/Posthaste: Canadians are financially stressed but they will switch to a lower paying job in a heartbeat for this one perk

Posthaste: Canadians are financially stressed but they will switch to a lower paying job in a heartbeat for this one perk

Good Morning!

Mental health. We don’t like to talk about it but it’s taking a toll on our always-on lifestyles.

A new survey by human resources firm Morneau Shepell notes that 60 per cent of Canadian employees polled claim they would leave their current employer if they were offered less money but better support for personal well-being. This trend was seen even among the 51 per cent who reported high financial stress.

“Canadians are telling us that mental health support is most important to them and yet, many employers are primarily focusing on the compensation side of recruitment and retention strategies and providing well-being support for physical health first,” said Stephen Liptrap, president and chief executive officer of Morneau Shepell. “Mental health is not the same taboo topic it once was, and employees are not only prioritizing their own mental health but also expecting employers to do the same.”

With work demands piling up on them, Canadians are increasingly high-strung, with 22 per cent citing workplace as a primary source of “extreme mental stress”, closely followed by concerns over their own financial well being (21 per cent).

Around 45 per cent of employees indicated that mental demands of their current job have increased over the past 18 to 24 months, including concentration and problem solving to the need for creativity and adapting to change, the survey showed.

“Conversely, a very small number (four per cent) of employees indicated a decrease in mental demands during the same time frame,” according to the survey, which polled 8,000 people across Canada, United States and the United Kingdom.

Financial stress is also hitting Canadians at all levels. With 42 per cent of Canadian employees polled indicating that they believe they struggle more with finances than others with the same income. The number rises for employees in the United States to 47 per cent.

“When it comes to financial stress, the surprising reality is that it’s an issue affecting individuals at all income levels,” said Paula Allen, senior vice president of research, analytics and innovation. “As well, the fact that Canadians are feeling extreme financial strain but are still willing to accept less money for mental health support speaks volumes. Mental health support needs to be about seeing the full picture and providing the support necessary to help Canadians deal with difficulties across all areas of their well-being, including physical, financial and social, as well as mental.”

Here’s what you need to know this morning:

  • The Parliamentary Budget Officer (PBO) will post a legislative costing note entitled “Cost Estimate of Increasing the Basic Personal Amount Tax Credit”
  • Monte McNaughton, Minister of Labour, Training and Skills Development, will make an announcement about supporting careers in the auto sector. (10 a.m. at Cavalier Tool & Manufacturing Ltd.
  • Alberta Finance Minister Travis Toews to hold telephone town hall to allow communities Red Deer and south to provide views on the budget and province’s finances
  • Edmonton-area landowners speak at detailed route hearings for the Trans Mountain pipeline expansion
  • The 17th Annual BC Natural Resources examines challenges to B.C.’s natural resource sector with insights from Indigenous, Government and resource sector leaders in Prince George,B.C
    Notable Earnings: Metro Inc., CN Rail, 3M, Xerox, Apple Inc., Starbucks

The Chinese coronavirus outbreak could dent Canada’s economy just like the severe acute respiratory syndrome that killed nearly 800 people in 2002-03 and cost the global economy billions, according to Scotiabank, according to a Financial Post report.

Air Canada stock was among the hardest hit, slipping for a fifth day and taking its plunge to about 12 per cent over that stretch, the biggest drop since June 2016. The airline reported quarterly losses during the 2002-2003 SARS epidemic as travellers avoided Toronto. Read the full report here.



— Please send your news, comments and stories to [email protected]. — Yadullah Hussain @Yad_Fpenergy

With files from The Canadian Press, Thomson Reuters and Bloomberg


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