Hays reveals job seekers who switch jobs can see a significant salary increase despite economic uncertainty
February 7th, 2023 - Toronto, ON
Hays recently conducted a survey and analyzed data from 5,495 professionals across various industries and found that 60% of respondents are looking for new job opportunities. The results also shed light on the main reasons why employees opt to switch jobs. Despite mixed news on the economy, respondents are seriously considering leaving their role motivated by the fact that job seekers can significantly increase their compensation by actively seeking opportunities with other companies.
The Hays 2023 Salary Guide revealed a disconnect between the expectations of job seekers and their employers. In order to keep up with inflation 58% of employees expect a raise of more than 5% but only 20% of employers are willing to meet the expectation. To meet this need job seekers are likely to proactively look for a better salary at a new employer.
77% of companies said that skill shortages would impact their organization’s ability to achieve their business goals this year, while 62% of hiring managers reported difficulties filling vacancies. Employers who are willing to keep up with inflation will have a distinct advantage in this job market.
higher salaries remain the main attractor for job seekers, if employers can’t compete on salary alone, there are other cost-effective alternatives that can be leveraged, such as flexible working models and professional development opportunities.
DE&I is incredibly important to employees and job seekers alike. 83% of respondents say it is important their organization have a DE&I strategy but 33% of companies responded that they have nothing. Additionally, 91% of people feel it’s important that their employer shares their values, yet 42% of them don’t plan to promote this as part of their staff attraction process. Employers need to be more proactive in understanding the needs and desires of job candidates and in communicating the benefits and opportunities they have to offer.
“People want to work for a company that aligns with their values and purpose, yet companies don't seem to be recognizing this. Employers that can effectively showcase who they are and what they stand for will have a major advantage in the job market," says Travis O'Rourke, president of Hays Canada.
The tech industry is currently facing a significant number of layoffs as companies adjust to changes in the market and the economy, but technological developments remain an important driver of the economy and continue to offer exciting opportunities in companies outside of those big-name tech companies. Professionals in cybersecurity are in high demand as organizations across industries face increasing threats from cyberattacks. Other areas of job growth include cloud computing, networking, and professionals with skills in user experience design, product management, and software development are in high demand.
For more information, please download the Hays 2023 Salary Guide.
The research is based on a survey carried out between September 22nd – October 17th 2022, and received 5,495 responses from professionals and employers across Canada.
About the salary collection: The salary data was compiled using information gathered during 2022 from Hays offices across Canada and is based on job listings, job offers and candidate registrations.
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Contact:
Gabriella Polishchuk Senior Marketing Manager North America gabriella.polishchuk@hays.com
T: +1(647)394 5293 8 King Street E, Toronto, ON, M5C 1B5
Hays plc (the "Group") is the world’s leading specialist in workforce solutions and recruitment, such as RPO and MSP. The Group is the expert at recruiting qualified, professional, and skilled people worldwide, being the market leader in the UK, Germany and Australia and one of the market leaders in Canada, Continental Europe, Latin America and Asia. The Group operates across the private and public sectors, dealing in permanent positions, contract roles and temporary assignments. As of 30 June 2022, the Group employed c.13,000 staff operating from 253 offices in 32 countries. For the year ended 30 June 2022: – the Group reported net fees of £1,189.4 million (CAD $1,916.72m*) and operating profit of £210.1 million (CAD $338.58m*);
– the Group placed around 83,750 candidates into permanent jobs and around 250,000 people into temporary roles;
– 16% of Group net fees were generated in Australia & New Zealand, 26% in Germany, 22% in the United Kingdom & Ireland and 36% in the Rest of the World (RoW);
– the temporary placement business represented 55% of net fees, and the permanent placement business represented 45% of net fees;
– Technology is the Group’s largest division, with 26% of net fees, while Accountancy & Finance (14%) and Construction & Property (11%) are the next largest
– Hays operates in the following countries: Australia, Austria, Belgium, Brazil, Canada, Chile, China, Colombia, the Czech Republic, Denmark, France, Germany, Hungary, India, Ireland, Italy, Japan, Luxembourg, Malaysia, Mexico, the Netherlands, New Zealand, Poland, Portugal, Romania, Singapore, Spain, Sweden, Switzerland, UAE, the UK and the USA
