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According to the latest survey conducted by Willis Towers Watson (WTW), 72% of employees are opting to remain loyal to their current employers. This marks a significant shift from previous periods when a large portion of the workforce was actively seeking new opportunities, like during the "Great Reshuffle" of 2022.
Surveyed employees revealed that their decision to stay in their current roles is driven by:
- Pay: 48%
- Job security: 41%
- Health benefits: 36%
- Flexible work arrangements: 31%
The survey also highlighted the following:
- 56% of employees would consider another job offer for a 10% salary increase
- 49% of employees chose their current employers for benefits, with 54% staying for the same reason. 40% would leave for better benefits with no salary change.
Recent labor reports show that retaining employees is becoming less of a concern for employers. In April, 3.5 million employees quit their jobs, a decrease from the record high of over 50 million in 2022. The employee quit rate serves as a measure of workers' willingness or ability to leave jobs.
Employer Takeaway
The survey results show that employee compensation is an important factor for employees contemplating career changes. Despite budget constraints facing many organizations, employers falling short in competitive pay are still vulnerable to losing valued employees. Employers should continue to monitor employee and benefit trends. Download the bulletin for more details.
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