When evaluating job options, Canadian employees rank company culture and career progression higher than pay, according to a new survey by Hays Canada.

The survey, which polled more than 4,000 employees across Canada, found 74 per cent of respondents would take a pay cut for their ideal job, with generation Y the most likely to take a pay cut of more than 10 per cent. A third (31 per cent) of respondents who’re actively looking for a new job would take a new position without a pay increase.

Read: Employers urged to look beyond pay rises in retaining top talent

While 41 per cent of job seekers cited company culture as the main reason they’re looking for a new position, many indicated that career training and progression are crucial considerations. Three-quarters (76 per cent) of generation Y respondents want a personal development allowance. Among all respondents, only 20 per cent receive such an allowance.

Since Hays Canada’s last survey about career preferences in 2013, overall work satisfaction has declined. Also, 90 per cent of Canadian employees would consider leaving their current job for another role, up from nearly 78 per cent in 2013.

Read: Autonomy cited as key factor in improving job satisfaction

While financial compensation continues to dominate career decisions, there has been an 11 per cent drop in how salary is weighted since the 2013 surbey, with Canadians placing increased importance on company culture, up 26 per cent.

“Canadians want a company culture that speaks to their core values. Their priorities are changing and employers that want to attract and retain the best and brightest also need to be willing to change,” said Rowan O’Grady, president of Hays Canada, in a press release.

“They cannot continue to offer the same incentives and compensation and expect to remain competitive in this tight talent market. Strong leadership, open communication, flexibility and career training are only going to grow in importance as generation Y moves up the corporate ladder.”

Read: 39% of employees would take pay cut for better career development: survey

Copyright © 2021 Transcontinental Media G.P. Originally published on benefitscanada.com

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