Compensation isn't the single driving force for Canadians when evaluating a job opportunity, according to a report from Hays Canada.
A combination of less traditional remunerable factors including benefits, career progression, company culture or reputation and new challenges at work are defining what success looks like, found What People Want 2013, based on a survey of more than 3,000 working and non-working people.
Nearly three-quarters (71 per cent) would accept a reduction in pay for a new job opportunity that met benefits, career progression and company reputation expectations. Forty-three per cent are willing to take a 20 per cent reduction in base salary for an opportunity to potentially earn more through performance- based bonuses (assuming a base salary of $100, 000 with no bonus).
And 43 per cent rank "place within the organization's hierarchy" as more important than job title.
"The generational mix of Canadian employees is altering how we define success at the workplace," said Rowan O'Grady, president of Hays Canada. "We've long heard about rising interest in work-life balance but businesses that stop there when creating employee packages will miss the mark.
“In virtually every sector, we're seeing that employee demands are much more nuanced and that traditional hallmarks of success such as job title and salary level are being replaced by a combination of measures that build a more rounded workplace identity."
Highlights from What People Want 2013:
•A performance-related bonus is the most popular benefit people want added to a benefits package.
•34 per cent would accept a reduction in pay of up to 10 per cent if offered an ideal job — 25 per cent would accept a 10 to 20 per cent pay cut.
•75 per cent are unwilling to accept less vacation time as part of a new job offer.
•55 per cent would be willing to give up flexible work options for an opportunity with ideal career growth, compensation and company culture.
•After compensation, career growth is the second most important factor when evaluating a new job offer.
•"New challenges" are the most important factor for professional development superseding paid-for education and internal training.
•60 per cent aspire to mid to senior levels of management, only 10 per cent aspire to C-suite level.
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