Compensation still a big factor

Most employees report being happy in their roles (64%), but enough are desiring change in some form that they are considering leaving their jobs in the near future. The study found that 40% of employees said they plan to stay at their current jobs for less than a year. Younger workers were more dissatisfied—65% of Gen Z workers said they plan to stay at their current job for less than a year.

Although career mobility may be emerging as an important factor in attracting and retaining workers, money still matters, according to the report. The study found that the biggest motivator for employees planning to stay in their position is salary, and/or potential bonuses (46%). Other incentives are paid time off and flexibility (21%) and internal mobility (13%).

Despite the desire for better pay, the study had some contradictory findings: for example, it found that employees are so interested in finding a new role that nearly a third (31%) would take a pay cut to change positions.

The report noted that Gen Z's in general are more likely to move on if they are not fulfilled in their job—42% of Gen Z respondents said they would rather be at a company that gives them a sense of purpose than one that pays more, while Millennials (49%) and Gen X'ers (56%) said they were more interested in higher pay than a company that gives them a sense of purpose.

Opportunities for upskilling or reskilling can motivate employees

The report found that upskilling or reskilling is popular among employees, and that many have taken advantage of such opportunities. The survey said more than two-thirds of employees said their company provides tools and resources for upskilling and reskilling, and that such offering motivates approximately 10% of workers to stay at their companies. In addition, at companies that provide such opportunities, 61% of employees have taken courses to grow in their current role, while 23% have taken courses to transition to a new role.

Again, younger workers are more interested in change. The study found that millennials are the most likely to have taken courses to grow at their current job (62%), while Gen Z's are more likely to have taken courses toward a new role (24%).

"Boomerang employees" are also discussed in the report, which found that a significant number of employees are willing to return to previous employers, if the company is more responsive to their needs. The study found that more than half (52%) of employees would consider returning to a former employer for reasons such as better benefits (29%), more room for growth opportunities (22%), and more opportunities for upskilling/reskilling (16%).

The report suggested that the dissatisfaction that some employees feel may stem in part from a lack of comfort in raising such issues—the survey showed that more than one in five (21%) employees didn't feel they could openly discuss moving roles or departments with their managers (including 37% of Gen Zs), and one in eight (13%) employees didn't even know who within the company to discuss a role change.

"As we enter another year of the Great Resignation, our report found employees are asking for a few simple things in order to stay at their companies," said Nate Smith, CEO of Lever. "Through much of the pandemic there was an immense focus on culture and perks, but as we navigate today's normal, companies should focus on competitive compensation, more personalized working plans, and PTO that can provide needed flexibility. These focuses will define employers with top retention in 2022."