Almost half (44%) of respondents who are looking to move jobs in the new year are unhappy with their current benefits package, according to research by Canada Life Group Insurance.
Its survey of 1,002 full and part-time employees also found that 74% of respondents who are unhappy with their current benefits provision agree that this plays a role in their decision to look for a new job, and 29% feel it plays a significant role.
The research also found:
- Half (50%) of all respondents plan to look for a new job in 2017, compared to 67% of respondents aged 25-34 years old.
- 24% of respondents who are looking for a new position receive no employee benefits.
- 27% of respondents looking for a new role report that their current benefits have never been communicated to them.
- 54% of respondents who plan to look for a new job in 2017 hope to receive more money.
- 46% of respondents who are looking to move jobs admit they could be incentivised to stay in their current role.
- More than half (57%) of respondents could be incentivised to stay in their current job if their pay was improved.
- Excluding better pay, 60% of respondents who are searching for a new job would be tempted to stay in their current role if they were offered flexible working.
- 22% of respondents looking for a new position feel that being offered group income protection would entice them to move jobs, and 24% of respondents cite group critical illness as a benefit that could encourage them to look to work elsewhere.
Paul Avis (pictured), marketing director at Canada Life Group, said: “The start of the new year acts as a natural prompt for many employees to consider their futures. Employers must be aware that members of their workforce could be tempted to head for the door, although offering the right benefits package can help prevent organisations from losing valuable staff.
“It’s time for employers to recognise that employee benefits, and crucially, effectively communicating their availability, are effective retention tools in the war for talent. Products like group income protection and group critical illness demonstrate to staff that their employer values their wellbeing and cares about their financial security, making them more inclined to stay.”