Employee turnover represents a huge expense for employers, so the phrase "job-hopping" must sound like nails on a chalkboard to CHROs. The good news for them? Prudential's Pulse of the American Worker report reveals that the majority of workers—55 percent, to be exact—want to stick with their current employer for at least four years, with 32 percent wanting to stay in place for the rest of their career. The better news? Flexibility helps them do just that.
When asked what factors other than compensation would inspire them to stay at their current employer, 48 percent of the employees surveyed said flexible work schedules, making a customized employee experience the top non-monetary factor in workers' decisions to stick around. Meanwhile, 41 percent said that better work/life balance would a primary motivation for switching employers, with Prudential calling the prospect of flexibility elsewhere a "reason to leave" and noting that 1 in 4 workers would even take a pay cut for better work/life balance.
Prudential isn't the only company that has named flexibility as a talent retention solution, of course. The 2019 Crain's Future of Work study found that 78 percent of respondents cited flexible schedules and location variety as the most effective non-monetary means of talent retention, up from 67 percent the year before. Furthermore, FlexJobs recently found that the percentage of professionals who left their jobs because of workplace inflexibility more than doubled over a four-year span. And in our own research here at Werk, we found that employees without access to flexibility were twice as likely to report being dissatisfied at work, and 1 in 2 employees said they would leave their job to find a more flexible alternative.
With these statistics at play in the workforce, it's critically important to offer the types of flexibility that employees need, and not just the flex types they want or the types you think they need/want. That's why gathering data on the current state of your workplace flexibility is the first step: Werk's digital assessment, for instance, identifies where your flex policies are working, where they're not, and what the ROI of bridging that gap would be. Plus, our flexibility framework is designed to be responsive to your workforce's changing needs. If you want your employees to stick around for life—as 32 percent of employees would like to do, according to Prudential's research—then you must consistently reevaluate your flexibility to see how it's performing for your employees as they move through different life stages. Job-hopping may be a myth, as the Prudential report speculates, but lifelong employee retention doesn't have to be.