In the Great Resignation, retention is everything
Compensation and job security emerged as the top two factors for attraction and retention across the globe, according to a new report, as employers in the region face workforce challenges amid a tight labour market. The 2022 Global Benefit Attitudes Survey rolled out by global advisory, broking, and solutions company WTW found that the top attraction factors are:
- Pay and bonus
- Job security
- Flexible work
- PTO and broader leave
- Sense of purpose
- Career advancement
- Learning new skills
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On the other hand, the top factors for retention as found by the survey are:
- Job security
- Pay and bonus
- Sense of purpose
- Flexible work
- Relationship with co-workers
- PTO and broader leave
- Health benefits
These factors are extremely important for HR leaders, as the report also found that 28% of employees are currently looking for a new role, while another 25% said they feel stuck and would change jobs if they could.
Eva Liu, head of strategic development, health & benefits at WTW, said the findings reflect the pressure on employers to find ways to meet the needs of employees who’re keeping their eyes out for new opportunities.
"These findings suggest that employees continue to job hunt and there's a pressure for employers to find ways to better meet their needs, particularly on issues such as wellbeing, engagement, skills development, and career structure in order to tip the scales so that employees choose to stay,” she added.
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Sense of Purpose
As reflected in the findings, a sense of purpose emerged as the fifth key factor for attraction and third for retention.
"Purpose is also one of the areas that matters most to employees and features as a key factor in creating a high performing employee experience in an organisation and is associated with exceptional business results," said Liu.
"Employees across different age groups, from baby boomers to Gen Z, in our study have indicated that a sense of purpose is an important factor that they look for in an employer," she added. "Increasingly, employees want to work for organisations and brands that have a clearly defined purpose and that they are aligned to."
According to Liu, these employees need to see how their work contributes to the "bigger picture," while also feel how they have an equal opportunity to contribute their ideas.
"With Environmental, Social and Governance (ESG) actions becoming an increasing integral part of businesses, organisations need to rethink and assess the 'S' agenda in their ESG commitments," she advised.