1 in 3 Workers Considered Quitting This Past Year: Here's What Makes Them Stay
Even in a tough job market, a significant number of employees are willing to throw in the towel over specific workplace dealbreakers.
A new Bank of America report found that more than 1 in 3 employees have left or considered leaving their job over the past year, with workers most likely to consider a job change in pursuit of higher pay (44% of men and 30% of women) or better work-life balance (40% of women and 36% of men).
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But salary isn't the only factor influencing career decisions. Workplace benefits are increasingly shaping whether employees stay with their current employer, with 39% of workers saying that competitive benefits are one reason they plan to remain in their current role.
Here's why this is at the top of many workers' lists.
Why Employee Benefits Matter More to Workers Today
Employees are expecting more from their employers, particularly when it comes to financial wellness benefits. The report found that employees specifically want:
Guaranteed income plan benefits (38%)
Help developing good financial skills and habits (32%)
Information on how to develop a plan to generate income in retirement (31%)
Online financial tools to measure financial wellness and identify ways to improve (30%)
"There has been a shift in employees when it comes to benefits, as they are increasingly turning to their employers to help them manage their financial wellness," said Stacy Bucchere, managing director and head of workplace benefits client management at Bank of America. "This is especially true amidst changing economic conditions."
The demand for these benefits comes at a time when financial stress remains widespread. The report found that 76% of employees feel stressed about the economy, while 62% are very concerned about inflation.
"Workplace benefits are a way to holistically support employees so they can bring their best self to work every day," Bucchere said. "The employers who embrace that holistic approach are the ones seeing greater employee engagement, stronger retention and a workforce that feels genuinely supported."
The Workplace Benefits That Improve Financial Wellbeing
The report found that 71% of employers rate their workforce's financial wellbeing as good/excellent, but only 55% of employees agree.
"Although employee financial wellness has been on the rise since 2023, the perception gap between employers and employees is a major blind spot," Bucchere said. "That 16-point gap means many employers may be underinvesting in employee financial wellness support because they didn’t recognize the need."
Fortunately, workplace benefits can help bridge that gap.
"Financial education is a critical piece of the puzzle for many workers’ wellbeing," Bucchere said. "Employers should regularly communicate about these benefits and measure their effectiveness annually. Benefits like convenient online tools or retirement planning calculators can help employees chart a path to the savings they will need in retirement."
Benefits Job Seekers Should Ask About Before Accepting an Offer
For workers considering a new opportunity, evaluating workplace benefits can be just as important as comparing salaries. The most valuable benefits will depend on your personal financial goals and life circumstances.
"For example, if someone acts as a caregiver for a family member, it would be worth inquiring about what caregiving benefits that company offers," Bucchere said. "Or, if you are focused on paying off your student debt, you can ask about debt assistance programs."
As workers increasingly evaluate employers on more than compensation, benefits such as financial wellness resources, retirement planning support and caregiving assistance may play a growing role in attracting and retaining talent.
This article was provided by MoneyLion.com for informational purposes only and should not be construed as financial, legal or tax advice.
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