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Pay and benefits are key to winning talent war

Published on: 16 Jul 2024

Most workers are choosing to stay with their employers, ending two years of intense job turnover and challenges around attraction and retention, according to a global poll.

Pay and benefits are key to winning tale

WTW’s 2024 Global Benefits Attitudes Survey found that 54% of staff are committed to staying with their employer; in 2022, that figure was 45%. Only 9% are now open to job offers, down from 21% in 2022.

 

A total of 49% cited pay as the top reason for remaining with their employer, followed by job security, reported by 46%, and flexible work arrangements, cited by 38%.

 

The survey also found that 37% of workers chose their employer for its benefits package, while 44% reported staying in their job for the same reason. However, 39% would leave their employer for better benefits elsewhere and no salary change.

 

“Higher levels of appreciation” are seen when employees can choose “benefits that best meet their individual needs”, said WTW health and benefits director Andy Leighton.

 

“It is clear that employers are enhancing their benefit offerings, with choice becoming more widespread,” he added. “This not only helps to improve retention and engagement of their workforce, but for employees it can have a positive impact on culture, trust and fairness.”