Nearly three-quarters of young workers would leave jobs for better benefits: survey

The RBC logo is photographed in Toronto, on Wednesday, May 4, 2022. (THE CANADIAN PRESS/Christopher Katsarov)

Nearly three-quarters of young Canadians would be willing to leave their current job for one with better benefits, according to a new survey from the Royal Bank of Canada.

The RBC survey found 73 per cent of respondents aged 18 to 34, and 69 per cent aged 35 to 44, are significantly more likely to leave their current jobs for another offering what they consider to be better benefits.

"We need to pay particular attention to this younger cohort, which already makes up a significant proportion of the workforce, and continues to grow," Julie Gaudry, RBC Insurance's head of group benefits, said in a news release. "Employers must ensure the right support is available to this younger generation."

The features survey respondents most wanted in their benefits packages were supports for mental health (88 per cent), a health spending account (80 per cent), and options to add additional coverage (79 per cent). More than half of younger respondents meanwhile reported low levels of overall well-being (61 per cent) and a decline in mental health (58 per cent), according to the survey.

"Given our collective experience since March of 2020, it's not surprising to see a range of worries and stressors reported by working Canadians," Gaudry said.

Recent Statistics Canada data showed job vacancies climbed to 957,500 in the first quarter of 2022; the highest quarterly number on record. According to a new Bank of Canada survey, 42 per cent of Canadian businesses are reporting labour shortages, with the food and hotel industries being hardest hit.

RBC says there are now roughly 70 per cent more job postings, and six per cent fewer available workers compared to pre-pandemic levels in Canada, which is creating a "buyer's market" for jobseekers.

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 higher job satisfaction, well-being, physical health, mental health and financial health compared to those without benefits.

"The knock-on impacts of a tightening labour market have made flexible and tailored employer-provided benefits desired by many – and clearly a draw, particularly for younger generations," Gaudry explained. "With heightened competition for talent, it's critical that organizations develop or refine benefits plans as a key component of their offer."