Workplace Turnover: Where Employees and Employers Disagree
More than half of workers in the U.S. believe it would be easy to find a new job. And as employers in Connecticut are seeing, those employees are leaving.
The staggering data comes from The Hartford’s 2022 Future of Benefits Study.
More than 1,000 workers and 500 employers participated in the survey in February of 2022.
Researchers believe differences in opinions between workers and employers about company culture and retention are contributing to turnover rates.
Jonathan Bennett, head of group benefits for The Hartford, called the disconnect concerning.
“Employers who will attract and retain diverse, innovative, and talented people will not only include the foundation of strong pay and benefits, but will be those who embrace a transparent, inclusive work culture that prioritizes flexibility and communication,” Bennett said.
Of the 59% of workers who said finding a new job would be easy, 47% said higher wages were a top motivator to leave their job.
One-third of respondents said they are looking for a better workplace culture.
When employers were asked about why employees were leaving, only 14% said company culture played a role.
Researchers evaluated reasons for leaving by age group as well.
Baby boomers were more likely than other generations to cite better pay as a reason to leave.
GenZ and younger millennials cited workplace flexibility, while GenX and older millennials pointed to career advancement as their motivator.
According to the study, 96% of employers believe they are taking steps to retain their workforce.
A little more than half of workers said they agree.
What employers feel they are offering in comparison to what employees believe continues to have striking differences as found in the study:
- 69% of employers think their workers are satisfied with their job. Only 48% of workers agree
- 17% of employers feel turnover has gotten worse, compared to 39% of workers
- 28% of U.S. workers describe their company culture as stressful compared to 11% of employers
- 80% of employers feel workers have flexibility in their schedule to get the mental health help they need. 53% of U.S. workers agree
Bennett believes employers should be taking the time now to reevaluate their workplace.
This can include gathering feedback from employees, and analyzing company culture and benefits.
While higher wages will always be present, Bennett suggests employers talk to employees about long-term opportunities for advancements and raises.
When it comes to benefits, employers should help employers better understand what is available and other savings they can gain, he added.
This includes reinforcing employee control when it comes to their benefits. Educational information about insurance and life milestones is another suggestion.
Turnover has become more inevitable with remote work because employees have access to more opportunities.
Bennett said it is important for employers to foster an open and inclusive work culture.
As employee tasks increase with labor shortages, it is important to make workers feel comfortable coming forward when they are stressed or need help with their workload.
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