Survey finds 74% of Canadians will take a pay cut for their ideal job.
TORONTO — When it comes to employment and career, priorities are changing for Canadians, according to a study by Hays Canada.
The Toronto-based recruitment specialist reports culture has made a big move up the list and 74% of the 4,000 employees who offered insights into their salary, benefits, culture and career growth preferences are willing to take a pay cut to land their ideal job.
Hays Canada first surveyed Canadians about their career preferences in 2013 and over the four years since, work satisfaction has declined 19% with almost 90% saying they’d consider leaving their current job for something else, up from the 77.6%.
Compensation dominates career decisions, but there’s an 11% drop in how salary is weighted, with increased importance on culture, up 26% since 2013. In fact, Hays notes career progression combined with workplace culture trump paycheque when it comes to making career decisions.
Here are some highlights:
• Preferences for informal work environments and an increased focus on career growth are becoming more pronounced as Generation Y employees reach their mid-30s and become managers. Across demographics, two-thirds of job seekers would take a step down in seniority and three-quarters would take a pay cut for their ideal job. Generation Y employees were most likely to say they would take a pay cut of more than 10% for their ideal job.
• Forty-one per cent of people looking for new positions say company culture is the main reason. While free lunches and team drinks are “nice to haves”, open communication, strong leadership and work-life balance top people’s wish list
• Career training and progression are crucial considerations for job seekers. Three out of the four most sought after benefits are training and development related, with 76% of Generation Y respondents wanting a personal development allowance.
Click here for more information about the report.