Amid a cost-of-living crisis, high inflation and global political unrest, US employees are seeking security from their employers, according to a report by WTW (Willis Tower Watson).

It found that 72% of employees opted to stay with their employers, marking a significant shift from the 2022 survey, which found that 53% were contemplating leaving. Additionally, only 11% of employees are open to offers in 2024, down from a quarter in 2022.

Moreover, the survey found that 25% of employees feel trapped in their current roles, a decrease from 35% in 2022.

Top factors motivating employees to stay include pay, job security, health benefits and flexible work arrangements.

While pay remains the primary driver for both attraction and retention with 56% of employees considering another job offer for better pay, benefits are not far behind. Forty-nine percent of employees chose their current employers due to their benefit packages, while 54% stayed with their employers for the same reason.

On the other hand, 40% of workers would leave their employers for better benefits elsewhere without a salary increase. Of those whose benefit packages meet their needs, 82% intend to remain with their employers.

Expanded choice in benefits is also helping build trust toward employers. Sixty-six percent reported having more choice in benefits, allowing 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 greater choice in benefits, 76% reported that their benefits meet their needs and 78% would recommend their employer as a good place to work.

“As employees search for a greater sense of stability, employers are ramping up their core benefits,” Steve Nyce, senior economist and global leader for the Research and Innovation Center at WTW, said in a press release.

“Focus on pay has strengthened, and benefits are meeting the needs of many employees, not just some,” Nyce said. “The past few years, particularly with the Covid-19 pandemic, have shed light on employers’ need to invest in their core benefit program, and these survey results show that the investment paid off. By continuing to prioritize these factors, employers can build trust, ultimately creating an environment that will drive retention and provide job security.”

The survey gathered responses from 10,000 US employees from medium and large private-sector employers between January 2024 and March 2024.