Most workers will jump ship for better pensions
ADP survey reveals competitive compensation is more than salary and health benefits.
TORONTO — As the federal and provincial/territorial governments plan for the rollout of an enhanced Canada Pension Plan (CPP), retirement benefits such as pensions or group RRSPs can be a deciding factor in a job change, according to an ADP Canada sentiment survey.
The workforce management firm based in Toronto said 77% of the 876 Canadian workers it polled say they would consider jumping ship if, all other things being equal, another employer offered retirement support.
“These numbers are an indication that employers should pay close attention to what’s important to their employees, and to what is being offered by their competitors,” said Sooky Lee, division vice-president and general manager of HR business process outsourcing at ADP Canada.
Here are some highlights:
• Employees in BC are the most likely to consider leaving their job (88%) if retirement saving support or pensions were offered elsewhere.
• Those who work for companies in the 51-500-employee range are more likely to leave than those working for larger companies (74%) or small firms with five to 50 workers (70%).
• Employees in Quebec (69%) are least likely to leave compared to the national average.
• 78% of millennial workers would opt for a job change.
Lee emphasized the importance of the human resources department consistently and regularly evaluating the company’s competitive position, then adapting it to meet the changing needs of the workforce.
“Notwithstanding the upcoming changes to the CPP, for those mid-sized companies that need to hang on to top talent, some retirement support, along with non-financial incentives, may be the place to start.”