A majority (88 per cent) of Canadian employees who are considering changing jobs in the next six months say compensation is the most important reason for the switch, according to a survey by ADP Canada.
The survey, which polled more than 1,500 employees, found some employers have already adjusted their compensation structure to better help with their retention efforts, as more than a quarter (27 per cent) of respondents said they’ve received a non-performance related pay raise in the last six months and more than a third (37 per cent) said these raises were above five per cent.
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Additionally, nearly a quarter (24 per cent) of respondents indicated they’re new to their current role or position. When asked why they’d stay in their current positions, 93 per cent of respondents said it was because they’re happy in their current role and 90 per cent said they’re satisfied with their workplace environment.
“These findings highlight the wide range of factors that play a role in employee retention, most importantly the growing need for job flexibility and competitive compensation,” said Ed Yuen, vice-president of strategy and human resources outsourcing at ADP Canada, in a press release. “While many Canadians find themselves in a new job, employers also need to put the focus on those who stayed in their roles. It’s now time for the ‘Great Recognition’ and to build a culture of appreciation.”