Seventy-seven per cent of Canadian employees would leave their jobs for better retirement support, according to new research by ADP Canada.
The survey, which polled 862 Canadian employees, found that respondents in British Columbia are the most likely (88 per cent) to leave their job for better pension or retirement support elsewhere.
Read: 71% of employers to focus on employees’ financial well-being: survey
“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 human resources business process outsourcing at ADP Canada.
“Most companies track salaries to make sure they are competitive, but many forget about other compensation factors, such as retirement programs. Workers, on the other hand, take a holistic view of what’s being offered and, as the survey shows, will make a switch if they see more value in the long term.”
Read: Retirees feeling positive despite warnings of a pension crisis
The research also found employees at small businesses were less prone (70 per cent) to leaving their job for retirement benefits compared to those at medium- (86 per cent) and large-size companies (74 per cent). That finding could possibly be because “employees in larger organizations expect their employers to have more robust programs around retirement,” said Lee.
These results were consistent even among differing age groups, with 78 per cent of millennial employees saying they’d be willing to jump ship if better retirement programs were available.
Lee noted there’s no need for employers to panic if their retirement plans aren’t up to par because, “in a competitive labour market, retaining top talent becomes more difficult, and organizations should combine a competitive financial package with other perks such as flexible hours, employee discount programs, employee and family assistance programs and, of course, a really terrific culture.
“What’s critical is that HR departments consistently and regularly evaluate their organization’s competitive position, and adapt it to meet the changing needs of their workforce.”
Read: Which global companies are best at attracting and retaining employees?
