For Moshmi Sanagavarapu, an analytics director in New York City, job jumping hasn’t crossed her mind.
“I’m happy where I am,” she said, adding that it would take a 25% pay increase to even spark her interest.
Sanagavarapu’s commitment to her employer goes deeper. “At my level, it’s important that I stay in the company to show a meaningful impact to my business, to my company overall, and to have the time to positively showcase my skill sets in a way which I can help increase, or improve the level of business my organization is currently doing.”
A majority of workers, like Sanagavarapu, are staying with their current employers rather than jumping ship for a brighter, shinier opportunity elsewhere. Nearly two-thirds are looking to stay right where they are, according to a new survey by WTW, a global HR and actuarial consulting firm.
Workers are looking for ‘security in their lives‘
That’s a significant shift from the nearly half who were looking to jump jobs two years ago.
“Employees are looking for greater certainty and security in their lives,” Steve Nyce, a senior economist for the WTW, told Yahoo Finance. There are “unprecedented levels of uncertainty” in the workforce, which is “perpetuating stress and anxiety issues.”
The change of heart is fueled by several factors. Two years ago, workers were in the driver’s seat, negotiating higher salaries, growth opportunities, and sweeter benefit packages. In response, many employers piled on new benefits and pumped up pay to lure new workers and retain valued ones.
It seems to be working. Workers report they’re satisfied with their pay (48%), job security (41%), and health benefits (36%), followed by flexible work arrangements (31%). And fewer employees — 1 in 4 — report being stuck in their jobs now, far below the 35% in 2022.
Enhanced employer benefits are a reason to stay
Almost half of employees chose their current employers due to their benefits packages, the researchers found, and over half are staying with their employers for the same reason.
“Because the labor market has been so tight in recent years, employers have really been paying attention to attracting and retaining talent with a specific emphasis on retaining people,” Megan Yost, senior vice president at Segal, an employee benefits consulting firm, told Yahoo Finance.
“So they’ve been enhancing their benefits, say, increasing their employer contribution to the defined contribution plan to make them more competitive or to differentiate them from other employers in their same industry.”
Companies have also been increasing paid parental leave and family-focused benefits like adoption, backup care for children, and elder care. And they’ve been adding things like pet insurance and even backup pet care, she said.
“Employers are trying to appeal to all ages and demographics in the workforce with these different types of benefits,” she said.
At the same time, employers are gently putting the brakes on hiring. That’s the takeaway from The Job Openings and Labor Turnover Survey, which came out this week. In April, job openings fell to their lowest level since February 2021, and the number of workers quitting their jobs decreased in professional and business services.
“Workers are not only quitting less than the peak of the Great Resignation in the spring of 2022 but also below the average rate just before the pandemic,” Nick Bunker, director of economic research at Indeed Hiring Lab, told Yahoo Finance.
“There is no doubt that the labor market has stabilized from the turmoil of 2022 when employers were desperate to hire and keep their employees while job seekers were empowered to look elsewhere for better pay and work-life balance,” Gwenn Rosener, partner and co-founder of recruiting and staffing firm FlexProfessionals, told Yahoo Finance. “For staffing companies, the churn of 2022 was a boon; we couldn’t fill jobs fast enough. But we’ve all felt a dampening out of the market on both sides — job seekers and employers.”
Grass is not ‘always greener‘
Moreover, many of those workers who quit are now regretting it. A new survey of US workers by The Conference Board reveals those who changed jobs since the pandemic are significantly less satisfied with their jobs than their colleagues who stayed.
“The grass isn’t always greener for job switchers,” Allan Schweyer, one of the co-authors of the report, told Yahoo Finance. “The main benefits of staying, according to our findings, are the likelihood of being more satisfied with career growth and development opportunities, promotions, bonuses, and camaraderie with colleagues.”
Not surprisingly, in line with most workers’ wish for flexibility in where and when they work, hybrid and remote workers report the highest levels of job satisfaction — 65.5% and 64.1%, respectively.
“Flexibility is the No. 1 reason I have no interest in looking elsewhere,” Janet Daniels, 56, manager of finance operations at a nonprofit organization in Alexandria, Va. “It’s the flexibility in the hours that I work and being able to take time off when I need it.”
Those who switched employers during the pandemic and after “who might have been tempted to leave due to the pay increase may not have examined some of the other elements critical to their longer-term satisfaction,” Schweyer said.
Money matters
But let’s not get crazy here. Money can still be a motivator to move on. Most employees would consider another job offer for better pay, the WTW survey found. The amount it would take to get their attention: a 10% salary increase.
Working in a job that gives you purpose, as Sanagavarapu does, can also tamp down the urge to move on.
“Of my clients who are staying put, I’m increasingly seeing a quest or a purpose in their life and livelihood,” Nancy Ancowitz, a New York City-based career strategist, told Yahoo Finance.
“And those at larger companies are more likely to stay put because of the possibility of finding another position in a different division or even relocating to a different office,” she said. Other reasons they are choosing to stay are opportunities to learn and grow at their current companies.
Bottom line: “Some are wise enough to realize the career parallel of ‘love the one you’re with,’” Ancowitz said.
What you can do to keep moving ahead without job hopping
To be honest, most workers I talk to don’t really want to leave their jobs. Sure, they may grouse, but when pressed, they admit they like their co-workers and they don’t want the stress of changing jobs. They do, however, want to be proud of what they’re doing, to be paid a fair wage for it, and to know they aren’t stuck there in a particular job or assignment for too long.
There are myriad ways to get noticed and keep advancing right where you are:
Look for opportunities outside your lane.
“I not only do my own projects but also work across different teams and projects where I’m able to use my skills for the benefit of other teams,” Sanagavarapu said. “That raises my level of exposure and can increase my chances of getting a promotion.”
2. Seek out projects that ramp up your skills.
“I look for projects that will continue to upskill me and get me more in touch with the latest technology trends,” she said. “There’s a lot of interesting advancement that’s happening in my field of work.”
3. Do the soft-shoe.
We’re all in sales regardless of job title. Always be channeling your inner salesperson to convince managers that you have the skills to move ahead. It’s unlikely that you will simply be handed a new opportunity or a bump in salary without asking.
You’ll have to have a face-to-face, sit‐down conversation with your boss or manager to ask. These can be tiny tweaks to your work schedule, big swings to different work in another part of the company, and the resources needed to take a class or a sabbatical.
Your sales pitch
Before you have that talk with your boss, make sure you have convinced yourself. Is the change you’re seeking going to make your job better in some way or your life richer? You can sell it only if you yourself are persuaded. So consider — why you? Why now? And what exactly are you asking for?
For Daniels, who was recently promoted, one key was letting her manager know that she was eager for more opportunities. “You have open communication with your higher-ups,” she said. “They may or may not be able to give you that right away, but if the opportunity ever arises that they could give it to you, they at least know that you want it.”
Ask yourself:
● How can the company benefit from helping you do something different?
● How can your boss professionally win from it?
● Is it going to cost your company anything in terms of money, time, or personnel changes?
It’s not about what your “ask” can do for you. It’s about what it can do for them. Never forget that.
Kerry Hannon is a Senior Columnist at Yahoo Finance. She is a career and retirement strategist, and the author of 14 books, including “In Control at 50+: How to Succeed in The New World of Work” and “Never Too Old To Get Rich.” Follow her on X @kerryhannon.
Click here for the latest personal finance news to help you with investing, paying off debt, buying a home, retirement, and more
Read the latest financial and business news from Yahoo Finance
Credit: Source link
