A third of employees say they are on the hunt for a new job, according to a new survey of 1,100 individuals out from The Conference Board, a nonprofit business membership and research organization. Additionally, just 38% of respondents indicated they would like to stay with their current company.
What it means to HR leaders
The data is further proof that the Great Resignation is far from over, even as the economic climate shifts as a result of record-high inflation and fears of a recession loom. (Other research from Greenhouse, a New York City-based hiring software provider, found that 57% of 1,500 employees surveyed nationwide will still be actively looking for a new job even if a recession hits.)
“Despite worries of a recession—and the hiring slowdown and layoffs that often result from a downturn—the labor market remains strong. And this robust jobs market is continuing to empower workers,” says Rebecca Ray, executive vice president of human capital at the Conference Board.
Why are so many workers looking to leave their jobs? A variety of factors are at play, including burnout and a desire for higher pay, more flexibility and better benefits. The survey found, for instance, that 11% quit their jobs over the last year because of job fatigue due to workload. Meanwhile, 17% of workers who voluntarily left their company within the last year left for a flexible work location, flexible work schedule or the ability to work from home/anywhere, and 22% left for higher pay.
These are all reasons HR and company leaders should be cognizant of if they want to retain workers. Industry insiders say employers that look to boost salaries, and offer flexible schedules and competitive benefits will be better-positioned in this job market. That’s because, as the survey finds, employees who feel they have good benefits and offerings like flexibility, as well as a more manageable schedule and little stress, at their current employer are much less likely to leave their jobs.
“Our survey results reveal they continue to want more flexibility and higher pay, and they’ll go elsewhere to attain these benefits,” Ray says. “To retain talent, companies should work with their employees to determine to what extent they can accommodate their needs.”