112 Employee Turnover Statistics: 2024 Causes, Cost & Prevention Data - Financesonline.com (2024)

Employee turnover, while completely normal for any business, can become problematic if left unchecked. A fast employee churn rate can lead to higher training costs, low employee morale, and operational inefficiencies. Eventually, it can reduce your profits and negatively impact your bottom line. As such, it is important for businesses to learn how to prepare for it and, better yet, prevent it. This is especially because experts predict that the COVID-19 pandemic is set to cause a massive job churn before the end of 2021.

In this article, we will discuss some of the most critical employee turnover statistics of 2021 from current turnover rates to the costs that come with them. We will also discuss the current sentiments of workers to help you understand what would make them leave a job and what would make them stay. Hopefully, with these data and the use of technologies like HR software, you can come up with an employee retention strategy that can greatly help your company.

State of Employee Turnover Statistics

Job churn has been high in recent years. In fact, employee turnover rates hit an all-time high in 2018 and it seems it isn’t stopping. New studies revealed that employee churn, be it voluntarily or involuntarily, remains fast especially in the United States.

• In the US, the annual employee turnover rate is 18%. (SHRM, n.d.)
• A 2020 study revealed a similar but higher average turnover rate of 20%. (Aon, 2020)
• Employee turnover in 2019 has increased by 8.3% from the previous year and by 88% from 2010. (Work Institute, 2020)
• At the beginning of 2020, 3.5 million workers quit their jobs. (Work Institute, 2020)
• As of 2021, the total number of employee separations reached 5.5 million. This includes turnover from resignations, layoffs, retirement, transfers, and discharges. (U.S. Bureau of Labor Statistics, 2021)
• Every year, 18.9 million Americans exit the labor force or change their occupation. (USA Today, 2020)
• Overall, the quit rate in the US is 2.3% while the discharge rate is at 1.2%. This amounts to 3.4 million resignations and 1.8 million people discharged. (U.S. Bureau of Labor Statistics, 2020)

Types of Turnover

• In the US, the annual voluntary turnover rate is 13% while the annual involuntary turnover rate is 6%. (SHRM, n.d.)
• Voluntary employee turnover has increased by two million annually over the last four years. (Work Institute, 2020)
• Every year, 3% of high performers in companies resign. (SHRM, n.d.)
• In 2018, an estimated 41 million employees voluntarily quit their jobs. (SHRM, 2019)
• In February 2019 alone, 2.86 million Americans resigned from their jobs. (Payscale, 2019)
• More than 4.4 million employees in the US voluntarily left their jobs in August 2019 alone. This is equivalent to 3% of the US workforce at that time. (Work Institute, 2020)
• 62% of production and maintenance employees left voluntarily. (MRA, 2021)
• 42 million US workers voluntarily left their jobs in 2019. That’s 27 out of every 100 employees. (Work Institute, 2020)
• Three out of four employees say they resigned voluntarily. (Work Institute, 2020)
• Among employees that voluntarily quit, 38% resign in order to retire. (The QTI Group, 2020)

Turnovers by Occupation and Industry

Employee turnover statistics show that a large chunk of workers, be they executives, managers, or staff members, who leave their company do so voluntarily. Unsurprisingly, this is more common for new employees who have been working for half a year or less at their companies. Often, this is because new employees feel overwhelmed by the job’s responsibilities or feel out of place with their new peers, which may signal a need for better onboarding procedures.

As for occupations and industries, experts predict that churn rates are higher for occupations that involve physically demanding or repetitive tasks. This is, in part, due to the acceleration of digital transformation and automation. Interestingly, however, turnover has also been particularly high among employees in the technology sector.

• Among executives who leave their company, 70% were voluntary and 30% were involuntary. (MRA, 2021)
• For managers who resigned, 68% are voluntary and 32% are involuntary. A similar number can be observed for office employees who left their jobs. (MRA, 2021)
• 37.9% of new hires resign within a year. Of which, two out of three often do so within the first six months. (Work Institute, 2020)
• What job has the highest turnover rate? Among the occupations with the highest projected separations rate are lobby attendants and ushers (24.3%), recreational protective service workers (24.1%), amusem*nt and recreation attendants (23%), coatroom attendants (23%), and costume attendants (23%). (USA Today, 2020)
• Meanwhile, current data shows that employees in the production, maintenance, service, and trades comprise 28.4% of turnovers. This is followed by office and technical employees (19.5%), managerial and professional employees (14.3%), and executives (7.7%). (MRA, 2021)
• If we take a look at employee turnover rates by industry in 2020, the ones with the highest churn rates are retail and ecommerce (30.7%), gaming, entertainment, and media (22.6%), technology (21.3%), and life science and medical devices (20.6%). (Aon, 2020)
• The turnover rate in the retail industry is 1.5 times the general industry rate. (Aon, 2020)

