Over 80 percent of Canadians looking for new job opportunities

Offering a competitive compensation package is key to retaining existing employees and attracting new ones

According to a recent report from recruitment agency Robert Walters, 81 per cent of Canadian professionals are looking for new job opportunities in 2024. What is the driving factor for these employees? Increased compensation.

The report further revealed that 93 per cent would consider leaving their current employer for a salary increase of 10 per cent or more. With the average Canadian seeing a salary increase of 3.6 per cent in 2024, the risk of losing employees is a real concern for many employers.

“The bottom line is Canadians are feeling the pinch of increased costs due to rising inflation,” says Kris Pederson, group benefits broker at Momentum Benefits Inc. “Employers need to ensure that they are providing an attractive compensation package to attract new employees and keep existing ones.”

In fact, the report showed 63 per cent of professionals consider compensation as their top priority in an occupation. Only nine per cent stated that their appreciation for their current employer would keep them at their current occupation, demonstrating a decline in the value of employee loyalty.

“Employee benefits are a key part of any compensation package,” adds Pederson. “These include traditional offerings such as health, dental and life insurance, but employers also need to consider additional ways to support employees, such as mental health support, telehealth options and flexible work schedules. It’s important that employers ask their employees what benefits they value most and get feedback on their current offering.”

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