To anyone running a business, nothing in 2022 has been more pressing than the rise in global prices. And even if government efforts to bring down inflation do bear fruit, its impact is still likely to reverberate for years to come… especially when it comes to pay.Employees in every industry are realizing that if their pay remains static, that's essentially the equivalent of a pay cut. And two new surveys commissioned by YuLife on both sides of the Atlantic point to the damaging effect this is having on staff turnover.Read on as we summarize the most important findings in our surveys, and explain what they mean in the context of wider economic and business trends.The Turnover Tsunami To start with, we're already seeing a lot of employees dropping out of jobs to find a better position elsewhere. According to our surveys, commissioned by YuLife in partnership with YouGov, the past year has seen 56% of working adults in the US and 54% in the UK either starting a new job or looking for one. Only 44% (UK) / 40% (US) have not considered looking for a new job.The younger the employee, the more pronounced this trend becomes. In our surveys, 79% of working 18- to 24-year-olds in the US and 74% in the UK say they've either started a new job or have been looking for a new job over the past year. The same goes for the 25- to 34-year-olds, with 66% (US) / 64% (UK) doing so. In contrast, amongst those aged 55+, 77% (US) / 64% (UK) are not considering looking for a new job.And the trend seems certain to continue into 2024. A huge 40% of US working adults and 32% of UK working adults say they're likely to consider changing jobs within the next 12 months. Only 31% (US) / 36% (UK) say it's not likely at all that they'll consider changing jobs within this timeframe. Again, the young are most likely to follow this trend, with 60% of 18- to 24-year-olds in the US and 55% in the UK likely to consider moving jobs within the next year, compared with just 18% (US) / 19% (UK) of those aged 55+.The importance of paySo how can employers retain their best talent and avoid the cost and disruption of constantly hiring new people?Well, it won't surprise you to hear that pay is crucial here. In our surveys, 42% of working adults in the US and 57% in the UK say that if they were planning on leaving their current role, their current employer would likely only persuade them to stay by offering a pay raise. Only 19% (US) / 28% (UK) say they’d likely be persuaded without one.So if employers can't afford a pay raise, is everything lost? Well, not exactly. To put things into perspective, only 14% of US working adults and 16% of UK working adults believe nothing would persuade them to stay if they were considering leaving their current role. So aside from pay raises, what else can employers do? Alternative approachesWhen asked to choose from a plurality of other factors that would convince them to stay in their current role, 32% of US employees and 33% of UK employees say allowance of more paid time off. 31% in both countries say greater flexibility on working arrangements, and 30% (US) / 25% (UK) say more employee benefits.When asked to select all the factors that would lead them to consider leaving their workplace, 48% of US working adults and 60% of UK working adults say poor pay. A further 40% (US) / 49% (UK) say poor management and 33% (US) / 47% (UK) say job satisfaction. That's just one half of the equation, though. When it comes to finding new work, what are employees looking for? Well, when looking for a new job, 60% of US adults and 61% of UK adults say having flexible working conditions is an important factor when choosing an employer. 60% (US) / 59% (UK) also say that the benefits available to employees are an important factor. Why this mattersFinally, it's worth considering why all this matters. For a start, high turnover means an increase in the cost of recruitment and extra work for already-pressed HR professionals. But it goes deeper than that, because it also affects the people left behind, and the organization as a whole.And that's something that's reflected very clearly in our Q2 surveys, where 84% of US working adults and 89% of UK working adults agree that high employee turnover can have a negative impact on productivity and morale at work, and only 3% (US) / 2% (UK) disagree. And that's against a background where people are already struggling. To be specific, 81% of working adults on both sides of the Atlantic say their job is either stressful or slightly stressful; only 17% don't find it stressful at all. And just 19% (US) / 12% (UK) agree that their employer is very active in preventing and managing stress.ConclusionsIn an era of inflation and rising cost of living, employees are seeing their pay dwindle in real terms and are leaving to get a better deal elsewhere. In this environment, retaining the best talent means, above all, raising the levels of pay. However, if that's not possible, then most employees are still open to persuasion in terms of being offered better benefits and flexible working.Employers who take a proactive approach to meeting these needs will help stem the turnover tide. And that won't just help reduce their costs in terms of recruitment and training new hires, it'll help the workforce as a whole become happier, more efficient and more motivated.Read the full ebook here to find the solution.