Prudential's special report on life & work

March 2022

A survey recently released by Prudential Financial shows that the “Great Resignation” continues as substantial numbers of American workers have switched jobs or are actively seeking new ones. Employers who can meet this challenge by being flexible, creating opportunities for growth and building a resilient culture will gain a competitive advantage.

The following is from the Pulse of the American Worker:  The Grand Experiment – Building the Future of Work, a survey conducted by Morning Consult on behalf of Prudential in September 2021. 

The survey found that 15% of workers have switched jobs since the start of the pandemic, and nearly half (46%) are either actively looking for or considering a new job search.

These numbers are even higher among millennials, who are now the largest segment of the American workforce, with 29% and 30% saying they are actively looking for or considering looking for a new job, respectively.

Some of the reasons behind workers’ exits were not unusual. Among those surveyed, 45% say they were seeking better compensation and benefits. But 26% of respondents say a lack of opportunities at their former job spurred their departure; another 26% say they wanted to do something different.

Among millennial workers, 26% say a desire to work remotely at least some of the time fueled their desire to switch jobs.

Employers may have an opportunity to address departures: 45% of the workers who are planning to look elsewhere said that if their employer offered internal mobility opportunities, they would think about staying.

Fifteen percent of American workers say they've switched employers since the start of the pandemic. 

They might not be alone; nearly half of all workers say they're actively searching for or considering looking for a new job.

This percentage is even higher among millennials, with 6 in 10 saying they are actively or considering searching for a new job.

Workers site the opportunity to get better compensation/benefits, lack of growth opportunities with their current employer and wanting to do something completely different as their top motivations for leaving or considering leaving their employer. 

Having the ability to work remotely at least some of the time also is a factor, particularly for millennials who are the largest generation in the American workforce.

When asked what they thought was causing people to leave their organizations, managers cite factors such as compensation, growth opportunities, burnout and wanting to do something different.

Interestingly, 45% of the workers planning to look elsewhere said if their employer offered internal mobility opportunities, they would think about staying. 

This state of flux has had ripple effects in the workplace and among teams, as two-thirds of respondents in manager roles say their teams have been impacted by employees leaving during the pandemic.

Seven in 10 managers say they have open positions to fill, and a third (35%) report having more than three open roles. Nearly half of managers with open roles say it is taking longer to fill these positions now than before the pandemic.

58% of managers with open positions report not having enough applications for their open positions.

71% of managers with open positions say the applications they are receiving are from workers who don’t have the right skills to fill the positions.

82% of managers with open positions say they would be willing to hire a candidate that would require some initial training to do their job.

The survey, which polled 2,000 full-time employed adults in September 2021, comes as workers settle into the “new normal” of virtual work across many industries by working, job hunting and interviewing online.  The pandemic accelerated this shift exponentially, but it has also exposed challenges.

Eight in 10 believe technology skills will be increasingly important for those jobs, and 3 out of 4 say knowing how to analyze data will be critical.  When asked about the one skill they are looking to build in the coming year, nearly half (46%) say it would be technology or data related.

While most workers know growing their skills will be a requirement for career mobility, 58% are struggling to learn new skills in a remote environment.

“The future of work is already here.  Talent can be a company’s biggest differentiator, so it is important that employers move with urgency to address the growing skills challenge and provide workers with opportunities to develop their skills,” says Prudential  Vice Chair Rob Falzon. 

“Nearly two years ago, Prudential invested in a career development and internal mobility platform to enhance skills training and create new career opportunities for our employees. Since then, employees have logged more than 100,000 hours of training, and we’ve seen a nearly 50% increase in the number of roles filled by internal candidates.”

A Pulse survey fielded in March 2021 found that while most people working remotely appreciated the benefits of virtual work, many were starting to feel disconnected from company culture. Several months later, those trends are continuing.

The erosion of culture connectivity could be fueling workers to leave.  More than half of remote workers are actively (27%) or considering (25%) looking for a new job and half report feeling less connected to their employer while working in a remote setting.  Nearly two-thirds (63%) say it’s easier to look for a new job in a remote environment.

A hybrid-work model may offer employers the opportunity to provide flexibility while maintaining connectivity.  Six in 10 say if they were going into a worksite at least one day a week they would feel more connected to their employers.

Perhaps surprisingly, two-thirds of people who are still working remotely are comfortable returning to the work site — but they want the benefit of a hybrid work model and the flexibility to choose which days they go in. In returning to the work site, many people who worked remotely during the pandemic say they are looking forward to socializing and collaborating with coworkers.

“Work site re-entry can be a culture-building opportunity,” Falzon says.  “Employers must meet this moment with the same deftness as they did when pivoting to remote work. By focusing on their talent and building resilient cultures, employers can stand out in the current environment and gain a competitive advantage.”

7 in 10 remote workers say their employer is doing enough to help them transition into their longer-term work arrangements.

86% say they are just as productive when working remotely.

58% say it has been harder to learn new skills in a remote environment.

59% say they want to work a blend of in-person and remote work.

When asked what they would like their employer to do to help them transition, remote workers say providing personal protective equipment, requiring vaccinations, limiting how many people can be on-site and offering mental health counseling.

• Two-thirds of workers that have remained remote during the pandemic are comfortable returning to the worksite.
• Roughly one-third of all remote workers expect their employer will adopt a hybrid work model once the pandemic is over.

• Remote workers would like to go to the worksite a fixed number of days per week or month but want the ability to vary which days.

The Pulse of the American Worker Survey was conducted on behalf of Prudential by Morning Consult from Sept. 10 to 13, 2021, among a national sample of 2,000 self-identified employed adults (age 18 and over). This sample included 790 managers of people and 965 employed adults who worked remotely at some point during the pandemic. The interviews were conducted online, and the data was weighted to approximate a target sample of employed adults based on age, educational attainment, race/ethnicity, and gender. Results from the full survey population have a margin of error of ±2 percentage points. Percentages may not total 100 percent due to rounding.

The Prudential Insurance Company of America and its affiliates, Newark, NJ. 1053044-00001-00