Since the onset of COVID-19, organizations have been navigating the ups and downs of the volatile job market. Attracting and retaining top talent has been a common challenge for employers over the past two and half years, and many of us continue to read the phrase “hiring crisis” in headlines. But what does this mean for the job-seekers on the other side of the same coin?
Job vacancies in Canada climbed to nearly one million in the first quarter of this year according to Statistics Canada, resulting in fierce competition for talent. As a result, we’re seeing a shift towards an “employee’s market” and companies are working harder than ever to attract and retain the best people for their teams by offering a wide variety of perks. If you’re one of those Canadians in the market for a new gig, here are a few things to consider:
Top 3 reasons Canadians are changing jobs in 2022
1. A salary boost
With inflation and interest rates on the rise, Canadians are starting to see the cost of living creep up as well. Grocery, gas, and rent increases are forcing many to rethink their budgets and job seekers want to ensure that these monthly adjustments don’t come at the cost of their savings. This means many are looking to grow their income in order to keep up with the pace of rising rates, without having to sacrifice progress against their financial goals.
2. Opportunities for growth.
In addition to making more money, many people on the hunt for a new job are also looking around the corner to what kind of career potential their new organization can offer them for their future. Many candidates aren’t just considering the role they’re applying for today, they’re also looking for opportunities they can grow into and skills they can build and develop over time. Evaluating your potential employer based on what kind of career growth they can offer you over the medium and long-term is certainly something to consider for those looking to advance and grow their income over time.
3. Ability to work remotely.
It’s no surprise that a major result of the pandemic was that many had their eyes opened to the benefits of working remotely. Working from home instead of the office can save many people time and money associated with commuting, dress codes, and impromptu lunch and coffee dates. As a result, many people are now searching for employers that offer remote working opportunities and the flexibility associated with choosing where, and at times when, they work.
Which perks matter most?
Studies conducted by human resources firm Robert Half showed that in 2022 the benefits that mattered most to Canadians when considering a new job are still those that cover basic needs. Things like paid time off, extended health insurance, RRSP matching, pension, dental, disability insurance and vision–are all old standards that still go a long way when it comes to evaluating an employer. Additional perks that that tip the scales when deciding where to work include employee discounts, subsidized and free snacks and meals, as well as paid time off for volunteering.
Consider the bigger financial picture.
When evaluating the health benefits and “work perks” of your potential employer it’s important to put a dollar value against each benefit to determine the total compensation of your position, not just the base salary. Once you know the total value for the potential job, you can compare it to your current or other prospects to determine whether or the employer will put you in a better financial position–or if you need to go back to the negotiating table. It’s also important to consider other things that could factor into your budget that accompany this new job–is it closer to or further than your home? Is it accessible by transit or will you have to pay for gas and a car? Are there expectations to participate more in culture-building activities that you won’t be compensated for like after-work drinks or networking dinners and events? In order to understand the true value of your new compensation model and the overall costs associated with the role, it’s a good idea to consult with a financial advisor so they can help you look at the bigger financial picture.
Do their values align with yours?
Finally, it’s also important to ask yourself whether or not the company you’re considering matches your values and lifestyle. Working for an organization that has a defined social purpose, mental health policy, and robust equity diversity and inclusion framework can lead employees to much higher levels of workforce productivity and satisfaction–and often results in a culture that’s more more loyal and engaged for a reason. The reason is: if an employer cares about it’s people, it’s people will care about what they do.