What do college and university employees really value in a job? According to a new report from the TIAA Institute and CUPA-HR, the answer might surprise you. While salary is important, retirement savings plans, health insurance, and paid time off top the list of the most valued benefits among higher education employees. But what makes the results even more interesting is how these priorities shift depending on the employee’s role and age.
This report, titled “What do higher ed employees value most in a job?”, highlights some surprising trends that colleges and universities may want to take to heart if they hope to keep their staff happy and reduce turnover. The findings show that 16% of full-time higher ed employees are at risk of leaving their jobs within the next two years, a costly situation that could result in the loss of key talent and institutional knowledge.
Paul J. Yakoboski, a senior economist at TIAA Institute and co-author of the report, put it plainly: “If colleges want to hold onto their talent, they need to focus on what their employees actually want—things like retirement plans and health insurance.” And it turns out, the more at-risk an employee feels, the more likely they are to prioritize those specific benefits.
Here’s the lowdown: 58% of higher ed employees rank a retirement savings plan as one of their top three benefits. Health insurance comes in close with 56%. Paid time off lands third with 47%. But there’s a lot more beneath the surface.
For staff members, health insurance and retirement savings plans are key. Faculty members, on the other hand, often rate education benefits and health and wellness programs higher. Age also plays a role in what people value. Workers under 40 focus more on health insurance, while those over 60 are eyeing their retirement plans.
And it’s not just the benefits that matter. Salary and job security are crucial, too. But here’s where things get tricky: the importance of these job features differs depending on whether you’re a staff member, a faculty member, or an administrator. Younger employees, under 40, are more likely to rank salary among their top job features, while older employees often value benefits more.
The report also highlights the growing concern around turnover risk. Employees who are thinking about leaving often rate health insurance (76%) and retirement savings (67%) higher than their less at-risk peers. Stress, burnout, and lack of appreciation are also major drivers of dissatisfaction, particularly among those considering an exit.
Melissa Fuesting, associate director of research at CUPA-HR and co-author of the report, points out that while no institution can offer everything to every employee, it’s clear that “understanding what employees value most can make a huge difference in hiring and retention.”
In short, higher education institutions need to step up their game if they want to compete for talent in a challenging labor market. Whether it’s better benefits, work-life balance, or simply more appreciation, listening to what employees actually want could be the key to reducing turnover and keeping staff engaged.
For colleges and universities, this report is a clear message: offering competitive pay alone won’t cut it. To keep employees happy and productive, it’s time to rethink what perks matter most—and act on it.
To dive into the full report and learn how these insights can help higher ed employers across the board, visit TIAAInstitute.org.
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