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.
