A new multinational survey finds that retirement benefits are considered a top factor among individuals when deciding on a job offer, and a separate multinational survey contends a company’s workplace culture is just as important.
Survey results from Accenture covering 5,000 employees across 10 countries in Europe, the Asia-Pacific region and South America reveal that more than two-thirds (68%) of workers with pension or retirement plans said those benefits were a critical factor in deciding whether to accept a job. Additionally, 62% said they were a critical factor in staying with a job.
The research also found strong interest among workers for more help in understanding and planning for their retirement. For instance, 84% of workers said they want more help with pension and retirement planning, and 82% said they want help with coaching. Not surprisingly, younger workers are the most interested, with 87% of Millennials citing an interest in planning and 84% wanting retirement coaching.
Yet, despite the strong interest in planning assistance, less than half (41%) of currently active employees said their employer offers such education or coaching. Slightly more (43%) said their employer does not offer it and 16% were uncertain if their employer offers such services.
Digital Demand
Accenture’s survey also found a strong but generally underserved interest in the use of digital communication channels for retirement information. Interactive web pages were the most popular channel to receive such information – cited by 57% of respondents – yet only 23% said they have actually used interactive web pages for that purpose. Similarly, more than half (53%) of respondents said they’re interested in using a mobile app to receive such information, but only 18% have done so. Nearly half (47%) of respondents said they would like to use a digital retirement coach, but only 12% have done so.
As such, Accenture recommends that employers and retirement-service providers strive to acknowledge the importance and build awareness of benefits. Among other things, employers should ensure that their HR strategies acknowledge that pension and retirement considerations are critically important to job seekers and current employees, as well as address employees’ strong appetites for retirement information and support.
While the research found that few workers currently use digital communication channels for retirement information and planning, demand is high. “Employers should ensure that their pension and retirement organizations find ways to close the gap between the ‘digital life’ that their members seek and what is currently available,” notes Owen Davies, who leads Accenture's global pension practice. As part of that, Davies emphasizes that they should focus on enhanced planning and education.
Culture Over Cash?
A separate survey by Glassdoor of more than 5,000 adults in the U.S., United Kingdom, France and Germany finds that more than three-quarters (77%) of adults would consider a company’s culture before applying for a job there. In addition, well over half (56%) say company culture is more important than salary when it comes to job satisfaction.
“Across the countries we surveyed, it’s clear that job seekers are seeking more meaningful workplace experiences,” notes Christian Sutherland-Wong, Glassdoor President and COO. “Job seekers want to be paid fairly but they too want to work for a company whose values align with their own and whose mission they can fully get behind.”
While a majority of respondents place culture above salary when it comes to job satisfaction, company culture matters significantly more among younger adults. Millennials are more likely to place culture above salary than those age 45 and older in two of the four countries surveyed – the U.S. (65% versus 52% age 45+) and the U.K. (66% versus 52% age 45+).
When it comes to retention, nearly two-thirds (65%) of respondents say their company’s culture is one of the main reasons for staying in their job. In addition, 71% of global employees would look for a job elsewhere if their current company’s culture deteriorates. Similarly, 89% of respondents believe it is important for an employer to have a clear mission and purpose, with comparable responses across all countries surveyed. What’s more, 79% would consider a company’s mission before applying for a job there, demonstrating just how important a clear mission is to recruitment.
Glassdoor Chief Economist Dr. Andrew Chamberlain notes that a common misperception among many employers is that pay and work-life balance are among the top factors driving employee satisfaction. “We find little support for this notion in Glassdoor data,” he states. “Instead, employers looking to boost recruiting and retention efforts should prioritize building strong company culture and value systems, amplifying the quality and visibility of their senior leadership teams and offering clear, exciting career opportunities to employees,” Chamberlain emphasizes.
