Press release
Principal® Survey: Labor Market Disruption to Continue With One in Four Workers Planning Employment Change
Job hunters looking for more pay, career advancement, and workplace benefits Retirement benefits a focus as 77% say COVID-19 drove them to want to save more
About this update from Principal Financial Group Inc
[{"type":"text","content":"\n\nJob hunters looking for more pay, career advancement, and workplace benefits\n\n\nRetirement benefits a focus as 77% say COVID-19 drove them to want to save more\n\n\nWorker and retiree economic optimism declines amid inflation\n\n\n DES MOINES, Iowa--(BUSINESS WIRE)--\nA quarter of U.S. workers are considering a job change or retirement in the next 12 to 18 months, according to a new survey by Principal Financial Group®. The survey signals the continuation of a tight labor market in 2022 in which employer benefits and retirement plan options will play a role in workers’ decisions.\n\nDuring August and September, the quarterly Principal® Retirement Security Survey asked retirement plan participants and plan sponsors about financial behaviors and planning as well as economic sentiment. According to the survey, 12% of workers are looking to change jobs, 11% plan to retire or leave the workforce, and 11% are on the fence about staying in their job—showing 34% of workers are unsettled in their current role. Employers echoed the findings, with 81% concerned about increased competition for talent.\n\nWorkers noted their top motives in considering a job change as: increased pay (60%), feeling undervalued in their current role (59%), career advancement (36%), more workplace benefits (25%), and hybrid work arrangements (23%).\n\n“The survey shows a clear picture of a labor market still in flux in large part due to shifting habits and preferences brought on by the pandemic,” said Sri Reddy, senior vice president of Retirement and Income Solutions at Principal. “This open enrollment season is an important time for employers to get the pulse of their workforce and staffing needs as they face another year of competition for talent.”\n\nWorkers also identified a strong focus on retirement planning and security when making decisions. In fact, more than three quarters (77%) said the COVID-19 pandemic has driven them to focus more on saving for retirement. The most important retirement plan features workers consider when evaluating new job opportunities are:\n\n\nAn employer match (91%)\n\n\nEligibility (80%)\n\n\nVesting requirements for company matches (74%)\n\n\nInvestments options on offer (73%)\n\n\nWithdrawal options at job change or retirement (70%)\n\n\nAs such, retirement plan sponsors appear more focused on meeting workers’ retirem...