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Paychex Research Reveals Job Stability and Meaningful Work Are What Keep Employees Staying

Health insurance and pension plans are also key to long-term retention

ROCHESTER, NY, July 28, 2022 /PRNewswire/ — New research from Paychex, Inc., a leading provider of integrated human capital management software solutions for human resources, payroll, benefits and insurance departments, explores the challenge of employee retention and the key factors that motivate employees. employees when making choices about their career path. With 4.3 million people leaving their jobs as recently as May 2022the survey of more than 600 US workers provides information that employers can use when developing strategies to increase retention.

The study, which was conducted in partnership with Future workplace, a member company of Executive Networks, revealed a gap between employer perceptions and employee feelings about retention. When asked what factors (other than pay and benefits) contribute to their decision to stay with their company, 30% of respondents listed perceived job stability as their top motivator and 60% ranked among their top three. Feeling the work was meaningful (45%) and having a passion for their field (33%) were the second and third most popular responses, respectively. Reasons related to employer brands (19%), company culture (19%) and products (13%) are the least important to employees, despite many companies’ emphasis on these elements in their recruitment and retention efforts.

“Research shows that nearly half of employees say they don’t want to change companies in the next 12 months, but that’s never a guarantee that those employees will stay long-term,” said Alison Stevens, Director of HR Services at Paychex. “The Great Resignation may be slowing down, but that doesn’t mean companies can take a passive approach. Instead, they should take advantage of this opportunity to deliver programs, benefits, and perks that meet diverse employee needs.”

Generation influences why employees work at their company

While job stability and performing meaningful work are among the top two reasons respondents stay with their company, Baby Boomers (32%), Gen X (35%) and Generation X Y (31%) were much more likely to cite job stability as the most common reason. important reason than Generation Z (14%). Instead, Gen Z (18%) prioritizes meaningful work over job stability.

Additionally, Baby Boomers (41%) said passion for their field and industry are among the top reasons for working at their company. Gen Xers (30%) focused on close relationships with co-workers, and Millennials (39%) cited opportunities for career growth. Gen Z (27%) said business growth and success was especially important to them.

Flexibility is the top priority for employee retention

When asked what would make employees more likely to stay in their jobs, respondents indicated a desire for more flexible hours. More than a third (35%) of all respondents ranked flexible working hours and schedules as the main reason they would be more likely to stay with their organization long term, and 70% ranked it among their top three. Boomers (46%) were much more likely to say flexibility would make them more likely to stay with their organization long-term than Gen X (38%), Millennials (31%) and Gen Z ( 24%) .

Opportunities for career advancement, skills development and internal job mobility, as well as increased commitment to work-life balance ranked second and third, respectively, with 50% of employees each placing in their three most wanted benefits. The promise of a better work/life balance was particularly compelling for workers in financial services (29%) compared to those in leisure/hospitality (10%), manufacturing (11%), education/ health services (14%), retail/trade/transportation/utilities (13%) and other occupations (11%).

Keep employees long term

Health insurance (64%) and pension plans (62%) are the top two benefits that retain employees over the long term. However, research shows that the importance of mental health benefits is on the rise among younger generations. Gen Z (23%) are much more likely to say the mental health benefits would make them more likely to stay with their organization long-term than Millennials (14%), Gen X (5%) or baby boomers (3%) .

Financial welfare benefits (41%), such as tuition reimbursement, professional development allowances, student loan reimbursement and childcare support, rank third among benefits most important for employee retention.

“Perhaps the most compelling finding of this study is the confluence of factors that affect employees’ decisions to say with a company,” said Joan Master, the founder of Future Workplace and Executive Vice President at Executive Networks. “Each employee presents a different intersection of the demographics described in the study, and the only way to truly know what will keep them in their position long-term is to ask. Even so, employers rarely do. We found that only 29% of employees had what we call a ‘stay talk.’ These open conversations with employees can give HR staff insight into the unique values ​​of their employee populations to increase retention, even in a market hard work.”

For more information on this investigation, please see the full research report.

About Research
The research findings are based on a survey of United States Between May 4, 2022and May 11, 2022. For this survey, 604 full-time and part-time employees of small and medium-sized companies (20 to 500 employees) answered general questions in order to understand what employees think about retention. The study targeted employees between the ages of 18 and 75. This is a survey part of a series of research reports administered by Future Workplace that will focus on the perspective of employees and identify key concerns, priorities and trends facing the modern workforce. confronted.

About Paychex
Paychex, Inc. (Nasdaq: PAYX) is a leading provider of integrated human capital management solutions for human resources, payroll, benefits and insurance services. By combining innovative software-as-a-service technology and a mobility platform with personalized, dedicated service, Paychex allows business owners to focus on growing and running their business. With 50 years of industry expertise, Paychex serves more than 730,000 payroll customers from May 31, 2022 in the United States and Europeand pays one in 12 US private sector employees. Learn more about Paychex by visiting www.paychex.com and stay connected at Twitter and LinkedIn.

Media Contact
Samantha John
Public Relations Program Manager II
Paychex, Inc.
(585) 218-6086
[email protected]
@Paychex

SOURCEPaychex, Inc.

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