Employee Tenure

There are many factors that contribute to the average tenure of a worker. Among these are gender, age, job position, and occupation. By understanding the role of these factors, employers can get an idea of how long they can expect their employees to stay. Moreover, the data below shows that an employee’s tenure can also help determine the likelihood of an employee resigning.

• The average employee tenure is eight years. (SHRM, n.d.)
• As of January 2020, the median tenure of wage and salary workers is 4.1 years. (U.S. Bureau of Labor Statistics, 2020)
• On average, the tenure for male employees is 4.3 years. Meanwhile, it is 3.9 years for female workers. (U.S. Bureau of Labor Statistics, 2020)
• 29% of male wage and salary workers had over 10 years of tenure with their current employer. Meanwhile, the same can be said about 27% of their female counterparts. (U.S. Bureau of Labor Statistics, 2020)
• For employees aged 55 to 64, the median tenure is 9.9 years, this is three times more than employees in the 25 to 34 age bracket (2.8 years). (U.S. Bureau of Labor Statistics, 2020)
• Employees who work for public agencies have a median tenure of 6.5 years. This is almost twice when compared to employees in the private sector, which have a median tenure of 3.7 years. (U.S. Bureau of Labor Statistics, 2020)
• Among public sector workers, federal employees had the highest median tenure at 8.2 years. They are followed by local government employees (6.6 years) and state employees (5.6 years). (U.S. Bureau of Labor Statistics, 2020)
• Workers in management and legal occupations have the highest media tenure at 5.8 years. This is followed by those in the architecture and engineering sector (5.1 years) and the educational and training sector (5 years). (U.S. Bureau of Labor Statistics, 2020)
• Meanwhile, employees in service occupations have the lowest median tenure at 2.9 years. (2.9 years). (U.S. Bureau of Labor Statistics, 2020)
• There is a significant decrease in separations in the transportation, warehousing, and utilities sector as of 2021 (97,000). The same can be said about the federal sector (17,000). (U.S. Bureau of Labor Statistics, 2020)
• On the flip side, separations in the construction industry increased by 90,000 in 2021. The same happened for state and local government education (51,000) and the educational services sector (36,000). (U.S. Bureau of Labor Statistics, 2020)
• The resignation rate of workers who have stayed for a year or less at a company was 45% in 2020. Meanwhile, employees with a tenure of at least three years had a lower resignation rate at 20%. This rate declines further to 8% for employees with higher tenure. (Visier, 2020)

Employee Turnover During COVID-19

The COVID-19 pandemic disrupted various aspects of the global economy—employee turnover included. Many businesses, especially smaller companies, were forced to either furlough or lay off employees in order to continue operations. This was particularly evident in industries that were most affected by the pandemic such as transportation, hospitality, and food services. On the other hand, there were also workers who decided to leave their work to move away from crowded urban areas or simply opt for a job that will give them the opportunity for remote work. The silver lining in this situation, however, is that voluntary and involuntary employee turnover during the COVID-19 pandemic also slowed down by mid-2020.

• In March 2020, the total separations in the US reached 16,308,000. (U.S. Bureau of Labor Statistics, 2020)
• Of the turnovers in March 2020, the number of employees that decided to quit is 2,902,000. Meanwhile, the layoffs and discharges are 13,046,000 and other separations are 360,000. (U.S. Bureau of Labor Statistics, 2020)
• The industries with the highest turnover include leisure and hospitality (5532), accommodation and food services (4918), trade, transportation, and utilities (2639), education and health (1988), and professional and business services (1857). (U.S. Bureau of Labor Statistics, 2020)
• 62% of retail businesses in the US and Canada have furloughed a portion of their workforce due to the pandemic. Meanwhile, 27% said they laid off some of their employees. (Aon, 2020)
• By the onset of the pandemic in April 2020, voluntary turnover was reduced by 50% to around 1.7 million. However, by July 2020, voluntary turnover increased to 3.4 million workers once more. (Work Institute, 2020)
• Statistics show that during the pandemic, both voluntary and involuntary employee turnover has slowed. Overall turnover decreased by 53% in May 2020 compared to the same time frame in the previous year. (Visier, 2020)
• In April and May of 2020, the rate of involuntary turnover among non-tech companies is 50% less compared to the previous year. However, for high-tech companies, turnover was up by 250%. (Visier, 2020)
• However, there is a 20% uptick in employee turnover in small businesses during 2020. (Principal Financial Group, 2021)
• 97% of small businesses say the COVID-19 outbreak played a big role in the high employee turnover. (Principal Financial Group, 2021)

