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According to a study published this morning, some Canadian workers are becoming increasingly dissatisfied with their jobs amid a desire for higher pay and better working conditions such as flexibility.
Overall job satisfaction levels have fallen by three percent since 2021, and by 24 percent since the onset of the epidemic, according to The Great Workplace Study, run by Lager for Hamsters, an office provider. As inflation rises and the cost of daily necessities rises, a good salary is becoming more important and workers feel that their paychecks are not being measured. Canadians are 10 percent less satisfied with their salaries this year than last.
Workplace conditions, such as vacation time, flexible schedules, and amenities also need to be improved. Satisfaction in this segment has decreased by six percent since 2021.
But perhaps the most worrying thing for employers is that people say they are less engaged with their work.
“Fewer employees are willing to go the extra mile or do their job and give their employer their best,” the survey said.
Promises to work have dropped a “significant” six points since last year, the study said, adding that a search could create problems for companies already struggling to retain workers in a tight labor market.
In fact, people say they see it as a way to finish their job, and three-quarters admit that they are only there for pay. This compares favorably with 36 percent who say they find meaning or fulfillment in their work.
This kind of low-level engagement comes at the worst time for employers desperate to leave employees amid a shortage of labor. As it stands, one in five workers say they are looking for new opportunities.
Hamster says workers have become bolder over the past two years and will not think twice about quitting if it means they can find what they are looking for elsewhere.
“(Canadian workers) know that they have increased their bargaining power. If they think their situation could be better with another employer, many will no longer hesitate to change jobs, “the survey said.
The wish list of the top employee is “fair and equitable” wage increase, good benefits and flexible working hours. Employers should take notice and then do what they can to meet the needs of their employees, Hamster said.
“Labor shortages are plaguing Canada and the country is facing major challenges in acquiring and retaining various industrial talents across the country,” said Dennis Matthews, president and general manager of hamster owner Novexco Inc., in a release.
“It’s very important for employers to adopt a humane approach and to understand their aspirations and needs in order for their employees to respond well.”
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BIEBS Brew Tim Hortons is expanding his partnership with Justin Bieber and will launch a French vanilla cold brew coffee called Beavers Brew on June 6. It also brings back the popular Timbibus specialty Timbits that day. Previous collaborations with Bieber have increased sales and helped attract younger clients, with Tim Hortons actively pursuing a share of the market. Jake Edmiston of The Financial Post reports. Photo by Tim Hortons
- The United Conservative Party has announced the results of its leadership vote
- International Development Minister Harjeet Sajjan attends a meeting of G7 development ministers in Berlin
- Ghislen Howell, Executive Vice President and Chief Financial Officer of CN, will address the RBC Capital Markets Canadian Automotive, Industrial and Transportation Conference in Montreal.
- Nadeem Velani, Canadian Pacific Executive Vice-President and Chief Financial Officer, will address Bofa Securities’ 29th Annual Transport, Airlines and Industry Conference in Boston.
- Prime Minister Justin Trudeau and Prince Charles will attend a discussion in Ottawa on sustainable financing to combat climate change and building a net-zero economy.
- Talks with Brian Tobin, CEO of Canadian Club Al Monaco, Enbridge Inc. and Vice President of BMO Financial Group in Toronto
- Today’s information: Consumer Price Index, US Housing Start, US Building Permit
- Earnings: Cresco Labs Inc., Tencent Holdings Ltd., Cisco Inc., Lowe’s Company Inc., Target Corp.
Can high inflation increase strikes and work stoppages? History shows that such labor problems are one of the consequences of high inflation, leading to worsening supply chain problems that stifle inflation in the first place, argues William Robson, chief executive of the CD How Institute, FP.
The chart below shows that inflation and labor stoppages went hand in hand in the 1970s, when inflation peaked.
Robson writes: “From 1995 to 2005, when the two-percent inflation target was new and less credible, the loss of thousands of workers per day was usually lower in adolescence. But in the mid-1980s, the Canadian economy typically lost about 30 days of work per thousand workers. And with high inflation in the 1970s, the general loss was double. In 1975 and 1976, our worst two years of strikes and lockouts, they spent more than 90 days for every thousand workers. “
Read his column here.
Bucket list vacation destinations can often be expensive, but they don’t have to be. There are plenty of ways to save money while traveling without giving up. Remember that traveling on a budget does not mean doing things as cheaply as possible. Through our content partner MoneyWise, Barry Choi lists some of the “expensive” destinations he’ve traveled to and found ways to expand my dollar.
Today’s posthust by Victoria Wells (vwells80), With additional reports from the Canadian Press, Thomson Reuters and Bloomberg.
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