The grass isn’t greener for U.S. employees as majority prefer to stay in their current jobs

Rhea-AI Summary

Amid the cost-of-living crisis, high inflation, and global political unrest, U.S. employees are prioritizing job security over job turnover. A survey by WTW (NASDAQ: WTW) reveals that 72% of employees prefer staying with their current employers, a stark rise from 47% in 2022. Key motivations include pay (48%), job security (41%), and health benefits (36%). While 56% of employees might consider job offers for better pay, a 10% salary increase would be needed to prompt such a move. Benefits play a important role, with 49% choosing employers for their benefits and 54% staying for the same reason. Flexible work arrangements and the ability to choose benefits also improve job satisfaction and retention.

Positive

• 72% of employees prefer staying with their current employers, up from 47% in 2022.
• 48% of employees cite pay as the main reason for job retention.
• 41% of employees value job security.
• 36% of employees prioritize health benefits.
• Flexible work arrangements are important to 31% of employees.
• 49% of employees chose their jobs due to benefit packages.
• 54% stay with employers for their benefits.
• 82% intend to remain with employers whose benefits meet their needs.
• 66% of employees report having more choice in benefits.

Negative

• 56% of employees would consider leaving for better pay.
• A significant 10% salary increase is necessary to attract employees to new jobs.
• 40% of employees would leave for better benefits without a salary change.

Benefits are as important as ever when it comes to attraction and retention

NEW YORK, June 03, 2024 (GLOBE NEWSWIRE) -- Amid a cost-of-living crisis, high inflation and global political unrest, U.S. employees are turning to their employers for a sense of security. A new survey by leading global advisory, broking and solutions company WTW (NASDAQ: WTW) found a majority (72%) of employees are choosing to stay with their employers, ending a period of intense job turnover and attraction and retention challenges for employers.

The 2024 Global Benefits Attitudes Survey found that, in a significant change from 2022 when a majority of employees (53%) were looking to leave, most employees are now looking to stay with their current employer. While a quarter of employees were open to offers in 2022, only 11% would welcome them now. Moreover, fewer employees (25%) report being stuck in their jobs now, compared with 2022 (35%).

The motivations to stay remain the same as in 2022: In this year’s survey, employees cite pay (48%), job security (41%) and health benefits (36%) as the top reasons. Flexible work arrangements (31%) are also an important factor in the decision to stay.

Pay continues to be the main driver for both attraction and retention. Many employees (56%) would still consider another job offer for better pay. For those willing to consider changing jobs for better pay, a 10% salary increase would be needed to make the move.

“As employees search for a greater sense of stability, employers are ramping up their core benefits,” said Steve Nyce, senior economist and global leader for the Research and Innovation Center, WTW. “Focus on pay has strengthened, and benefits are meeting the needs of many employees, not just some. The past few years, particularly with the COVID-19 pandemic, have shed light on employers’ need to invest in their core benefit program, and these survey results show that the investment paid off. By continuing to prioritize these factors, employers can build trust, ultimately creating an environment that will drive retention and provide job security.”

While pay remains at the forefront of attraction and retention, the survey found benefits are not far behind. Almost half (49%) of employees chose their current employers due to their benefit packages, and over half (54%) stayed with their employers for the same reason. Two-fifths (40%) would leave their employers for better benefits elsewhere and no change in salary. Of those whose benefit packages meet their needs, most (82%) intend to remain with their employers.

Expanded choice in benefits is also helping build trust toward employers. The survey found a majority of employees have more choice in benefits (66%), which allows them to alter core benefits or use a flexible benefits fund to have a choice in other benefits, including access to voluntary benefits. When employees have the most choice in benefits, 76% report their benefits meet their needs, and 78% would recommend their employer as a good place to work.

“The war for talent is no longer just about pay; benefits matter, and the ability to choose those benefits is important for adapting to employees’ changing needs,” said Cecile Chang, global growth leader, Health & Benefits, WTW. “Employers should invest in their employees’ long-term wellbeing and offer a sense of security through the benefit package. While they can’t control the world outside of work, they can support their employees through an inclusive and tailored benefits process.”

About the study

The 2024 Global Benefits Attitudes Survey was conducted from January to March 2024. Respondents include 10,000 U.S. employees working at medium and large private sector employers, representing a broad range of industries.

About WTW

At WTW (NASDAQ: WTW), we provide data-driven, insight-led solutions in the areas of people, risk and capital. Leveraging the global view and local expertise of our colleagues serving 140 countries and markets, we help organizations sharpen their strategy, enhance organizational resilience, motivate their workforce and maximize performance.

Working shoulder to shoulder with our clients, we uncover opportunities for sustainable success—and provide perspective that moves you. Learn more at wtwco.com.

Media contact:

Stacy Bronstein
Stacy.bronstein@wtwco.com

FAQ

Why are U.S. employees staying in their current jobs according to WTW (WTW)?

According to WTW (NASDAQ: WTW), 72% of U.S. employees are staying in their current jobs due to pay, job security, and health benefits.

What percentage of employees chose their job for the benefits according to WTW (WTW)?

WTW (NASDAQ: WTW) reports that 49% of employees chose their current job for the benefits.

How many U.S. employees are satisfied with their benefits according to WTW (WTW)?

According to WTW (NASDAQ: WTW), 82% of employees whose benefit packages meet their needs intend to remain with their employers.

What would prompt employees to leave their job according to WTW (WTW)?

WTW (NASDAQ: WTW) found that 56% of employees would consider leaving their job for better pay, and 40% would leave for better benefits with no salary change.

How much of a salary increase is needed to attract employees to new jobs according to WTW (WTW)?

WTW (NASDAQ: WTW) states that a 10% salary increase is necessary to attract employees to new jobs.