iHire's 2024 Talent Retention Report Spotlights the "Great Stay"
Analyzing the results of survey of 2,000+ employees and employers, sixth annual research report covers trends in employee turnover, engagement, job satisfaction, and more
FREDERICK, Md., Oct. 30, 2024 /PRNewswire-PRWeb/ -- iHire today published its 2024 Talent Retention Report, analyzing the results of its survey of more than 2,000 U.S. workers and employers from 57 industries. Showing an 11.1% year-over-year decrease in voluntary employee quits, the sixth annual research report spotlights trends in turnover, engagement, job satisfaction, and more amid the "Great Stay." Read the full report at http://www.iHire.com/Retention2024.
The following are notable findings from iHire's survey:
The Great Stay is in, and the Great Resignation is out.
- Voluntary quits are down 11.1% year-over-year, as 38.5% of workers said they left a job in the past year, compared to 43.3% who said the same in iHire's 2023 Talent Retention Report's survey.
- Meanwhile, job satisfaction was relatively steady year-over-year, as 54.8% of employees were either very or somewhat satisfied with their current or most recent job in 2024 – in 2023, 56.3% of workers said the same.
- 67.3% of employers who experienced turnover in 2024 said all or most of it was due to voluntary quits and resignations – an 8.2% decrease from 2023's survey.
- 72.8% of employers believe turnover at their organization will either decrease or stay the same at their organization during the next three months.
Some employees are anxious about artificial intelligence's impact on their job security.
- 13.3% of employees were extremely or very concerned that AI would replace their role in the next five years, and 31.1% were somewhat or slightly concerned.
- However, just 4.2% of employers said they had replaced or considered replacing an employee's role with an AI tool in the past year.
Toxic workplaces and poor leadership are the top drivers of quits, but employees aren't being honest about those reasons in exit interviews.
- 32.4% of workers who quit jobs in 2024 cited a toxic or negative work environment as a reason for leaving; 30.3% left due to poor company leadership, and 27.7% resigned because they were unhappy with their manager or supervisor.
- Employers said departing employees gave different explanations for resigning, including "personal reasons" such as health or family issues (51.4%), and receiving an offer that better aligned with their career goals (42.0%).
Employees increasingly value a strong work/life balance – and the flexibility to achieve that balance – over pay.
- 50.9% of workers said they would take a job with lower pay if the employer provided a better work/life balance, while 40.8% said the same about greater flexibility.
- Unsatisfactory pay was only the sixth most common reason employee respondents gave for leaving a job in 2024 (20.5%), behind poor work/life balance (20.8%).
- 68.1% of employees said they'd be more likely to stay at a job if their employer was committed to enabling a healthy work/life balance for associates. Similarly, 54.7% of workers would be more likely to stay if they were allowed flex time (the ability to set their own start and end times for their workdays); 44.4% and 41.5% said the same about a four-day workweek and a hybrid work environment, respectively.
Employers must look beyond pay as both a retention and engagement tool.
- Giving pay raises was the top retention tactic in 2024, implemented by 61.8% of employers. For comparison, fewer employers (34.7%) allowed for more flexible schedules, which workers said contribute to their inclination to stay with a company.
- Those who gave pay raises still struggled with retention – 90.4% of that group experienced turnover in 2024, and 66.4% said all or most of it was due to voluntary resignations.
"As the labor market cools, we are witnessing a larger proportion of employees choosing to stay with their employers," said Steve Flook, iHire's President and CEO. "To keep valuable talent not only aboard but also engaged and productive, employers must look beyond pay raises. Fostering positive work environments and inclusive cultures, enabling healthy work/life balances, and ensuring leaders and managers exemplify their company's core values are critical to retention and, therefore, achieving a competitive advantage."
To access iHire's 2024 Talent Retention Report, visit http://www.iHire.com/Retention2024.
About the Survey
1,544 job seekers and 555 and employers in the U.S. responded to iHire's Talent Retention Survey in September and October 2024 via the Qualtrics XM platform. Respondents came from iHire's job and job seeker databases comprising employers and candidates across 57 talent communities. All decimal points are rounded to the nearest tenth. For many questions, multiple answers could be selected, so percentages add up to a sum greater than 100%. In some instances, survey questions were skipped by an individual respondent.
About iHire
iHire is a leading employment platform that powers a family of 57 industry-focused talent networks, including WorkInSports, iHireVeterinary, iHireDental, iHireConstruction, and iHireChefs. For more than 20 years, iHire has combined advanced job matching technology with our expertise in the talent acquisition space to connect job seekers with employers in their desired sector. With an industry-specific, candidate-centric, and data-driven approach to recruitment, iHire helps candidates find meaningful work and employers find unique, high-quality talent – faster, easier, and more effectively than a general job board. Visit http://www.iHire.com for more information.
Media Contact
Kristina Kelly, iHire, 18777984854, [email protected], https://www.ihire.com
SOURCE iHire
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