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October 13, 2021

More Canadians hoping to make job change: study

In this troubling economy people who remain employed are pretty satisfied with their jobs, right?

Apparently not, it seems. The lure of better pay and greater job security is spurring more Canadians to start thinking about changing jobs, according to a new study.

More than one in four workers admitted they’re likely to seek a new job during the next six months.

Among employees who work for organizations where wages have been cut back, this figure jumped to 34 per cent. That's up from 22 per cent who were thinking of making a move at this time last year.

Managers were more likely than rank-and-file workers to be out there looking, with 31 per cent of supervisors contemplating a career change.

“Organizations caught in a tight race for survival can ill-afford wide-spread desertions, especially if the people who are lured away are their best performers,” notes Greg Leach, the study’s author. “While the sudden departure of any single group would derail any organization, it appears that the greatest threat may be the potential loss of managerial talent.”

Asked about their main job-related concerns, 29 per cent of respondents cited compensation, whereas 26 per cent identified poor work-life balance as their principal concern.

When asked if they would stay with their current employer if they were offered a comparable role with higher pay elsewhere, only 22 per cent said they would stay where they were while 31 per cent said they would jump at the opportunity. 46 per cent said it would depend on the size of the pay increase.

Even the best of job opportunities have their downside, however, which means the decision to change jobs should never be made lightly, warns recruiting firm Michael Page.

In many instances, your company won’t want to lose you, particularly in the short-term, and may even make a counteroffer. But as tempting and ego-gratifying as accepting a counteroffer may be, employees who have succumbed to them have suffered serious setbacks to their careers, the staffing firm advises.

No matter what the company may say, you’ll forever be considered a fidelity risk, they suggest. Having once demonstrated your lack of loyalty by having looked for another job, you’ll lose your status as a 'team player' and your place in the inner circle.

Are you thinking of changing jobs? Is it mostly about money? Does the idea of company loyalty strike a chord with you?

By Gordon Powers, MSN Money



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Gordon PowersGordon Powers

A long-time fund company executive, Gordon Powers now heads up the Affinity Group, a financial services consulting firm. Gordon was a personal finance columnist for the Globe & Mail for many years, has taught retirement planning...

Jason BucklandJason Buckland

The modern-day MC Hammer of money, Jason can often be seen spending cash that isn’t his with the efficiency of a Wilt Chamberlain first date. After cutting his teeth as a reporter for the Toronto Sun, he joined the MSN Money team with...