We know you’re probably more than a little sick and tired of hearing about the Great Resignation. Unfortunately, it’s not going away any time soon, and it appears to be spreading. Now, employees at all levels – not just the lower ones – are open to leaving their employer.
At least that’s what a new WTW survey of more than 9,600 U.S. employees revealed.
Yes, this topic may be getting on your nerves, but HR and Benefits pros must know what employees are at risk of leaving and why, so they can retain their people.
The survey which took place between December 2021 and January 2022, found:
- 13% of employees don’t plan to stay with their employer and want a career change
- 15% are actively looking for a new employer
- 25% feel stuck and are “open” to other job offers, and
- 47% want to stay.
The last percentage is a nice large number, but more than 50% of employees want to or are willing to jump ship. If you don’t want to spend a fortune over the next year on recruitment efforts, changes need to be made.
Management open to offers
And while you may think it’s nonmanagement employees who want to leave the most, you’d be incorrect. Fifty-five percent of senior managers are in the “open to offers” category. And 30% of managers are in that same category.
In the categories of professional, only 46% are looking for a new job or are willing to leave. Forty-seven percent want to stay. So, the people you think are getting nervous with their job, may not be accurate. You may need to look higher up the career ladder.
While you may think these people are skedaddling for more money, you’re partially right. Fifty-six percent cited pay as the top reason they’d look for a new job.
Price tag to leave
How much of an increase are they looking for?
The average minimum pay increase required to leave their employer was 6%. Which when you think about it isn’t horrible. But here’s the actual breakdown:
- 19% would leave for a job offer at the same amount of pay
- 22% said it would take a 5% increase to make them leave
- 17% require a 10% increase to move on to a new job
- 23% want a pay raise of 20% to uproot their professional lives, and
- 19% are looking for more than a 20% increase to leave.
Top 5 most important reasons for leaving
While salary raise was the No. 1 factor for moving on professionally, it wasn’t the only reason. Here’s what else fell in the “top five most important reasons for leaving”:
- pay and bonus (56%)
- health benefits (39%)
- job security (33%)
- flexible work arrangements (31%)
- retirement benefits (29%)
- paid time off and broader leave policies (25%)
- opportunities to advance in my career (25%)
- insurance benefits (24%)
- work which gives me a sense of purpose (23%)
- opportunities to learn new skills (19%)
- focus on employee wellbeing (17%)
- perks (16%)
- relationship with manager (15%)
- relationship with co-workers (15%)
- focus on climate and ethical business policies (8%)
- focus on I&D within the organization (8%)
- caregiver support (7%)
“The findings suggest that employees continue to job hunt at the same pace as last year and that the labor exodus is not yet over,” said Steve Nyce, senior economist, WTW. “Employers remain under pressure as many workers seek enhanced rewards, more job security and different experiences. In many cases, employers are responding by boosting pay, enhancing health and retirement benefits, and offering more flexibility to not only find workers but also keep the ones they have from looking elsewhere.”
Rethink remote/onsite work balance
As for where they want to work, 42% want to be onsite all the time or most of the time. Only 36% said they want to work always or mostly remote. And 22% said they’d like to split their time equally in and out of the office.
The remote category used to be a little higher. But remote work appears to be a mixed bag when it comes to experiences. While 70% said their work-life balance improved, 52% of employees said they felt more disconnected from their work and 44% worry it will have a negative impact on their careers. And as far as managers go, 56% said remote work has made managing their team more difficult.
It may be time to retake the pulse of your workforce. Find out if people really are happy working from home. For people who love remote work because they spend less time commuting and it saves them money with these astronomical gas prices, allow them to do so. But for those employees who desire more connections with their co-workers, do the same for them.
Also, find out how you can help your managers better manage their teams, and relieve some of their frustrations with remote management.
“Most organizations recognize that a mix of in-person and remote work is pervasive and expected to stay. While some employees will embrace the new hybrid model, others will worry about the impact it will have in terms of their productivity, work/life balance, recognition and opportunities for advancement. The challenge for employers is to understand the concerns of their workers and map an effective path forward,” said Tracey Malcolm, global leader, Future of Work and Risk, WTW.