Employees Weigh In On What’s Important to Them and Why They Stay At Their Companies
The Great Resignation may be waning as our survey found nearly half of workers are planning to stay at their companies in the next 12 months, though younger workers may still need to be convinced of the benefits of staying.
Paychex, in partnership with Executive Networks, conducted a 10-minute online survey with 604 full-time and part-time employees. The research sample included 65% active workers and 35% sedentary workers. The survey also segmented by employees who work fully remote (19%), fully on-site (63%), and hybrid (18%).
Overall, job stability and performing meaningful work were cited as the two most important reasons employees continue to stay at their companies.
Here were some of the top findings:
- More Baby Boomers (46%) reported that flexibility in work hours or schedule would make them stay long-term at their organization than Gen X (38%), Millennials (31%), and Gen Z (24%).
- Sedentary workers (20%) were more likely to say flexibility in work environment would make them more likely to stay at their company long-term than active workers (11%).
- Active workers (66%) were less likely to feel valued for the work they do than sedentary workers (75%).
Key Findings: What’s Important to Workers and What Makes Them Stay with a Company
1. Almost half of employees surveyed plan to stay with their current companies
2. Employees value companies that align with their personal interests and values
The top-ranked reasons employees work at their companies were
- Job stability
- Meaningful work
- Passion for their field of work or industry
- A strong support system
- Company growth
- Opportunities for one’s personal career growth
3. While Baby Boomers, Gen X, and Millennials value job stability and financial wellness most when it comes to staying with their organizations, Gen Z places value on mental health benefits
Baby Boomers (32%), Gen X (35%), and Millennials (31%) were significantly more likely to say that job stability is the most important reason they work at their company than Gen Z (14%).
4. Failing to Consider Industry Preferences When Evaluating Employee Values May Lead to Poor Retention
Aside from job stability, employees in leisure/hospitality (20%) and education/health services (16%) were most likely to say that passion for their field and industry is the most important reason they work at their company.
Those in financial services (29%) were most likely to cite greater company commitment to work/life balance as their top reason to stay at an organization, followed by flexible work schedules (20%).
And, those who work in leisure/hospitality (27%), construction (24%), and professional/business services (20%) were significantly more likely to cite financial wellness benefits as the top way to encourage them stay at their employer long-term.
What Employers Can Do to Retain Employees
- 1. Look for ways to build flexibility into work schedules. Our research shows workers highly value flexibility in when they work (working hours) rather than just where they work (remote/hybrid/on-site).
2. Survey employees to understand what benefits are of value to various segments of workers. As we saw in our research results, different generations place higher value on different benefits, so employers need to take an employee-centric approach to total rewards and benefits.
3. Invest in a range of opportunities for skill development and provide greater access to mentoring and coaching opportunities. Workers are looking to their employer for opportunities to broaden their skills and grow their careers.
4. Have regular check-ins or stay interviews with employees.
To learn how Paychex can help you with retention, contact us today.
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