iHire has released its 2023 Talent Retention Report, sharing the results of its survey of more than 4,100 US workers and employers from 57 industries. The fifth annual report suggests voluntary employee resignations remained steady year-over-year despite an overall increase in job satisfaction, while toxic work environments were the top drivers of quits. To download the full report, visit www.iHire.com/Retention2023.

Notable findings from iHire’s survey include the following:

  1. 4 per cent of employees quit a job in the past 12 months.Voluntary resignations rose 5.3 per cent from 2022 to 2023, and 73.3 per cent of employers who experienced turnover this year attributed “all” or “most” of it to voluntary quits.
  2. 3 per cent of workers were satisfied with their current or most recent jobs,suggesting a 16.3 per cent year-over-year increase in overall job satisfaction. In addition, 25.2 per cent of respondents were “very” satisfied with their jobs – a 64.7 per cent increase from 2022.
  3. 7 per cent of employees quit due to a toxic or negative work environment– the top reason for leaving a job in 2023. Unsatisfactory pay ranked only 7th on the list of reasons for quitting (20.3 per cent). Similarly, when employees were asked to identify the most important factor besides pay influencing their decision to stay with an employer, a positive work environment topped the list of responses (25.7 per cent).
  4. 3 per cent of employers anticipate turnover increasing at their organizations in the next three months.However, 46.9 per cent of employers believe turnover will stay the same, 20.0 per cent think resignations will decrease, and 19.8 per cent are unsure.
  5. 9 per cent of employees expect to leave their current job within a year.At the same time, 33.4 per cent of employed respondents were unsure how much longer they would stick around with their employer.
  6. 2 per cent of employers gave raises to improve retention rates in the past year, and 40.2 per cent gave bonuses. Even amid economic uncertainty, employers have upped the ante in an effort to retain their team members.

“Although survey respondents expressed greater job satisfaction, today’s talent won’t hesitate to pursue a new opportunity if they believe it better aligns with their values and aspirations,” said Steve Flook, iHire’s President and CEO. “For example, workplace toxicity is driving more quits than unsatisfactory pay, as workers want to thrive in an environment that allows them to grow professionally and build relationships. Employers who focus on providing an exemplary employee experience their staff can’t find elsewhere will most successfully retain team members in the coming months.”

To download iHire’s 2023 Talent Retention Report, visit www.iHire.com/Retention2023.

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