How can employers stop them?
Young Canadians are more likely to leave their jobs for ones that offer better benefits, a new report has found, as they experience lower levels of overall well-being and declining mental health.
A recent survey from RBC Insurance found that 73% of Canadians aged 18 to 34 are more likely to leave their current employer for another that is offering what they believe are better benefits. Similarly, 69% of Canadians are 35 to 44 will do the same.
The findings come as 61% of younger workers report lower levels of overall well-being, while 58% said they saw their mental health decline.
Julie Gaudry, head of group benefits in RBC Insurance, pointed out that it is not surprising that Canadians see a range of worries and stressors because of the world's "collective experience since March of 2020."
"The knock-on impacts of a tightening labour market have made flexible and tailored employer-provided benefits desired by many – and clearly a draw, particularly for younger generations," said Gaudry in a statement.
But what exactly are employees looking for when it comes to benefits? According to the report, Canadians want these features in their benefits:
- Support for mental health (88%)
- A health spending account (80%)
- Options to add additional coverage (79%)
With these most sought-after features unveiled, the RBC report said here are three things that employers could do to retain talent:
- Prioritise employee mental health and well-being. RBC Insurance Group Benefit Solutions offers a Workplace Wellness Toolkit which provides plan administrators with a framework for assessing the well-being needs of their employees and creating a wellness strategy that is tailored to the unique goals of their organisation at no additional cost.
- Increase awareness of existing benefits plan features. Remind employees about the coverage they may already have available and how to access it. This is also a great opportunity to gather feedback about employee satisfaction of their benefits plan.
- Ensure your benefits plan meets the needs of your workforce. One way to do this is to offer flexible coverage and a health or wellness spending account which allows employees to customise their plans to meet their individual needs. This will help with retention and recruitment efforts, especially for younger Canadians.
Read more: Listen to your people before you change their benefits, says HR coach
Gaudry said that with the intense competition for talent, it is important for employers to improve their benefits, with more consideration for the youth as they make up a huge proportion of the workforce.
"With heightened competition for talent, it's critical that organizations develop or refine benefits plans as a key component of their offer," said Gaudry. "We need to pay particular attention to this younger cohort, which already makes up a significant proportion of the workforce and continues to grow. Employers must ensure the right support is available to this younger generation."
Doing so will create a significant impact on how employers look at their jobs. According to the report, Canadians with employer-provided benefits will more likely rate their job satisfaction, overall level of well-being, physical health, mental health, and financial health at a higher level than those without benefits.
