Infographic: More than half of employees open to leaving employer

Infographic description

Employers face substantial risk of employee departure: 49% are either Actively looked or plan to look for a new job, 18% are actively looking for a new employer, 15% are looking for a change in career, 21% are not actively searching but open to offers.

58% cited pay as a top reason they would look for a new job: two-fifths of employees would leave for a 5% pay increase, 1 in 5 would leave for same pay, only 1 in 4 senior managers are firmly committed to stay.

Employee considerations when weighing job options.

Top reasons for staying: Job security – 45%, Pay and bonus – 40%, Relationship with co-workers – 33%, Flexible work – 29%, Work which gives me a sense of purpose – 27%.

Top reasons for moving to new job: Pay and bonus – 58%, Job security – 39%, Flexible work – 33%, Work which gives me a sense of purpose – 29%, Opportunities to advance in my career – 25%.

Health and retirement benefits are growing in importance as attraction and retention tools. (Note: Percentages indicate “agree” or “strongly agree”)

An important reason to join: Retirement plan – 28% in 2013, 32% in 2022. Healthcare plan – 15% in 2013, 48% in 2022.

An important reason to stay: Retirement plan – 42% in 2013, 45% in 2022. Healthcare plan – 24% in 2013, 51% in 2022.

When benefits meet employee needs, employers see a boost in retention. Would like to remain with my employer for the next 2 years* - 50% Benefits don’t meet needs, 29% Gap,79% Benefits meet needs. *Agree or strongly agree

Actions you can take now:

• Measure the competitiveness of your Total Rewards, including benefit package, especially retirement and health
• Implement employee listening strategies to gather insights to understand the perceptions and needs of employees and develop strategies to retain highly valued and at-risk talent care plans, against that of your talent competitors
• Boost employee communication to promote the employee value proposition. Deliver personalized communication to demonstrate the value of Total Rewards programs
• Assess the effectiveness of your Total Rewards, including benefit programs, to identify opportunities to address personal circumstances and support employees in making informed benefit decisions
• Review job design to define new ways of working and define the combination of remote, hybrid and onsite work that both managers and employees regard as effective; use this model to establish clear work boundaries and methods for building team connections

About the survey: A total of 4,129 UK employees from large and midsize private employers participated in the survey, which was conducted during December 2021 and January 2022.