Statistics on the Risk of Employee Turnover

Voluntary turnover is more prevalent than other types of separations so it’s important to understand the sentiments of employees well before they hand in their resignation letters. After all, an employee’s decision to leave their company does not happen overnight. Workers often ponder on it for days, weeks, or even months.

Statistics show that a percentage of employees are either actively looking for a new job or are open to quitting if the right opportunity presents itself. In most cases, opting to leave is also due to a build-up of problems they’ve encountered at work over the course of their stay.

• Only 33% of employees intend to remain in their current positions. This is lower compared to the 47% who reported the same in 2019. (Achievers Workforce Institute, 2021)
• 64% of employees report thinking about quitting their jobs. Of which, 13% do so constantly. (Zippia, 2020)
• 51% of workers are actively looking for job opportunities at any given time. (The Digital Group, 2020)
• 40% of employees have impulsively resigned at some point in their professional lives. (Zippia, 2020)

An Employee’s Openness to Leaving Their Company

• 73% of employees report being open to new career opportunities. Meanwhile, 33.1% of employees say they are actively looking for a new employer. (Emplify, 2020)
• More than half (63%) of employees who have worked for their current employer for a decade say they are open to a new opportunity. (Emplify, 2020)
• An overwhelming majority of employees (77%) who have only been at their job for less than a year say they are open to taking a different job if the opportunity presents itself. Meanwhile, 44% are already actively looking for a different job. (Emplify, 2020)
• 52% of employees say they intend to find a new job in 2021. This is up from 35% in the previous year. (Achievers Workforce Institute, 2021)
• In addition to the abovementioned, 17% of employees are undecided about leaving but open to looking for new opportunities. (Achievers Workforce Institute, 2021)
• Nearly half of employees say they will not resign until they have a new job lined up. Meanwhile, 22% are confident they can quickly find another job if they quit sooner rather than later. Moreover, 36% are willing to quit simply because they are unhappy with their job. (Zippia, 2020)
• Over half of employees (52%) say they are willing to leave their job if another employer offered the “right” benefits. (Prudential Financial, 2020)

Who are More Likely to Leave Their Companies?

Job dissatisfaction and eventual resignation vary from generation to generation. In the employee turnover statistics we’ve gathered, experts observed that younger workers are more likely to leave their company than their older counterparts. One factor that may have contributed to this is the prevalence of burnout.

Reports show that younger generations are often overworked and underpaid. As a result, they are quicker to decide when to leave a job. More alarming than this, however, is that employees who are burnt out often don’t resign by themselves. There’s a good chance that they may convince a couple or more coworkers to resign with them.

• Young employees, particularly Gen Zers (94%) and Millennials (88%) have searched for a job because of burnout. This percentage is slightly lower for Gen Xers (82%) and Baby Boomers (37%). (Limeade, 2020)
• In the same vein, Gen Zers (58%) and Millennials (55%) have also taken a new job due to burnout. (Limeade, 2020)
• 47% of millennials say they intend to leave their company within a couple of years. A similar number of Gen Zers in the American workforce report the same. (Business Insider, 2019)
• Burnt out employees are twice as likely to convince their coworkers to resign with them. (Limeade, 2020)
• 38% of employees say they have encountered a coworker who encouraged them to leave their current positions with them. (Limeade, 2020)

Cost of Employee Turnover Statistics

A constantly revolving workforce can take a toll on a company’s budget. For every employee onboarded, a business invests time and money to train them. Moreover, they spend on the equipment new hires require, which not only include the software and devices they’ll need for the job but also applications to monitor them such as talent management systems. That said, when an employee decides to leave a company, especially when they leave early in their tenure, a company loses money. Plus, in addition to the cost of replacing an employee, experts also predict a talent shortage in a few years, which may make it difficult for companies to find qualified workers at a price that works with their budget.

