Think you know what workers want? A new survey suggests there’s a gap between employer perceptions and what their employees say about what motivates them to stay with their organization.
In a new survey from Paychex, 30% of employees said that perceived job stability is the most important reason to stay with their employer, and 60% ranked it in their top three. Nearly half (45%) said feeling that their work is meaningful is most important, 33% cite having a passion for the field.
The least important factors related to job retention, according to respondents, are company brand (19%), corporate culture (19%), and products (13%).
Among other findings:
- Baby boomers (32%), Gen Xers (35%), and Millennials (31%) were much more likely to say job stability is most important to them than Gen Zers (14%), who prioritize meaningful work over job stability.
- Employees of all ages said job flexibility – in terms of work hours and scheduling — is highly significant. However, baby boomers (46%) want this more than Gen Xers (38%), Millennials (31%), and Gen Zers (24%).
- 50% of employees said opportunities for career advancement, skill development, and internal job mobility are in the top three of their desired perks.
- Only 14% of health services employees cited work-life balance as important, compared to 29% of financial services employees and 29% of those in leisure/hospitality.
- Two-third of workers said that health insurance and retirement plans are the top benefits they want. However, mental health benefits are increasingly popular among younger workers. Nearly 10 times as many Gen Zers as baby boomers want these kinds of benefits.
- Financial wellness benefits were cited by 41% of residents as a desired benefit. These include things like tuition reimbursement, professional development stipends, student loan repayment, and child-care support.
Only 29% of employees said that they’ve ever had a ‘stay interview.’ If employers really want to know how to keep their good people, they need to have open conversations with workers about their work experiences, how they view their value to the organization, and if they are getting the benefits they want. This information can help employers build benefit programs and workplace culture that will attract and keep good people.