According to a recent study by the staffing agency Robert Half, half of the Canadian employees want to hunt for a new job in 2023, an increase of almost double from only one year ago.
In the autumn poll, 50% of participants said they intended to look for a new job in the next six months.
According to the most recent survey, millennials and generation Z, IT workers, working parents, and those who have worked for a firm for two to four years are the workers most likely to change jobs.
The main drivers for looking for a new job are higher compensation, better benefits and bonuses, more prospects for promotion, and more freedom in terms of when and where they work. Let’s examine this problem more closely.
What are the Main Factors that Discourage Applicants from Applying?
The poll also examined potential reasons why job seekers could get disinterested in a position mid-job search. Uncertain or inappropriate work obligations (55%) and poor communication from the recruiting manager (46%) were the biggest turn-offs, followed by not being in line with the company’s culture or values (35%)
Therefore, even if many employees seek new jobs, they are still looking for organizations that place a high priority on employee well-being.
Putting Employee Well-Being First is Important
Despite reports of layoffs and a slowdown in hiring, many Canadian employees remain optimistic about the labor situation.
Recently the Northnloans blog highlighted the importance of putting employee well-being first. Investing in employees’ health and well-being is not only beneficial for the individuals but also helps foster resilient work cultures with improved retention and satisfaction.
Professionals with in-demand talents are open to new chances that provide more meaningful work, better compensation, and greater perks and benefits because they are aware of their power given the talent scarcity.
Employers that want to hire the best candidates this year can simplify and improve their recruiting procedures as well as present their corporate cultures. Uncertain or inappropriate work obligations, poor communication with the hiring manager, and misalignment with the company’s culture and values are the top turn-offs for prospective applicants when applying for employment.
Prioritizing employee well-being, engagement, and recognition will always be crucial to recruiting and keeping valuable talent since the labor market is always changing.
What Will Drive Canadians to Resign from Their Positions In 2023?
For the fourth study in a row, Robert Half remarked that money was still the key driving force for changing careers.
For example, in a recent poll, 62% of professionals said they are considering changing employment to get higher pay.
Source: Half of Canadian Workers Plan to Look for a New Position in the New Year
Canadians want to quit their occupations in addition to receiving pay for:
- Better compensation and advantages;
- Better chances for career progression;
- More freedom in terms of when and where they may work.
What Should Firms Do to Maintain Current Workers or Find New Ones?
Once a business has identified the positions that need to be filled, there are many smart strategies to find talent in a competitive labor market.
- Offer salaries that are higher and more competitive. Employers must provide greater compensation and remain competitive in order to attract top people.
- Expand a search area. Employers may need to reconsider the prerequisites for the positions they are attempting to fill, such as a certain educational level or non-essential abilities, in a tight labor market. Employers might also consider individuals they would not often recruit and those in foreign countries by enabling employees to work remotely.
- Train current workers. An efficient strategy to take advantage of the available human resources and shape future recruits to match your company’s goals is to invest more in their training.
The New Reality of Work
Historically, the danger of automation primarily applied to regular, repetitive jobs like those on production lines. Big organizations are using algorithms to prepare legal cases, take customer calls, and replace administrative employees. Although we have previously dealt with technology displacing employment, this situation is unique.
In the next ten years, automation will significantly disrupt more than a quarter of Canadian occupations. Even if the job title remains the same, half of those positions would need a new set of skills.
That doesn’t imply that such positions will disappear. In 2022, the Canadian economy will add 2.5 million new jobs, but almost all of them will need a different strategy. A mobile workforce continually learning, upgrading, and meeting new challenges will be the economy’s foundation.
Consider What You Really Want
If your fear of a recession is overriding your desire to leave your job, you should use the next months as a chance to thoroughly consider what isn’t working in your present role and formulate your next course of action.
You could realize that a few little adjustments, such as the option to pursue a passion project or possibilities for skill development, might make your present career more fulfilling. Bring up your desires with your management right now.
Or you can determine that fulfillment is found in a completely other sector. It could be time for you to sign up for that class if you need the knowledge or certification to be ready for such a jump.
Conclusion
The heat produced by consumer spending earlier this year is being sucked out of the Canadian economy by inflation and increasing interest rates. Canadians could be unsure if it’s the correct time to switch jobs if the conditions have been set for a recession.
Although the economy may be going through a difficult period, current data indicates that it could still be a good time to change careers. You must choose wisely so that you may advance in your current position or get additional perks while keeping your current position.