DUBLIN, July 18, 2024 – Research undertaken by leading global advisory, broking and solutions company, WTW, has found that a majority (55%) of employees in Ireland are choosing to stay with their employers and only 10% are open to offers now.
Pay is the main driver for both attraction and retention followed by security and flexibility. In the survey, employees in Ireland cited pay (49%), job security (44%) and flexible work arrangements (34%) as the top reasons for remaining with their employer.
“As employees search for a greater sense of stability, employers are ramping up their overall total rewards packages”
Michael Acton | Head of Health & Benefits, Ireland
“As employees search for a greater sense of stability, employers are ramping up their overall total rewards packages,” said Michael Acton, Head of Health & Benefits, WTW. “Pay, job security and flexible working arrangements remain the most important priorities while working environment and relationships with co-workers and managers have seen notably large increases in importance. By prioritising these factors, employers can build trust, and improve the overall employee experience, ultimately creating an environment that will drive retention and provide job security.”
While pay remains at the forefront of attraction and retention for employees in Ireland, the survey found benefits are becoming increasingly important. Almost half (45%) of employees chose their current employers due to their benefits package and 47% reported staying with their employers for the same reason. While 48% would leave their employer for better benefits elsewhere and no change in salary. In fact, when employers offer better benefits that cater to employees’ needs, indicators of retention, engagement and productivity are higher.
Expanded choice in benefits is also helping build trust toward employers in Ireland. The survey found a majority of employees in Ireland have choice in benefits (63%), which allows them to alter core benefits or use a flexible benefits fund to have a choice in other benefits, including access to voluntary benefits. When employees have the most choice in benefits, 71% report their benefits meet their needs, and 73% would recommend their employer as a good place to work.
“It is clear that employers are enhancing their benefit offerings, with choice becoming more widespread”
Michael Acton | Head of Health & Benefits, Ireland
“The war for talent is no longer just about pay – benefits matter to employees, with higher levels of appreciation seen when they have the ability to choose those benefits that best meet their individual needs,” said Michael. “It is clear that employers are enhancing their benefit offerings, with choice becoming more widespread. This not only helps to improve retention and engagement of their workforce, but for employees it can have a positive impact on culture, trust and fairness.”
The 2024 Global Benefits Attitudes Survey was conducted from January to March 2024. Respondents include 750 Irish employees working at medium and large private sector employers, representing a broad range of industries.
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