[UK] Majority of employees now prefer to stay in current roles

New research has revealed that UK employees rely on their employers to give them a sense of security as they weather the cost of living crisis and global political unrest, Pension Policy International reports.

A survey by global advisory, broking and solutions company WTW found that 54 per cent of employees are opting to remain with their current employers. This new trend ends a turbulent period of job turnover and attraction and retention challenges for employers.

It represents a significant change from 2022 when only 45 per cent of employees were committed to staying with their employers. In addition, WTW found that just one in ten (9 per cent) are open to offers now, down falling from a fifth (21 per cent) who would have welcomed an offer in 2022.

Pay reportedly continues to be the main driver for both attraction and retention. In this year’s survey, respondents cited pay (49 per cent), job security (46 per cent) and flexible work arrangements (38 per cent) as the top reasons for remaining with their employer.

“As employees search for a greater sense of stability, employers are ramping up their total rewards packages,” Steve Nyce - senior economist and global leader for the Research and Innovation Center, WTW - said.

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

Pay is still at the forefront of attraction and retention but the survey showed that benefits are becoming increasingly important. More than a third (37 per cent) of employees chose their current employers based on their benefits package and over two-fifths (44 per cent) reported staying with their employers for the same reason. 

Two-fifths (39 per cent) would leave their employer for better benefits elsewhere and no change in salary. When employers offer better benefits that reflect employees’ needs, retention, engagement and productivity indicators grow.

Expanded choice in benefits is reportedly helping build trust toward employers too. The survey found that a majority of employees have a choice in benefits (68 per cent), allowing 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 greatest choice in benefits, 72 per cent report that their benefits meet their needs while 76 per cent would recommend their employer as a good place to work.

“The war for talent is no longer just about pay – benefits matter to employees, with higher levels of appreciation seen when they have the ability to choose those benefits that best meet their individual needs,” Andy Leighton - Health & Benefits Director, WTW - said.

“It is clear that employers are enhancing their benefit offerings, with choice becoming more widespread. This not only helps to improve retention and engagement of their workforce, but for employees it can have a positive impact on culture, trust and fairness.”

Source: Pension Policy International

(Quotes via original reporting)

New research has revealed that UK employees rely on their employers to give them a sense of security as they weather the cost of living crisis and global political unrest, Pension Policy International reports.

A survey by global advisory, broking and solutions company WTW found that 54 per cent of employees are opting to remain with their current employers. This new trend ends a turbulent period of job turnover and attraction and retention challenges for employers.

It represents a significant change from 2022 when only 45 per cent of employees were committed to staying with their employers. In addition, WTW found that just one in ten (9 per cent) are open to offers now, down falling from a fifth (21 per cent) who would have welcomed an offer in 2022.

Pay reportedly continues to be the main driver for both attraction and retention. In this year’s survey, respondents cited pay (49 per cent), job security (46 per cent) and flexible work arrangements (38 per cent) as the top reasons for remaining with their employer.

“As employees search for a greater sense of stability, employers are ramping up their total rewards packages,” Steve Nyce - senior economist and global leader for the Research and Innovation Center, WTW - said.

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

Pay is still at the forefront of attraction and retention but the survey showed that benefits are becoming increasingly important. More than a third (37 per cent) of employees chose their current employers based on their benefits package and over two-fifths (44 per cent) reported staying with their employers for the same reason. 

Two-fifths (39 per cent) would leave their employer for better benefits elsewhere and no change in salary. When employers offer better benefits that reflect employees’ needs, retention, engagement and productivity indicators grow.

Expanded choice in benefits is reportedly helping build trust toward employers too. The survey found that a majority of employees have a choice in benefits (68 per cent), allowing 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 greatest choice in benefits, 72 per cent report that their benefits meet their needs while 76 per cent would recommend their employer as a good place to work.

“The war for talent is no longer just about pay – benefits matter to employees, with higher levels of appreciation seen when they have the ability to choose those benefits that best meet their individual needs,” Andy Leighton - Health & Benefits Director, WTW - said.

“It is clear that employers are enhancing their benefit offerings, with choice becoming more widespread. This not only helps to improve retention and engagement of their workforce, but for employees it can have a positive impact on culture, trust and fairness.”

Source: Pension Policy International

(Quotes via original reporting)