Why changing jobs may help first-time buyers

by Steve Randall on 04 Dec 2018

Would-be homeowners who are not seeing meaningful gains in their pay cheque might be better off changing jobs.

With affordability continuing to be challenged by rising home prices and mortgage rates, while wage gains are lagging, a new survey shows that many Canadian employers are prioritizing higher wages for new recruits.

Although employers say that there are challenges in both finding and retaining workers, the poll from Hays Canada suggests they are only hiking pay for new hires.

"From an employer's perspective, the job market is extremely competitive and without the right people in place, next year's business goals could end up in doubt. So, employers have curtailed spending on existing staff in favour of getting new candidates through the door,” said Rowan O'Grady, President of Hays Canada.

The research shows that less than a quarter of respondents plan to give salary raises greater than 3% to existing staff despite 66% saying the economy is boosting their bottom line.

Meanwhile, 61% admit they have hiked salaries to attract candidates even at the risk of potentially losing current staff.

“The intent may come from a good place, but this is a band-aid solution for a complicated challenge. Without taking a more holistic view of staffing or having smart support and advice, further workforce problems are all but inevitable," added O’Grady.

Post a Comment

Most Trending News

Toronto suburb forges its own path
News

“The biggest reason Oshawa is growing the way it has is interest rates being down for as long as they have and prices going through the roof,” says the owner of Dan Plowman Team Realty Inc.

Read More
Waterfront condo to become downtown Kingston’s Crown jewel
News

Crown Condos in downtown Kingston is slated for occupancy in September 2023 and is mainly geared towards a younger audience. It's also attracting investors. Here's why.

Read More
Downtown Toronto’s economic recovery will be fragmented
News

"What we are about to experience is not a single recovery. It is going to be a series of recoveries," says Jan De Silva, president and CEO of the Toronto Region Board of Trade.

Read More