Compensation remains the top consideration for employees in deciding whether to resign or stay in a company, a report on the work culture in the Philippines showed following what has been dubbed as the so-called Great Resignation continued.
The majority of human resource professionals in the country at 62% said they observed an increase in resignations with Gen Z employees or those aged 20-24, staying in companies for an average of 1.3 years as opposed to the average tenure of 7.2 years for those aged 45-54. according to the 2022 State of HR Report by Sprout Solutions.
"With the hybrid work era creating new opportunities and easier ways to find greener pastures, HR leaders should brace themselves for more turnover waves," the report stated.
"To mitigate attrition, companies should prioritize improving compensation and benefits as these are key deciding factors for employees to stay," it added, noting that employees want "reasonable compensation and benefits."
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Based on the report here are the top factors that make employees stay in a company:
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Benefits, Upskilling opportunities
The report, which surveyed some 200 HR professionals across different industries in the Philippines, also showed that nearly all of them at 97.66% believe that company benefits have a direct impact on keeping employees.
Employees also put a premium on career growth opportunities and upskilling, which HR professionals said helps in retaining top talents.
"Self-growth and upskilling not only matter to employees but they also translate into positive business outcomes," the report stated.
"Businesses that provide employees with self-growth and upskilling/reskilling opportunities experience lower attrition and faster recruitment cycles," it added.
To attract the best talents and keep employees, the report urged companies to prioritize the physical and mental well-being of employees.
"Considering how the Great Resignation has serious, long-term consequences, businesses should make it a point to improve their employee benefits package for higher retention. In particular, COVID-19 has changed the employee benefits system by redefining benefits related to childcare, transportation, and remote work allowance," the report stated.
Here are the top preferred benefits of employees according to the report:
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