Is the Great Resignation ebbing?
A new report suggests the pace of job change is slowing, but most workers are willing to listen to offers.
Although the Great Resignation is showing signs of slowing, a slight majority of employees are willing to at least listen to job offers.
“Resignations have showed signs of slowing in the last month, but now is not the time for employers to let their foot off the gas,” said Tim Glowa, a principal and leader of Grant Thornton’s employee listening and human capital services offerings. “American workers have found their voice during the pandemic, and they are perhaps keener than ever to ask for what they want — or find it elsewhere.”
The State of Work in America survey from Grant Thornton explores the latest trends in employee attitudes and desires. It found that 29% of full-time employees are actively looking for a new job at a different company. Although that figure is down from 33% in the 2021 survey, such a decrease is to be expected, because 21% of people already switched jobs in the last 12 months. Moreover, 51% of employees who are not actively looking for a new job would consider a switch if the opportunity arose. Among employees who earn an annual salary of $100,000 or more, that figure jumped to 58%.
Related: Employees rethinking jobs, financial goals, retirement
Part of the reason may be that many employees are not sure if their company is taking care of them. Twenty-four percent of respondents completely disagreed, disagreed or slightly disagreed when asked if they are paid fairly for their contributions to their employer’s success. What’s more, only about half believe the benefits and rewards they receive are distinctive from what they could receive from another employer.
The top reasons why workers took a new job were base pay, work-life balance, opportunities for advancement, benefits and greater autonomy. These reasons underscore the value of a workplace tailored to employees’ needs.
“Most benefits plans only address two of the top five stressors: medical issues and ability to retire,” Glowa said. “The goal for companies should be to create a total rewards program that is meaningful to employees, that addresses their particular drivers of stress and that differentiates a company from its competitors.”
It also is apparent that the freedom to work from home has quickly become expected. “Flexibility in where you work, and sometimes when you work, is no longer viewed as an extra benefit,” said Angela Nalwa, a managing director and HR Transformation practice leader at Grant Thornton. “In fact, flexibility is now a minimum requirement as job-seekers look for their next career opportunity. The companies who insist on a mandatory return-to-office for all employees must find a differentiator that separates their organization from the pack.”
Read more: