The ‘Great Resignation’ is over a year old now. At least 3 million US workers have quit every month since last summer – a record of 4.5 million was set in November 2021, and it was repeated in March 2022 – the situation is similar across Europe.
In this context, employers are grappling to figure out why their workers are quitting. Knowledge is power here, as it means organizations can act quickly to improve their retention rates, as well as improve their ability to attract employees from their competitors.
Research has shown that burnout is a leading cause of the ‘Great Resignation’, and it also seems that employee benefits are playing a leading role.
Global employment startup Boundless found that 84% of employees are unhappy with their existing benefits package, and, as a result, 55% would consider switching jobs. These figures come from a survey of more than 2,000 workers in the UK and Ireland.
90% also shared they would take the benefits package into account when looking for a new job – with 37% noting they are looking for very specific benefits.
It’s time for flexibility
The issue seems to be that employers aren’t offering what workers actually want – the top five benefits offered by employers were pension, mental health support, flexible working, education and training, and more annual leave.
However, Boundless’ study shows that employees actually want a four-day working week, healthcare benefits, more parental leave, more support for their family and home life, as well as travel benefits.
Ultimately, it is clear that the flexibility that employers are offering around working hours and working location isn’t sufficient to retain their workers.
Although 45% of workers said they already had flexible hours, 73% noted this was important to them.
In addition, 38% said they had location flexibility, but 57% would prioritize this when looking for a new job. Seven in ten further told Boundless they would consider changing jobs for greater flexibility at work.
Boundless also found 35% of workers want the ability to personalize their benefits, despite 52% of the 400 HR leaders also surveyed by Boundless saying they offered flexibility and choice here.
CEO and co-founder of Boundless, Dee Coakley, noted: “In today’s hyper-competitive and increasingly global job market, it’s key that employers consider how well they are satisfying employee expectations around benefits, the areas they need to improve, and how they’re adapting to the changing requirements of a more flexible and demanding workforce.”
She continued: “There remains a big gap between the flexibility employers are offering and what employees are demanding.
“The organizations that take note of this will be the big winners when it comes to attracting and retaining talent.”
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