One in Three Employees Considering Leaving Their Jobs This Year
Wednesday, July 13th, 2022
For the more than 30% of U.S. employees who say they are considering a job switch this year, benefits programs are often a crucial factor.
TIAA's 2022 Employee Retention Survey shows a substantial majority (82%) of employees say their benefits—specifically their retirement benefits (77%)—are highly important in deciding whether they will change jobs.
- Just 16% of employees say they received information about their current retirement plan before being hired.
- Less than half (42%) say their benefits were communicated when they first started their job.
- Just over half (54%) say they received information during open enrollment.
- Only one-third of employers say they communicate about their benefits plans before hiring an employee.
"We know that retirement benefits can be a significant difference-maker for employees when they're considering career choices, yet employers are missing critical opportunities to communicate about them," said Raymond J. Bellucci, head of Recordkeeping Solutions at TIAA. "Regularly providing education and information about retirement benefits can enhance retention and recruitment strategies, build stronger employee-employer relationships and boost employees' retirement preparedness."
Many employers see their current offerings as a valuable asset for attracting and retaining employees and note that they feel a high degree of responsibility for their employees' retirement preparedness (54%) and financial wellness (46%). Employers who report feeling more responsible are more likely to see their benefits as a recruiting advantage, think their employees are satisfied with their benefits, and are more likely to provide in-plan options for Guaranteed Lifetime Income in retirement.
