Low turnover may not mean employees want to stay
Employers may be seeing employees stay in their jobs for reasons that have little to do with engagement or loyalty.
More than half of working Canadians, at 55%, are worried about job mobility and career opportunities, according to the latest MNP Consumer Debt Index by Ipsos.
One-quarter said uncertainty in the labour market is making them reluctant to leave their current job, while 20% would like to change jobs but do not feel financially secure enough to risk a period of lower or no income.
Concern is highest among younger workers: 60% of Gen Z and 59% of Millennials are worried about job mobility and career opportunities, compared with 55% of Gen X and 26% of Boomers.
“Changing jobs can involve a period of uncertainty around pay, benefits or how quickly the next opportunity will come. For someone already managing debt, even a short gap in income can carry real financial consequences. It’s understandable that some people may be more hesitant to make a move when they are not confident they have the financial room to absorb that transition,” MNP LTD president Grant Bazian said.
Pay and benefits are part of the calculation
One-third of working Canadians worry they would struggle to find another job offering similar pay and benefits, while 23% believe there are fewer opportunities available in their field or industry.
The findings suggest compensation and benefits may be influencing not only whether employees accept a new job, but whether they feel able to consider one at all. At the same time, interest in changing jobs remains significant. Separate research found that 44% of Canadian professionals planned to seek a new role in the second half of 2026.
Financial pressure may be preventing some workers from acting on those plans. More than half of Canadians surveyed by MNP, at 54%, said they would not have enough savings to support themselves or their family for six months after losing their job without borrowing or falling behind on bills.
Another 19% of workers said they feel less secure in their job than they did a year ago.
“When Canadians are not confident they could replace their income if their job situation changed, carrying debt can feel much more precarious. A job loss, reduction in hours or change in pay can quickly alter what a household can afford, particularly when there is not much room in the budget to absorb the change,” Bazian said.
AI adds to uncertainty over future careers
Artificial intelligence is also influencing how workers assess their employment prospects.
More than four in 10 Canadians, or 42%, worry AI could negatively affect their employment or income. Among working Canadians, 17% worry it could make some of their skills less valuable, 16% fear it could reduce their income, hours or earning potential, and 15% are concerned it could reduce job opportunities in their field.
For employers investing in AI, those concerns add another dimension to retention and workforce planning. Employees are not only weighing whether another job is worth the financial risk, but also how secure their existing skills and career paths may be as work changes.
HRD has previously reported that young Canadians are reconsidering their education and career plans because of AI. Some workers are also looking for other ways to strengthen their finances. Nearly half of Canadians surveyed, at 47%, said they have tried to earn additional income.
The findings point to a labour market where employees may be staying longer without necessarily becoming less interested in leaving—a distinction employers may need to keep in mind when assessing retention and future hiring needs.
