The grass isn’t greener for U.S. employees as majority prefer to stay in their current jobs
June 03 2024 - 8:56AM
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 BronsteinStacy.bronstein@wtwco.com
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