• Employee turnover has cost US industries more than $630 billion. (Work Institute, 2020)
• Each resignation can cost a company up to a third of the worker’s annual salary. 67% of which often come from soft costs like reduced productivity but 33% come from hard costs like recruiting, hiring temp workers, and the like. (SHRM, 2019)
• This is echoed by a more recent study that revealed the cost of replacing an employee is equivalent to 33% of an employee’s annual salary. (Emplify, 2020)
• Meanwhile, a Canadian survey on employee turnover reported that the cost of replacing an employee can be between 75% and 200% of the worker’s annual pay. (Monster, n.d.)
• As such, 27% of hiring decision-makers in Canada report employee turnover as one of their biggest pain points. (Express Employment Professionals, 2020)
• On a similar note, talent shortages are set to have a significant impact on businesses by 2030. (Catalyst, 2020)
• The cost of talent shortage varies but it is projected to reach $435.7 billion for the US, $90 billion for the United Kingdom, and $147.1 billion for China. (Catalyst, 2020)
• For companies who experienced extended job vacancies, 81% reported it had a negative impact on their company. Among these are not getting work done (28%), disengaged or unmotivated workers (27%), low employee morale (25%), revenue loss (25%), and delivery time delays (22%). (Express Employment Professionals, 2020)

Reasons for Employee Turnover Statistics

So, why exactly do employees leave? Data shows that the reasons can vary from being unable to fit in with the company culture to looking for better compensation. Over the past few years, these reasons have been largely consistent, with both employers and employees citing them. However, it is important to note that there is a slight disparity between the perspective of employers and employees, particularly about what will motivate a worker to finalize their resignation. It seems companies believe that new opportunities weigh more than job dissatisfaction for employees but workers say otherwise. This can only mean that employers have the power to keep their employees from leaving.

• A survey published in 2019 revealed that getting a higher pay is one of the primary reasons why American employees quit (25%). This is followed by being unhappy with their current job (16%), and wanting to work with an employer more aligned with their values (14%). Other factors include relocating, finding a full-time position, and needing a more flexible schedule. (Payscale, 2019)
• More recently, however, a study by Work Institute showed that employees quit due to career development (20%), work-life balance (12%), manager behavior (12%), job characteristics (10%), and well-being (9%). (Work Institute, 2020)
• Another study from the same year yielded similar results. Among the reasons for employee resignations they discovered include getting a better offer from another company (32%), lack of opportunities in their current company (21%), unsuitable work hours (20%), and not being a good fit with the company culture (17%). (Express Employment Professionals, 2020)
• In 2021, most reasons remain unchanged. They found that the employees leave mostly to find a job with better compensation and benefits (35%). This is followed by the need for work-life balance (25%), not being recognized at work (16%), and wanting a better corporate culture (8%). (Achievers Workforce Institute, 2021)
• Meanwhile, from employers’ perspective, they believe that workers resign due to insufficient pay, unmet personal goals, excessive workload, unexpected career opportunities, and lack of recognition. (Monster, n.d.)
• 47% of HR professionals believe that new job opportunities are a bigger motivation for employees to quit than their dissatisfaction with their job. In reality, however, over a third of workers report the opposite. (Monster, n.d.)

Career Development as a Factor in Employee Turnover

Many employees may put a premium on the compensation and benefits that a job has to offer. However, job satisfaction entails more than just a good salary. Employees nowadays value career development and the ability to learn from their jobs. If a worker feels like his skillset is not improving, he or she doesn’t feel challenged by responsibilities, or they feel they are not being maximized by their company, there’s a good chance they will jump ship.

With that said, it is important for businesses to continually monitor their workers’ progress and give them feedback. This could be through regular one-on-one meetings with their direct supervisors or through the help of performance appraisal tools and similar solutions. The bottom line is that giving them room to grow in their chosen careers will allow them to be more satisfied not only with their jobs but with the company as well.

