Nearly three-quarters of young Canadians would be willing to leave their current job for a better job, according to a new survey from the Royal Bank of Canada.
The RBC poll found that 73% of respondents aged 18-34 and 69% aged 35-44 are much more likely to leave their current job for one that offers what they consider to be better benefits.
“We must pay particular attention to this younger cohort, which already represents a significant proportion of the workforce and continues to grow,” said Julie Gaudry, head of benefits for RBC Insurance, in a press release. “Employers need to make sure the right support is available for this younger generation.”
The features survey respondents most wanted in their benefits packages were mental health supports (88%), a health spending account (80%) and options to add additional coverage (79% ). According to the survey, more than half of younger respondents reported low levels of general wellbeing (61%) and deteriorating mental health (58%).
“Given our collective experience since March 2020, it is not surprising to see a range of concerns and stressors reported by Canadian workers,” Gaudry said.
Recent data from Statistics Canada showed the number of vacancies jumped to 957,500 in the first quarter of 2022; the highest quarterly number on record. According to a new Bank of Canada survey, 42% of Canadian businesses are reporting labor shortages, with the food and hospitality sectors hardest hit.
According to RBC, there are now approximately 70% more job openings and 6% fewer workers available than pre-pandemic levels in Canada, creating a “buyer’s market” for job seekers.
Conducted by Ipsos on behalf of RBC Insurance, the online survey of 1,001 working Canadians also found that respondents with employer-provided benefits consistently reported job satisfaction, well-being, superior physical health, mental health, and financial health to those without.
“The impact of a tighter labor market has meant that flexible, personalized employer-provided benefits are desired by many — and clearly appealing, especially to younger generations,” Gaudry explained. “With increased competition for talent, it is critical that organizations develop or refine benefits plans as a key part of their offering.”