Three in four would change jobs for a retirement plan

By Andrew Rickard | July 07 2016 01:29PM

A survey conducted by ADP Canada has found that retirement benefits such as pensions or group savings plans can be a deciding factor when people consider a job change.

ADP Canada released its latest Sentiment Survey on July 6. All other things being equal, the poll found that 77% of Canadian employees would think about leaving their jobs if a different employer offered retirement support. Although those in Quebec were the least likely to think about leaving their current position for better benefits ( 69%), the survey found no significant difference in willingness among different age groups.

Competitive position

“Workers in the 18 to 34 age group are just as interested as their older colleagues in having retirement support,” comments Sooky Lee, division vice president and general manager of HR business process outsourcing at ADP Canada.  “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.” 

There were, however, some variations depending on the size of the respondent’s employer. While 70% of those who work for businesses with 2 to 50 employees say they would consider leaving their current job if they were offered retirement support elsewhere for a similar position, ADP Canada notes that people are even more likely to do so at companies with 51 to 500 employees (86%) and at large companies with 501 or more employees (74%).

Retaining top talent

“Notwithstanding the upcoming changes to the CPP, for those mid-sized companies who need to hang on to top talent, some retirement support, along with non-financial incentives, may be the place to start,” says Lee.

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