The Great Resignation: Employees Want Better Benefits

As my colleague Gill Adams recently highlighted, most workers value employee benefits above pay. With the so-called Great Resignation showing few signs of abating, organisations need to ensure they are doing everything in their power to retain their best talent, and that means, among other things, offering the right mix of employee benefits.

[Related reading: Employee Benefits Key To Addressing The Great Resignation]

One In Five Workers Considering Quitting

Nearly one in five workers are considering quitting their jobs this year, as the Great Resignation continues to add to the labour and skills shortage facing organisations, new research shows.

According to the PwC survey, 18% of employees indicated that they are ‘very’ or ‘extremely’ likely to switch employers in the next 12 months. A further 32% said they were ‘moderately’ likely to change jobs, further highlighting the significant impact for organisations.

Including responses from more than 52,000 workers across 44 countries, including 2,000 people in the UK, PwC’s Global Workforce Hopes and Fears Survey 2022 also found that increased pay (72%) is the main motivator for employees wanting to go and work somewhere else. Wanting a fulfilling job and wanting to truly be themselves at work were the second and third reasons, cited by 68% and 63% of respondents respectively.

Interestingly, despite a higher salary being a driving force behind most employees wanting to leave, the PwC survey also revealed how UK workers were less likely to ask for a pay increase in the next 12 months (27% compared with 35% globally), despite the rising cost of living.

Kevin Ellis, chairman and senior partner at PwC UK, said: “The economic outlook may be uncertain but it would be premature to call the end of the great resignation. Highly skilled workers are in hot demand and employers can’t be complacent.

Gen Z Workers Most Likely To Move On 

Meanwhile, separate but relevant research has found that Generation Z employees (those born between 1997 and 2004) are the most likely to move jobs. 

According to research by rewards platform Perkbox, 79% of Gen Z workers have thought about moving jobs in the last six months. Furthermore, just over one in every five (21%) said they were considering doing so to secure a better employee benefits package.

What benefits do Gen Z employees want? Well, the Perkbox research says more wellness help from their employers. Three-quarters (75%) indicated they want financial wellbeing assistance, while 70% and 76% want their employer to assist them with their emotional and physical health respectively.

Commenting on the survey’s findings, Perkbox CEO Gautam Sahgal said: “Gen Z workers have clear expectations of what they want from their employers and businesses cannot afford to underestimate these if they want to remain attractive to this growing section of the employment market.”

[Related reading: Supporting Employees Better With Tailored Benefits]

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With the Great Resignation continuing to present a challenge for employers, offering the right employee benefits to attract and retain talent has never been a more crucial consideration for organisations.