TORONTO--(BUSINESS WIRE)--Nearly half (49%) of U.S. employees have looked for a new job during the pandemic and 44% plan to look for a new job in 2022. Millennials (50%) are driving the Great Resignation as they are twice as likely than Baby Boomers (25%) to look for a new job this year. The main reason nearly a quarter (24%) are looking for a new job is for career progression, followed by better compensation and benefits (21%). These findings are according to the fifth annual Employee Engagement & Retention Report from Achievers Workforce Institute, the research and insights arm of Achievers, a leading global provider of employee voice and recognition solutions.
Today’s uptick in turnover is putting increased pressure on employees. In the last six months, half (50%) of employees felt issues in their role due to labor shortages. The issues being felt by employees are no surprise when you consider that more than three-quarters (78%) have had to take on more responsibilities without a pay bump or promotion, 76% have worked longer hours, and for nearly three in five (59%) employees their professional development has taken a backseat. Sadly, there’s not an end in sight for many, as 71% of employees surveyed report that their employer has been unable to find new team members to support them.
“The continuing pandemic and introduction of the Great Resignation has put a strain on workforces, diminishing company culture, career progression and engagement. This spike in turnover and the isolation of remote work has contributed to a weaker sense of belonging for many employees,” said Achievers’ Chief Workforce Scientist Dr. Natalie Baumgartner. “This lack of belonging is pushing workers out the door as they pursue new job opportunities with the hope of finding a workplace they feel valued and supported in.”
When it comes to what would help improve belonging in the workplace, four in five (81%) say being paid market value and / or rewarded frequently would have strengthened their sense of belonging at their company and 76% of employees say improved and inclusive benefits would help. These efforts should be a priority for every employer as less than a third (30%) of employees feel a very strong sense of belonging at work and nearly a fifth (18%) do not feel a strong sense of belonging.
Additional Key Findings From the 2022 Employee Engagement & Retention Report Include:
Lack of Company Culture is Causing Engagement Problems
- Only a third (32%) of employees feel engaged in their current job, while almost a fifth (18%) feel disengaged or completely disengaged
- To increase engagement employers must focus on company culture, nearly two-thirds (63%) of employees would be more engaged at work if their employer improved its company culture and nearly half (48%) of employees feel their company’s culture has deteriorated since the start of the pandemic
Improving Employee Retention Relies on More Meaningful Recognition
- Nearly a fifth (17%) of employees are never recognized for their work by their managers/ companies and a third (33%) are recognized only annually or quarterly - a worrisome trend as direct one-on-one recognition from managers is the top factor that makes nearly a quarter (24%) of employees feel most valued at work
- Additionally, nearly four in five (78%) of employees say a strong recognition culture makes a company attractive to work for, but more than a third (37%) say the workplace recognition they currently receive is not meaningful (up from 33% in 2021)
Across the Globe Employees are Also Feeling Strain:
- Two-thirds (66%) of employees across the globe are considering a job hunt in 2022, while half (49%) of employees looked for a new job during the pandemic
- Nearly half (48%) of respondents say company culture has deteriorated since the start of the pandemic and just 20% of employees are highly engaged
- More than half (52%) of employees say they stay in a job because they feel valued and supported
For more information about the 2022 Employee Engagement & Retention Report and additional data on the state of the workforce in Australia, Canada, Germany, Netherlands, Singapore, United Kingdom and United States, click here.
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