Around 27% of U.S. workers quit their jobs in 2023, which, according to a common turnover calculation, cost employers nearly a trillion dollars to replace. Unfortunately, turnover is expected to climb this year, and labor experts predict another form of the “Great Resignation” to take place as workers choose to leave their jobs. Employee retention remains a critical challenge this year for employers across industries. A LinkedIn survey found that 85% of workers plan to look for a new role in 2024, which is almost a 20% jump from the previous year. The trend particularly applies to younger generations, including Generation Z, millennials, and Generation X.
While today’s workers see both the possibilities and risks of job or career changes, many are choosing to explore new opportunities and leave their current employers. Check out our HR Insights article that outlines tips for employers on employee retention: Tips for Retaining Employees in 2024.
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