Many have questioned whether The Great Resignation was actually materializing. But a recent EY study of 17,000 employees and 1,575 employers across 22 countries and 26 industries indicates that 2022 is the year.
In the EY 2022 Work Reimagined Survey, 68% of employers say employee turnover has increased in the last 12 months, while 43% of employees say they are likely to leave their current employer in the next year.
Of those surveyed, most movement is expected in the technology/hardware sector and executive leaderships, where 58% of both respondent groups say they expect to leave their jobs in the next 12 months. Plus, 48% of those working in finance and accounting are also likely to “job jumper” in the next year. But why?
Preference for hybrid work models
Acceptance and preference for remote and hybrid working is growing, while job opportunities have expanded with fully remote options. The EY report shows that a whopping 80% of employees want to work at least two days remotely per week, and only 20% voiced reluctance to full remote working, compared to 34% last year.
Some 70% of those identified as “job jumpers” would like to work remotely three or more days a week. However, 83% of the same group say their company needs to enhance digital tools for the workforce, indicating frustrations with technologies within their current company.
Increased pay and benefits
It’s an old joke that employers like to reward employees with perks like table tennis, pizza and beers, instead of pay review and benefits, but the EY report really does show a clear gap between company and employee priorities. In a time of rapidly increasing inflation, 79% of employees are putting a premium on total pay and other tangible benefits.
The top reasons for employees seeking jobs elsewhere is opportunity for increased total pay (35%), flexibility in when and where they can work (32%) and better career advancement (25%). However, employers think workers want prioritizing of learning and skills (37%), flexible schedules or locations (35%) and investment in well-being (32%). All noble endeavors, but the disconnect is clear; just 18% of employers say pay increases or reviews are needed to address employee turnover.
Flexibility and well-being
Some 66% of technology workers and those in executive leadership say the pandemic positively increased well-being at work in the EY survey; 55% of employees in financial services also agreed. These statistics are echoed in the Summer 2022 Future Forum Pulse, a survey of 10,646 knowledge workers across the US, Australia, France, Germany, Japan, and the UK.
From this survey, we see that 33.2% of fully remote employees say they have a work-life balance, compared to 25.1% hybrid and just 17.1% fully in-office. Some 21.7% of remote employees feel good about stress or anxiety, compared to 13.4% hybrid and 9% fully in-office.
Ultimately, 83% of employers in the EY survey agree that the pandemic has accelerated a need for extensive changes to a rewards policy encompassing compensation, well-being, flexible benefits, time off and more. And many employers which chime in agreement with these progressive changes are hiring now on the Finextra Job Board, including:
Cloud-based accounting software company Xero is hiring for a number of roles remotely, and across the UK, US and Australia. Roles include Project, Product and Account Managers, Engineers and Analysts, Risk Auditors, and more. It’s a time of growth and excitement at the organization, which recorded operating revenue growing 29% to $1.1 billion in FY22. They ended the financial year in March 2022 with 3.3 million global subscribers and 4,784 employees around the world, increases of 18% and 31% respectively.
In its advertised roles, Xero highlights facilitating many types of flexible working arrangements that: “allow you to balance your work, your life and your passions”. Great remuneration packages including shares and a range of leave options to suit your well-being are also cited, alongside continuous improvement, career development and the latest technology. Tick, tick, tick. See more on the Finextra Job Board.
Providing entrepreneurs and start-ups with banking tools, Juni’s financial products are designed specifically for e-commerce, dropshippers, affiliate marketers and media buyers. The Sweden-based company recently closed a $100 million Series B funding round, valuing the company at $800 million.
Most of Juni’s available roles on the Finextra Job Board are listed as either remote or work from home, and it is quick to highlight that you can have whatever tool stack you work best for you. Juni’s benefits are off the charts – a €8,500 annual happiness stipend to spend on “whatever makes you happy”, €500 a month towards a co-working space, stock options, minimum 30 days vacation, global health insurance and unlimited sick leave. Jumping for June? Check out the Finextra Job Board to see if any roles are a fit for you.
Crowdcube connects entrepreneurs and start-ups with potential investors through its web-based equity crowdfunding platform. The organization is now launching across Europe and is seeking additional talent to drive its mission. Equity Fundraising Managers are in high demand, as are Business Development Reps, Senior Frontend Engineers, Data Analysts and Campaign Managers.
Some roles have work remote options, while others – generally in sales – are specific location-based. Benefits include employee share options, 25 days annual leave, 4% matched pension scheme for UK residents, private medical insurance, plus life assurance that’s four times your salary. Check out the Finextra Job Board to see what roles are available.
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