Seven in 10 employees are looking for a new job, as the majority of workers have faced significant changes in their roles over the past year.
A survey from Blackhawk Network (BHN) has found that among job hunters, pay was the top issue (40 percent), with more than a quarter (26 percent) putting benefits near the top of their new job desires.
More than four-fifths (84 percent) of workers said they have experienced significant job changes over the past 12 months, with 16 percent reporting that their workload has increased without a pay rise, while 21 percent said their employer has made colleagues redundant. The majority of respondents (87 percent) also highlighted concerns about pay and potential job cuts.
The survey of 1,010 people found that this shift in workplace dynamics was a key factor driving large numbers of people to look for a new job.
Researchers asked employees what would make them more loyal to their employers. Nearly three-quarters (71 percent) said “a higher salary”, while 47 percent pointed to “more frequent recognition and rewards”, with 79 percent reporting that rewards or recognition makes them feel valued and appreciated. Nearly two-thirds (63 percent) of employees revealed they want to be recognised for their efforts at least once a month.
Interestingly, the survey found that 40 percent of respondents said they would “reconsider leaving their current role if they received a reward or recognition after resigning”.
Flexible working also scored well with employees. Nearly a third (31 percent) said a four-day week would encourage them to stay with their current employer. For employers looking to encourage staff back into the office, one incentive could be to increase pay as 59 percent of employees said a pay rise would make them more inclined to work in a physical workplace.
Gen X and baby boomers said that workplace flexibility was their top non-monetary benefit. Gen Z and millennials chose more holidays as their top non-financial benefit.
“These findings highlight the urgent need for employers to adapt to the changing expectations of their workforce,” said Chris Ronald, region head, incentives, rewards and benefits at BHN.
He warned: “Employers who fail to address these concerns risk losing talent.
“By focusing on flexible working practices, impactful rewards and recognition programmes, alongside meaningful voluntary benefits, companies can create a more engaged and loyal workforce.”
He added: “The pressure is on for employers of all company sizes to create a culture that drives both employee engagement and an increase in productivity and performance. Tangible rewards to celebrate specific achievements and successes play a part and compliment an ‘always on’ employee benefits strategy.”
