Two-fifths (43 per cent) of global employees said they’re likely to quit their job in the next 12 months, citing factors such as higher total pay (35 per cent) and career growth opportunities (25 per cent), according to a new survey by EY.
The survey, which polled more than 1,500 business leaders and more than 17,000 employees across 22 countries, found while 42 per cent of employees said pay increases are the key to addressing staff turnover, only 18 per cent of employers agreed.
Only 19 per cent of employees said they’re seeking remote work flexibility from a new job, while 17 per cent said well-being programs would prompt them to move.
The number of employees who believe their organization’s culture has improved has risen to 61 per cent from 48 per cent at the start of the coronavirus pandemic. During that same time, employers’ confidence in their own company culture has dropped to 57 per cent from 77 per cent.
More than half (58 per cent) of employer respondents agreed it’s important to have a strategy in place to match talent and skills to future business needs. Three-quarters (74 per cent) said they’re prepared to hire employees from other countries and allow them to work from anywhere if their skills are critical or scarce and 21 per cent believe improving opportunities to build skills will help address turnover.
Despite the continuing shift toward flexible working models, 22 per cent of employer respondents said they want employees to come back to the office five days a week. Although reluctance to work remotely among employees has fallen from 34 per cent to 20 per cent, most employees (80 per cent) said they want to work remotely at least two days per week.
The survey also found 32 per cent of employers are managing to improve both culture and productivity, through measures such as ensuring their leaders have a shared understanding of company issues, external practices and strategies (94 per cent), hybrid work (90 per cent), enhancing workplace technology (45 per cent) giving employees more empowerment and autonomy (44 per cent) and investing in onsite amenities (39 per cent).