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Looking to retain employees? Survey reveals what makes them stay

Looking to retain employees? Survey reveals what makes them stay

New research from Paychex Inc. explores the challenge of employee retention and the key drivers motivating employees when making choices about their career paths.  

Paychex survey shows workers looking for job stability, meaningful work.The survey of more than 600 U.S. workers – 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 percent of respondents indicated that perceived job stability is their most important motivator and 60 percent ranked it in their top three.  

Feeling that the work was meaningful (45 percent) and having a passion for their field (33 percent) were the second- and third-most-popular answers, respectively.  

Other reasons that would make employees more likely to stay with their employer include flexible scheduling, opportunities for career advancement, skills development, internal job mobility and increased commitment to work/life balance.  

Health insurance and retirement plans were the top two benefits shown to keep employees long-term. 

Financial wellness benefits, such as tuition reimbursement, professional development stipends, student loan repayment and child-care support, ranked third among benefits most important for employee retention. 

Reasons related to employers’ brands, corporate culture and products are the least important to employees, the survey shows, despite many companies’ focus on these elements in their recruiting and retention efforts. 

“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.” 

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