No retirement plan? Workers more likely to leave

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Companies that don’t offer retirement benefits could lose some of their workers, an ADP Canada Sentiment Survey finds.

According to the survey, 77% of Canadian workers would consider leaving if another employer offered a pension or group RRSP.

These results mean employers pay attention to what’s important to their employees and to what their competitors are offering, says Sooky Lee, division vice-president and general manager, HR business process outsourcing at ADP Canada.

Read: Canadians willing to pay for retirement security

“Most companies track salaries to make sure they are competitive, but many forget about other compensation factors, such as retirement programs,” she adds. “Workers, on the other hand, take a holistic view of what’s being offered and, as the survey shows, will make a switch if they see more value in the long term.”

While the majority (70%) of employees at small businesses say they’d consider leaving their current job if they were offered retirement support elsewhere for a similar position, they’re less likely to do so than those at companies with 51 to 500 employees (86%) and at large companies with 501 or more employees (74%).

There’s also no significant difference in willingness to jump ship among different generations. Nearly four out of five millennial workers say they’d be willing to change jobs if they could get access to retirement benefits.

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