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Rushing: Employees increasingly dissatisfied with their jobs say they’re just doing it for the money

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People are less involved in their work, research says

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Good morning!

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According to research released this morning, some workers in Canada are becoming increasingly dissatisfied with their jobs out of a desire for higher salaries and better benefits, such as flexibility.

Overall job satisfaction has fallen by three percent since 2021 and has fallen by 24 percent since the start of the pandemic, according to The Great Workplace Study, conducted by Léger for Hamster, an office supply distribution company. As inflation rises and the cost of everyday items rises, a good salary becomes more important and employees think their salary is not up to par. Canadians are now 10 percent less satisfied with their pay than around this time last year.

Workplace conditions, such as vacation time, flexible schedules and benefits, also seem to need to be improved. Satisfaction in that category has fallen by six percent since 2021.

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But perhaps most worrisome for employers is that people say they are less engaged in their jobs.

Fewer employees are willing to go the extra mile or give their best for their job and for their employer.

The commitment to work is down six points from last year, the study said, a finding that could pose challenges for organizations already struggling to retain staff in a tight labor market.

Indeed, people say they see their job as a means to an end, and three-quarters admit they are only there for the pay. That compares with 36 percent who say they find meaning or satisfaction in their work.

Such low levels of engagement come at the worst possible time for employers who are desperately trying to prevent staff from leaving amid labor shortages. As it stands, one in five employees say they are thinking about looking for new opportunities.

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Hamster said employees have been encouraged over the past two years and don’t think twice about quitting if it means they can find what they’re looking for elsewhere.

“(Canadian workers) know they now have greater bargaining power. If they think their terms and conditions could be better with another employer, many would no longer hesitate to change jobs,” the study said.

At the top of employees’ wish lists are “fair and equitable” pay increases, good benefits and flexible working hours. Employers need to notice this and then do what they can to meet the needs of their workforce, Hamster said.

“The labor shortage is gnawing at Canada and various industries across the country are facing significant challenges in acquiring and retaining talent,” said Denis Mathieu, president and chief executive officer of Novexco Inc., which owns Hamster. a press release.

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“It is critical that employers take a human approach and truly understand the aspirations and needs of their employees in order to better serve them.”

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Could higher inflation lead to more strikes and work stoppages? History suggests that such labor problems are one of the consequences of high inflation, leading to even worse supply chain problems that fueled inflation in the first place, William Robson, chief executive of the CD Howe Institute, argues in FP Comment.

As the chart below shows, inflation and job cuts went hand in hand in the 1970s, when inflation peaked.

Robson writes, “From 1995 to 2005, when the two percent inflation target was newer and less credible, days lost per thousand employees were typically in the low teens. But in the mid-1980s, the Canadian economy typically lost about 30 days of work per 1,000 employees. And in the high inflation of the 1970s, the typical loss was twice that. In 1975 and 1976, our two worst years for strikes and lockouts, they cost more than 90 days per thousand workers.”

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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 sacrificing the fun. Keep in mind that traveling on a budget doesn’t mean doing things as cheaply as possible. Through our content partner MoneyWise, Barry Choi lists some “expensive” destinations he’s traveled to and the ways he’s found to stretch my dollars.

Today’s Posthaste is written by Victoria Wells (@vwells80), with additional coverage from The Canadian Press, Thomson Reuters, and Bloomberg.

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This post Rushing: Employees increasingly dissatisfied with their jobs say they’re just doing it for the money was original published at “https://financialpost.com/executive/executive-summary/increasingly-unhappy-workers-just-want-paycheque”

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