or increase their decision-making responsibility, increase their remit, getting more people to manage,” he said. “All of those things will play into those more creative ways that businesses can retain top talent without increasing compensation.”
Robert Walters’ findings are based on over 3,000 survey responses collected largely from the legal, accounting, finance, law, technology and human resources fields. Respondents came from both small and large firms across Canada and responses to the survey were collected between November and January.
In October, data from the human resources consulting firm Robert Half indicated that one in three professionals would look for other opportunities if they didn’t get a raise, with just over half reporting feeling underpaid in their positions.
Elsewhere, data collected by the Angus Reid Institute for the online estate planning platform Willful in November found that 42 per cent of Canadians felt that they were in a worse financial situation at the end of the year than at the beginning of it.
