59% of Belgians plan to change jobs this year – a figure that will cause alarm among employers. But why do so many people want to change and how can companies improve talent retention?
The annual Robert Walters Salary Guide surveyed thousands of professionals about their current work situation and expectations. It found that 44% of respondents that wish to change job plan to do so in the next three months. One in three cited a desire to challenge themselves and seek new opportunities; 22% stated they simply needed a change.
Of those who intend to remain in their current position, 75% say they are satisfied at work and 12% underline the importance of a clear career path within the company.
The desire to move to a new employer seems to lie in values and career goals rather than salary expectations. Employees are increasingly likely to leave a workplace with a negative atmosphere: "The absence of effective leadership and practices that create a demotivating work environment is a strong incentive to seek a better working atmosphere," says Marie Parmentier, Finance & Accounting Manager at Robert Walters.
"An unhealthy corporate culture has a negative impact on employee well-being and affects their job satisfaction."
Not about the money
Salary increases, although not entirely irrelevant, have become a less significant factor in deciding to leave a job. Interestingly, 27% of people said their current salary was an adequate reflection of their workload and did not need or expect a wage increase.
The lessening effects of inflation make the salary question less pressing, according to the recruitment company. "At the end of 2022, it was important for candidates to take the forthcoming indexation into account," says Parmentier. "Now that inflation has come down and the index has returned to a normal level, this is no longer a defining factor."
Belgium and Luxembourg are the only countries in the eurozone where wage indexation is mandatory for private and for public -sector employees. Indexation in 2023 resulted in fewer hires and fewer bonuses; in 2024 employers' struggle to find a balance between managing company costs and offering enough incentives to retain talent will likely continue.
All about the benefits
The Salary Guide's findings suggest that the key to talent retention lies in extra-legal benefits: the majority of employees prioritise these incentives over high salaries, and 27% of people satisfied with their current job say they play a decisive role in guaranteeing loyalty to a company.
A considerable portion of the professionals surveyed are already doing well in this category. 82% have a company car or transport costs covered, 81% have health insurance, 71% can work flexibly or from home, 63% are part of a bonus scheme, 46% have cover for serious illness, 45% have training subsidies and 18% have additional days off.
The employees who intend to switch jobs this year prioritise the following benefits: a company car (70%), a bonus scheme (69%), flexible work options (62%), and hospital insurance (53%).
