WTW: 72% of employees are choosing to stay with their current employers

Has the period of intense job searching and employee turnover come to an end?

Well, according to new research from WTW, this may be so.

The leading global advisory, broking and solutions company shared research that 72% of US-based employees are choosing to stay with their employers, with only 11% stating in 2024 that they’d be open to offers from other companies, compared to 25% in 2022.

Across the pond in the UK, the study found similar statistics, with 54% of employees saying that they’re committed to their employers, marking a significant increase from 45% in 2022.

What’s more, only 9% of employees would consider jumping jobs, compared to 21% in 2022.

“While the consensus is that employees are looking for greater job security around the globe, we’re seeing that employer commitment has grown even stronger in North America and Asia, with far less people being open to job offers than in 2022,” says Andy Leighton, Health & Benefits Director at WTW.

But what factors have impacted this? In an exclusive conversation with Leighton, UNLEASH explores.

Retaining staff with key employee benefits

In the US, there are four key priorities for employees that incentivize them to stay: pay (48%), job security (41%), health benefits (36%), and flexible work arrangements (31%).

What’s more, almost half of US- based employees were drawn to their current employer because of their benefit packages, with 54% remaining at the company for the same reason.

The UK almost mirrored this, showing that 37% of UK-based employees chose their current company because of their benefits package, with 44% expressing they’d like to stay for the same reason.

The key retaining factors were also similar, with the top priorities being pay (49%), job security (46%), and flexible work arrangements (38%).

“Pay remains the main driving force for employees across all regions, but we’re also seeing that core benefits (including health, retirement and leave) are a top priority for employees in North America, health benefits and financial wellbeing support are top priorities for employees in Latin America and leave benefits, career opportunities and workplace culture are important to employees in Asia,” Leighton expressed.“Pay remains the main driving force for employees across all regions, but we’re also seeing that core benefits (including health, retirement and leave) are a top priority for employees in North America, health benefits and financial wellbeing support are top priorities for employees in Latin America and leave benefits, career opportunities and workplace culture are important to employees in Asia,” Leighton expressed.

“Whereas in Europe, work environment, career opportunities and having a sense of purpose are the top drivers. We’re also seeing that choice in benefits has expanded in various degrees globally, and greater choice is consistently associated with rising appreciation of benefits.”

The perks of strong employee benefit packages actually extend beyond employee satisfaction, with the study showing that it can also boost trust, too.

In response, Steve Nyce, Senior Economist and Global Leader for the Research and Innovation Center at WTW said: “As employees search for a greater sense of stability, employers are ramping up their total rewards packages.

“Focus on pay has strengthened; benefit design is getting more personal and flexible work arrangements are more prevalent. By prioritizing these factors, employers can build trust, and improve the overall employee experience, ultimately creating an environment that will drive retention and provide job security.”

So, would you say your employee benefit packages are enough to retain staff, or do they need a revamp?