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The safety of job security is causing Canadian professionals to stay put.
Global recruitment company Robert Walters conducted a survey recently that found 77% of Canadians are not looking for a new role because of concerns about job security at their new place of employment.
Robert Walters is calling this new trend “The Big Stay.” The survey also found 80% of people prioritize job security over pay when considering a new role. That was not the case in the immediate wake of the COVID-19 pandemic, when job movement exploded.
“It was just three years ago where we saw evidence of ‘The Great Resignation,’ where professionals were taking new job opportunities at a record high, which was also matched with high new starter salaries.
“The emergence of ‘The Big Stay’ is testament to the volatility of the economy, which has had a severe dent on business and employee confidence,” Robert Walters Canada managing director Martin Fox said in a press release. “On the one side we are seeing a month-on-month decline in the number of new permanent job roles, underpinned by risk averse organizations trying to be cost conscious. And on the other side, employees are choosing to stay put, and in the process sacrificing better pay, progression and skills development that they could gain elsewhere in the belief that they may be more ‘secure.’
“Economic growth is underpinned by labor movement; organizations need fresh perspectives in order to remain competitive, and employees need movement in order to not remain stagnant or pigeonhole themselves. Statistically, professionals who move jobs more often will earn more over their working life than someone who has chosen to stay put. A prolonged trend of ‘The Big Stay’ will be counterproductive for Canada’s economy.”
“The Big Stay” means hiring managers have experienced an increase in prospective employees declining job offers in 2024, although 52% said the denials have to do with salary or culture fit. Regardless, more companies are sharing growth plans and being up front about company performance in order to entice potential employees.
“It’s a tricky one for employers to know whether some details about an organization may deter professionals from accepting a job offer,” Martin said. “However, from my experience, when a company is fully transparent about their financial position or industry barriers, this only helps to ensure that the ‘right fit’ accepts the job and is frankly ‘up for the challenge.’”
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