The EY 2022 Work Reimagined Survey, published April 20, shows that employees now have greater influence over their employment terms. It also reveals a divide between employees and employers.
Notably they say 42 per cent of employees surveyed by the firm say pay increases are needed to address staff turnover. Only 18 per cent of employers agreed with the sentiment.
The survey of 1,500 business leaders and 17,000 employees around the world found that 43 per cent of employees say they are likely to quit in the next 12 months, driven mainly by a desire for higher total pay, better career opportunities and flexibility. More than a third of those searching for new roles say salary is their main objective.
“As many countries emerge from the COVID-19 pandemic, employees have gained significant influence over their employers. Their wish list from potential employers is changing,” the firm states.
Interestingly, they say the desire to seek out new roles persists, even though employees generally have upbeat views about company culture. The number of employees who believe their company’s culture has improved rose from 48 per cent of employees to 61 per cent today. Employer’s confidence, meanwhile, dropped from 77 per cent to 57 per cent. “While employees believe new ways of working have increased productivity, companies’ confidence in their own productivity is being eroded by increased turnover,” they state.
As for remote work, they say 22 per cent of employers say they want employees back in the office five days a week. The majority of employees – 80 per cent – say they want to work remotely at least two days a week. At the same time, flexible work arrangements “are now less of a driver given that most are already working for companies that offer flexibility in some form. Only 19 per cent are seeking remote-work flexibility from a new job, while 17 per cent say that well-being programs would prompt them to move.”
