Monday, July 18, 2022
HomeWealth ManagementYoung Canadians more inclined to switch jobs over work benefits

Young Canadians more inclined to switch jobs over work benefits


These findings are in line with how the workforce is feeling; only 58% of workers rate their mental health as good or excellent, down five points since 2021, while 61% rate their overall well-being as good or excellent, down three points since 2021.

“Given our collective experience since March of 2020, it’s not surprising to see a range of worries and stressors reported by working Canadians,” Julie Gaudry, Head of Group Benefits, RBC Insurance, said. “The knock-on impacts of a tightening labor market have made flexible and tailored employer-provided benefits desired by many – and clearly a draw, particularly for younger generations.”

Additionally, market developments point to the need for improved employee benefits.

The demand for competitive employer-provided benefits is being highlighted by certain other trends in the labour market. Compared to pre-pandemic levels in Canada, there are around 70% more job postings and 6% fewer available workers, creating a “buyer’s market” for people looking for a job move.

Moreover, the Bank of Canada’s Survey of Consumer Expectations found that the possibility of a worker quitting their job willingly is rising as younger Canadians have been reporting lower levels of general well-being, mental health, and physical health year over year since 2019.

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