Workplace culture and career progression outshine paycheque in evolving Canadian workforce
By Hays CanadaSkills Development careers culture Hays Canada survey
Survey finds 74 per cent of Canadians willing to take a pay cut for their ideal job
TORONTO – From the shiny towers on Bay Street to the busy construction sites of Vancouver, Canadians are shifting their attitudes about what they want from work. According to a recent survey by Hays Canada, company culture has significantly moved up the list when evaluating work options and 74 per cent of Canadians are willing to take a pay cut for their ideal job.
The Hays What People Want Survey gathered insights from more than 4,000 employees across Canada, offering a snapshot of the shifting priorities of the Canadian workforce when it comes to salary, benefits, culture and career growth. Respondents were asked about what they considered to be most important in their current role and when weighing other opportunities.
Hays Canada first surveyed Canadians about their career preferences in 2013. The findings released today reveal that in the past four years, overall work satisfaction has declined by 19 per cent and that 89.8 per cent of Canadian employees would consider leaving their current job for something else, up from the 77.6 per cent reported in 2013. While financial compensation continues to dominate career decisions, there has been an 11 per cent drop in how salary is weighted, with Canadians placing increased importance on company culture, up 26 per cent since 2013. In fact, the combination of career progression and workplace culture trump paycheque when it comes to making career decisions.
“Canadians want a company culture that speaks to their core values. Their priorities are changing and employers that want to attract and retain the best and brightest also need to be willing to change. They cannot continue to offer the same incentives and compensation and expect to remain competitive in this tight talent market. Strong leadership, open communication, flexibility and career training are only going to grow in importance as Generation Y moves up the corporate ladder,” said Rowan O’Grady, President of Hays Canada.
2017 Survey Key Findings:
- Getting past the paycheque: The Hays survey indicates that there is an expectation that work should deliver more than just a paycheque. This shift may partly be attributed to the rise in Generation Y, now the biggest cohort in Canada’sworkforce. As this group reaches their mid-30s and become managers and senior managers, preferences for informal work environments and increased focus on career growth are becoming more pronounced. 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 was most likely to say they would take a pay cut of more than 10 per cent for their ideal job.
- Curating Culture: There is no shortcut to strong company culture. While free lunches and team drinks are “nice to haves”, open communication, strong leadership and work-life balance top people’s wish list. Forty-one per cent of people looking for new positions say company culture is the main reason.
- Beefing up benefits: Respondents indicated that 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 per cent of Generation Y respondents wanting a personal development allowance.
SOURCE Hays Canada