Canada Life research: Most employees would move jobs for better benefits

More than half (52%) of employees would take a job at a new organisation if it offered better benefits, according to research from Canada Life Group Insurance.

Of those who would move organisations for better benefits, 13% would do so because they value benefits highly, and 19% because of the prospect of earning more in the long run. Only 12% said that they felt a generous benefits package illustrates the value an employer places upon the employee, while 8% said that the value of benefits had increased due to economic conditions. 

Almost half (49%) of respondents would give up part of their salary to gain better benefits. Only 2% of respondents said that they did not need benefits.

The most commonly-offered benefit by employers and the most valued benefit by employees is a pension scheme. Other commonly-offered benefits by employers are: holiday (more than 28 days), free eye tests, death in service benefits, shopping discounts, bonuses, maternity cover (above statutory levels), and a subsidised canteen.

The most valued benefits by employees, in order (after pensions) are: holiday (more than 28 days), income protections, redundancy cover, life insurances, critical illness cover, health insurance, and maternity (above statutory levels).

Paul Avis, sales and marketing director at Canada Life Group Insurance, said: “Over the past few years people’s priorities have changed. 

“In the past many employees would be tempted to accept a new job based purely upon the salary that was offered. However, the uncertain job market and rising cost of living has meant that people look for the additional benefits that an employer offers. 

“As our research shows, employers would do well to acknowledge the value that employees place upon benefits. By meeting the expectations of prospective employees, they will not only attract new recruits but also retain them.”

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