Want to attract top talent to your company at a time when quit rates are at historic highs?

Entice candidates with better pay than they’re currently receiving and the flexibility to work remotely.

Those are two potential key takeaways from a new survey of 2,600 office workers based in the U.S. that found almost a third of people who left their jobs during the COVID-19 pandemic are now earning over 30% more in their new positions. Another 20% are earning 10% to 20% more.

The same survey from The Conference Board, a nonprofit/nonpartisan think tank, also found that all workers – whether they left a job or are in the same one – value flexibility more than ever.

Three-quarters said that a flexible work location is more important than before the pandemic, while 73% said the same about the ability to work from anywhere. Another seven in 10 felt a flexible work schedule had increased in relevance during the COVID era.

Notably, workers who left one job for another, or who intend to do so in the next six months, said the factors that most influenced their decisions were better pay (43%), career advancement opportunities (32%) and the ability to work from anywhere (31%). Disappointment with a previous/current company was close behind at 27%.

4.3 million
Americans quit their jobs in December, representing nearly 3% of the workforce.

(Bureau of Labor Statistics)

The insights from workers on the move were consistent with employees overall.

Beyond a competitive salary, 71% of all those surveyed said workplace flexibility was a top priority. More than seven in 10 also noted that a company contribution (including a match) to a retirement plan topped their list of priorities. Generous paid time off came next, with 64% of respondents listing it as a big deal.

“While competitive compensation remains important, workers’ priorities have shifted: Flexibility is now table stakes,” said Rebecca Ray, executive vice president of human capital at The Conference Board. “Workers clearly value their time, as well as the core benefits employers provide. Fostering professional growth and providing flexibility where possible are just as important to retaining talented workers as ensuring that employees are well compensated.”

Word on what workers want comes at a time when Americans are quitting their jobs at record levels.

In December 2021, the most recent month for which numbers are available, 4.3 million workers left their positions, according to the U.S. Bureau of Labor Statistics’ Job Openings and Labor Turnover Survey (JOLTS). That was only a pinch down from November when a record 4.5 million people called it quits. In October, the number was 4.2 million. Quits began accelerating in April 2021 amid a strong economic rebound that saw worker demand soar.