- Despite increasing concerns around job security, 36% of US
employees are considering leaving their employers (up 8 points from
last year)
- Three out of four workers (75%) say high inflation and market
volatility this year has significantly increased their financial
stress
- Covering monthly expenses is employees’ top concern, followed
by the ability to retire
- Nearly 1 in 3 low-income workers have taken on additional work
to supplement their income
After two years of existential crises – the pandemic, a war in
Europe, and historic inflation – employees are more focused on
their financial security and well-being than climbing the ladder or
career advancement, according to Mercer’s 2022 Inside Employees’
Minds study. The number of employees who are considering leaving
their employer has increased to 36% compared to 28% in 2021, with
low-income (those who make less than $60k per year), frontline
(healthcare, retail, hospitality, etc.), and underrepresented
employees being more likely to consider leaving than other groups.
The findings also show significant declines in employee
satisfaction and commitment across the board since last year, most
noticeably in compensation, benefits, and career goals.
The purpose of this survey was to understand the root causes of
high turnover and how employees’ needs and wants have shifted over
the past year since the term “Great Resignation” was coined in May
2021. The findings reveal that, among all demographics, concerns
over inflation have placed financial health as the greatest unmet
need* – covering monthly expenses now claims the top spot, up from
#9 in 2021. The ability to retire is now the second top concern
amongst all demographics, up from #5 in 2021.
Third on the list is work-life balance and boundaries –
employees continue to say burnout is a key reason for them to
consider leaving their employer. More than half (51%) of employees
reported feeling exhausted on a typical day at work. These concerns
were most pronounced in front-line workforces, such as those
working in healthcare, retail, food service, and hospitality.
Concerns about physical health have declined this year as health
and safety measures at work and the threat posed by COVID-19 have
improved, though it still remains a top concern overall (#4, down
from the #1 spot last year).
Adam Pressman, Mercer’s US Employee Research Leader said,
“During the pandemic, organizations that led with empathy, and
prioritized health and flexibility saw the benefits through
employee commitment, engagement, and productivity. But 2022 has
brought new challenges – inflation, labor shortages, a war in
Ukraine, and more.”
“It’s clear now more than ever that employees are prioritizing
their well-being now. The top three reasons employees consider
leaving their employer are pay and benefits, burnout due to
workload, and insufficient healthcare benefits,” he added. “For
some, especially front-line and low-income employees, that means
financial survival. Others, who have their basic financial needs
met, are placing increased importance on their lives outside of
work.”
With the onset of remote and hybrid work, 2 out of 3 employees
report they feel empowered, valued, connected, and stimulated.
However, half of the employees say they feel exhausted on a typical
day at work. The study revealed that flexibility is highly valued,
and was the top item that would attract employees to a new
employer, behind only pay.
Americans across demographics are experiencing significant
financial stress Above all, the research revealed that the
financial concerns of employees reign supreme this year, despite US
employers increasing base pay between 5% and 7% in 2022. Financial
concerns remain high even for high-income earners -- 71% of
employees who make more than $200k per year say that high inflation
and market volatility have increased their financial stress.
Overall, nearly 2 out of 3 employees (62%) say they’ve reduced
spending, and a third say they’ve reduced savings or tapped into
savings to supplement their spending needs.
Low-income employees are the most vulnerable to inflation, as
pay levels often fall below living expenses. Nearly 1 in 3
employees making less than $60k per year say they’ve taken on
additional work to supplement their income. They’re also less
likely to ask for a raise, as compared to higher-income workers.
More than 8 in 10 workers across all income levels say it’s
important that their employer clearly and strongly supports living
wages, through both internal/external statements and tangible
actions. However, today only 21% of employers say they’ve adjusted
compensation so that all employees in their organization are paid
at least a living wage.
Employees are increasingly concerned about retirement and
healthcare affordability Employees report that behind pay and
workload, insufficient healthcare benefits are the next top reasons
they would consider leaving their employer. 68% of employees report
challenges with getting the care they need, with the top challenge
being trouble affording the healthcare costs that aren’t covered by
health insurance plans, such as deductibles and co-pays. Over 60%
of employees purchase healthcare services outside of their
insurance plan, with the top item being prescription drugs
(31%).
Additionally, fewer than half of respondents feel confident they
can turn their retirement savings into a steady income to last the
rest of their life. When asked what changes they would value most
in retirement benefits, employees overall chose an increase in the
contribution amount matched by their employer. Employees under 45,
who are less likely to have discretionary income to contribute to
their retirement plan, would value matching payments made to
student loan debt and contributions to a health savings account
(HSA).
DEI is improving, but underrepresented employees still face
unique challenges The survey also found some improvements in
diversity, equity, and inclusion (DEI) practices, most notably, an
8-percentage point increase in Black and African American employees
who say they feel a sense of belonging to their team (up to 74%).
However, a greater number of underrepresented workers are
considering leaving their employers, especially Hispanic and
Latino, and LGBTQ+ workers.
Where Hispanic and Latino workers showed a significant decline
in balance, satisfaction, and commitment across all categories
since last year, one in three LGBTQ+ workers reported a lack of
sense of belonging with their team, and fewer than half believe
they can meet their career goals at their current organization.
LGBTQ+ employees are significantly more likely to consider leaving
their employer – an 8-percentage point difference over non-LGBTQ+
employees. LGBTQ+ employees rank mental health as the second
greatest concern (behind only covering monthly expenses) and
employees report significantly higher levels of exhaustion and
frustration during a typical day.
“In 2022, employees value a workplace that centers on
well-being; where they have more sustainable workloads and more
resources to support their holistic health - financial, physical,
and mental. We see this as a defining moment – a new contract
between employers and employees – the “Lifestyle Contract,” said
Lauren Mason, Senior Principal in Mercer’s Career Business.
“There will be no return to pre-pandemic ways of working;
employers who adopt this lifestyle contract will gain a committed
and productive workforce and be an employer of choice in today’s
job market,” she added.
Note to editors: *Unmet needs* are the concerns that keep
your employees up at night and prevent them from having adequate
mental and emotional bandwidth to do a great job at work.
About Inside Employees’ Minds This study includes 4,049
full-time employees in the United States, working for organizations
with more than 250 employees. The study was conducted between
August 26 and September 9, 2022. The report also includes
actionable advice for employers to help address unmet needs in
their workforce.
About Mercer Mercer believes in building brighter futures
by redefining the world of work, reshaping retirement and
investment outcomes, and unlocking real health and well-being.
Mercer’s approximately 25,000 employees are based in 43 countries
and the firm operates in 130 countries. Mercer is a business of
Marsh McLennan (NYSE: MMC), the world’s leading professional
services firm in the areas of risk, strategy and people, with
86,000 colleagues and annual revenue of over $20 billion.
Through its market-leading businesses including Marsh, Guy
Carpenter and Oliver Wyman, Marsh McLennan helps clients navigate
an increasingly dynamic and complex environment. For more
information, visit mercer.com. Follow Mercer on LinkedIn and
Twitter.
A business of Marsh McLennan
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version on businesswire.com: https://www.businesswire.com/news/home/20221027005159/en/
Ashleigh Jang +1 917 647 0070
Ashleigh.Jang@mercer.com
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