beqom Study Reveals American Job Seekers Are Easily Swayed Into New Roles, Craving Flexibility, Transparency and Pay Equity
As the Great Resignation persists, workforces are ravaged and employers are bewildered about how to retain and recruit top talent. In fact, 65 percent of American workers have looked for a new job in the past year, and that number is even higher for Millennials (75%). While looking for a new job, key factors that caught the attention of job seekers include if a job description listed employee benefits and perks (81%), salary (79%), and clear requirements on hybrid, remote or full-time in office work (74%). These findings are according to beqom’s 2022 Compensation and Culture Report, which uncovered how the changing workplace landscape has altered employee perceptions around benefits, total rewards, transparency and pay equity in the last year.
In addition to employees’ motivation to move on, nearly a third (29%) of employees don’t think their current company pays employees fairly, and fewer than half (48%) of employees know their total compensation. For many employees, discussing pay with their colleagues still feels taboo – in fact, 42 percent are not comfortable discussing pay with their colleagues. That number is even lower for women, with fewer than half (48%) feeling comfortable discussing pay with their colleagues, compared to 66 percent of men. The younger generation may be changing the game, with Gen Zs (67%) and Millennials (63%) the most comfortable discussing pay with colleagues, compared to Gen Xs (48%) and Baby Boomers (38%).
“As we’ve come out of the height of the pandemic to what appears to be a new normal, workforce priorities have changed rapidly,” said Tanya Jansen, co-founder of beqom. “Not only have employee priorities shifted even further in the second year of the pandemic, but the hiring dynamic has been flipped on its head, forcing companies to adapt to attract and retain employees. Creating a culture of transparency from the start in all areas — from compensation and job responsibilities to location requirements and DE&I — are critical components of creating a workplace that will attract the right workers who choose to stay for the long term.”
Additional findings from the report show that:
Most Employees Would Consider Leaving Their Job
- The majority (70%) of employees would consider switching jobs for more flexibility in working hours.
- Other reasons employees would switch include unlimited paid leave (69%), more flexibility in working location (68%), more pay transparency than their current company provides (60%), executive compensation tied to ESG initiatives (52%), a greater focus on sustainability and CSR initiatives (51%) and a built-out DE&I strategy (46%).
Most Companies Don’t Share Their Pay Gaps or Pay Gap Goals
- More than a third (37%) of employees say their company does not share its current gender pay gap internally or externally.
- Just 16 percent of employees reported their company shares their current gender pay gap internally, and nearly two-thirds (65%) of employees reported their company did not share goals for closing pay gaps.
- A lack of pay gap transparency may be why 22 percent don’t know whether there are pay gaps within their company, and 20 percent think pay gaps have increased in the last year.
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Working Parents Have Gained More Benefits, But Many Still Consider Leaving the Workforce
- Nearly half (47%) of working parents reported their company has increased paid leave in the last year (up from 37% in 2021) and 40% say their companies have offered new childcare subsidies (up from 32% in 2021).
- More than half (58%) have considered looking for a new job that has more flexibility (up from 53% in 2021) and 48 percent have considered leaving the workforce due to managing childcare (up from 46% in 2021).
Employees Are Learning More About Salary Discrepancies in Their Company, and Taking Action to Change Their Own Compensation
- Over half (58%) of employees have talked to a colleague about their salaries in the last year and nearly half (43%) learned a colleague in their equivalent role with similar experience is making more than them.
- Men (64%) are more likely than women (51%) to have talked to a colleague about their salaries, and Millennials (62%) and Gen Zers (60.5%) are the most likely to have had those conversations.
- Half of employees have asked for a raise or promotion in the last year, with Gen Zs (60%) the most likely to have asked for a raise or promotion.