Press release
Paychex Research Reveals Job Stability and Meaningful Work Are What Makes Employees Stay
Health insurance and retirement plans are also critical to long term retention ROCHESTER, N.Y., July 28, 2022 /PRNewswire/ -- New research from Paychex, Inc.,
About this update from Paychex, Inc.
[{"type":"text","content":"Health insurance and retirement plans are also critical to long term retention \nROCHESTER, N.Y., 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 services, explores the challenge of employee retention and the key drivers motivating employees when making choices about their career paths. With 4.3 million people quitting their jobs as recently as May 2022, the survey of more than 600 U.S. workers provides insight employers can use when developing strategies for increasing retention.\n\n \n \n \n \n \n \n\n \nThe study—which was conducted in partnership with Future Workplace, an Executive Networks member company—revealed a gap between the employer perceptions and employee sentiments related to retention. When asked about factors (other than compensation and benefits) that contribute to their decisions to stay in with their company, 30% of respondents indicated that perceived job stability is their most important motivator and 60% ranked it in their top three. Feeling that the work was meaningful (45%) and having a passion for their field (33%) were the second- and third-most-popular answers, respectively. Reasons related to employers' brands (19%), corporate culture (19%), and products (13%) are the least important to employees, despite many companies' focus on these elements in their recruiting and retention efforts.\n\"Research shows that almost half of employees say they do not want to change companies within the next 12 months, but that is never a guarantee that those employees will stick around long-term,\" said Alison Stevens, director of HR Services at Paychex. \"The Great Resignation may be slowing, but that doesn't mean companies can take a passive approach. Rather, they should use this opportunity to offer programs, perks, and benefits that meet employees' diverse needs.\"\nGeneration Influences Why Employees Work at Their Companies\nWhile job stability and performing meaningful work ranked among the top two reasons respondents stayed at their companies, Baby Boomers (32%), Gen X (35%), and Millennials (31%) were significantly more likely to cite job stability as the most important reason than Gen Z (14%). Instead, Gen Z (18%) prioritizes meaningful work over job stability.\nIn ...