iHire's fourth annual Talent Retention Report, published today, explores the extent of the Great Resignation, uncovers key factors driving the Big Quit, and provides data-driven advice for retaining an engaged workforce. In surveying 2,665 workers and 578 employers from 57 industries across the U.S., iHire found that voluntary employee turnover increased 31.2% while job satisfaction dropped 11.7% in 2022. To download the report, visit https://go.ihire.com/cnc49.
Survey findings detailed in iHire's 2022 Talent Retention Report include the following and more:
- Voluntary turnover is as prevalent as expected. 41.2% of workers left a job voluntarily since September of 2021 - a 31.2% increase in quits from 2021's Talent Retention Report. In addition, of the 89.4% of employers who experienced turnover in 2022, 73.5% attributed "all or "most to voluntary resignations.
- Employee engagement and satisfaction are declining. Job satisfaction dipped 11.7% in 2022: 48.4% of workers said they were "very or "somewhat satisfied with their current or most recent job, compared to 54.8% in 2021's report. At the same time, 29.5% of employers have noticed a decline in employee engagement - or an increase in "quiet quitting - in the past year.
- Issues with management are driving resignations. 43.7% of employees who quit a job in the past year left because they were unhappy with their manager or supervisor - this reason was cited more frequently than unsatisfactory pay (43.4%) and a poor work/life balance (35.4%).
- Employees aren't being honest with employers about their reasons for leaving. The top motive companies said employees are giving for quitting their jobs: personal reasons (healthy, family issues, etc.), noted by 34.5% of employers. Yet, 16.1% of workers said this was why they left their job. Similarly, 19.4% of employers said employees are leaving because of issues with management, although this is the top reason employees cited for their departures (43.7%).
- Workers are not worried about layoffs. Despite the economic situation in the U.S., 73.1% of workers said it was "not likely that they would be laid off from their jobs in the upcoming six months.
- Money is the main motivator to "stay. When asked to imagine they were offered a new job elsewhere, 71.8% of workers said they would stay in their current role if they received a pay raise. Luckily, employers are delivering - 72.1% said they had given pay raises and 46.5% said they had given bonuses in the past year to improve retention.
- Employers are acting to prevent turnover. A mere 7.5% of employers said they did "nothing to improve retention in the past year. Aside from pay raises and bonuses, employers have given more meaningful employee recognition (37.1%), allowed for more flexible schedules (35.4%), and expanded professional development opportunities (26.4%) to prevent turnover.
"Our survey showed that four out of 10 employees quit a job during the past year, said Steve Flook, iHire's President and CEO. "That trend will likely continue if employers don't meet the needs of their evolving workforces, including pay raises, growth and advancement opportunities, flexible scheduling options, and stronger relationships with managers, according to respondents. Furthermore, retention begins with employee engagement and a company culture that puts an organization's people first.
To download iHire's 2022 Talent Retention Report, visit https://go.ihire.com/cnc49.
Survey Methodology
2,665 U.S. workers and 578 U.S. employers from 57 industries responded to iHire's Talent Retention survey in September 2022. Respondents came from iHire's database of job seekers and employers. All decimal points are rounded to the nearest tenth.