• 21% of employees cite inadequate career development as their reason for quitting. (SHRM, 2019)
• A third of employees quit their jobs because they are unable to pick up new skills from it, making lack of career growth among the top reasons for resigning. (Business Insider, 2019)
• Only one in four workers say their employer allowed them to grow. Meanwhile, a whopping 77% of employees say they feel like they are “on their own” in terms of career development in their company. (Business Insider, 2019)
• 42% of employees who are looking to find a new job say they feel their company is not maximizing their skills and abilities. (Deloitte, 2020)
• Among the reasons for quitting, career development is the most common for employees that leave within their first 90 days in a company. (Work Institute, 2020)
• Women are 28.5% less likely than men to leave their company due to career development and compensation reasons. However, they are more likely to leave if manager behavior, work-life balance, and well-being are problematic. (Work Institute, 2020)

The Role of Company Culture in Turnover

It goes without saying that company culture is a huge factor for employee retention. After all, it will be nearly impossible for a worker to thrive in an environment where there is toxic competition, supervisors who don’t listen to your concerns, and rampant burnout. These can easily suffocate employees and snuff out any passion they may have for their jobs. As such, employers and HR personnel must do their best to foster camaraderie in the workplace and ensure that employees are not being overworked.

• More than half of employees (60%) say a less-than-ideal work environment, unsupportive managers, and dull work duties can speed up their resignation. (Zippia, 2020)
• 3/4 of workers say they have experienced burnout. (Limeade, 2020)
• 44% of workers who experience burnout constantly resent their employers. (Limeade, 2020)
• One in three workers cite feeling that an employer did not care about him or her as reason for leaving a job(Limeade, 2020)
• Meanwhile, one in four left a job because they feel their company leaders did not treat them with dignity. On the other hand, one in five resigned because their company was unable to support their well-being. (Limeade, 2020)

Employee Turnover Prevention Statistics

Employee turnover is inevitable but it is easy to prevent it from becoming uncontrollable. The majority of the reasons why employees resign as we’ve discussed above can be addressed by employers if they are detected early. As such, companies are paying more attention to improving employee retention efforts and investing in HR technology to help in fostering employee satisfaction.

• 78% of common reasons why employees quit could be addressed by the employer and prevented turnover. (Work Institute, 2020)
• Three out of four employee resignations could have been prevented. (Work Institute, 2020)
• 25% to 59% of a company’s turnover rate can be reduced if the workforce is highly engaged. The Digital Group, 2020)
• According to 72% of HR professionals employee retention is a moderate to significant challenge today. However, among the same group, only 24% said they regularly ask for employee feedback. (The QTI Group, 2020)
• As a result, the majority of companies (87%) are now prioritizing the improvement of employee retention efforts. (The Digital Group, 2020)
• 58% of decisions concerning HR technology are due to the need to attract and retain talent. (Digital HRMS, 2020)

What Would Make Employees Stay

In order to proactively prevent employee churn, one must have a clear idea not only of what employees don’t like but also what factors would make them stay. As you’ll see below, employees seem to be more amenable to staying in their current companies given that the job offers work-life balance, ample compensation, and the right difficulty to challenge them professionally. However, many also cite that getting additional financial incentives and benefits, particularly COVID-19-specific benefits, is also critical in their decision to stay.

• According to employees in the US, the most important contributors to job satisfaction include their commute to work (60%), the people at work (60%), their interest in work (59.9%), the physical environment (59.3%), and job security (59.2%). (The Conference Board, 2019)
• 61% of workers are willing to trade their base compensation for more vacation days. (Monster, n.d.)
• The leading reasons why an employee would stay at their current job are work-life balance (23%), recognition (21%), compensation (19%), and a good working relationship with their manager (19%). (Achievers Workforce Institute, 2021)
• A little more than half of workers (52%) say that a pay raise could help them tolerate undesirable aspects of their current job. (Monster, n.d.)
• 77% cited benefits as a key part of compensation and 73% say it is one of the main reasons they would remain in their jobs. (Prudential Financial, 2020)
• 62% of employees who opted to stay with their current employers say it is because they trust their corporate leadership. (Deloitte, 2020)
• 44% of employees say additional financial incentives can convince them to stay with their current employer. This is followed by a promotion (42%), additional compensation (41%), flexible work arrangements (26%), and recognition from supervisors (25%). (Deloitte, 2020)
• Lastly, employees cited they wanted COVID-19-specific benefits such as increasing paid sick leaves for those who contracted coronavirus (48%), waiving coronavirus testing fees (43%), and 24/7 access to health care professionals (24%). (MetLife, 2020)
• 86% of employees say health insurance is a “must-have.” In addition to this, they also cited the importance of dental coverage (69%), vision coverage (41%), and disability coverage (41%). (MetLife, 2020)
• According to employees, critical illness (32%) and cancer coverage (23%) were also among their top priorities. (MetLife, 2020)

Importance of Getting Feedback

While employees may stay in your company for the reasons we’ve mentioned above, it is important to consider that they are not one-size-fits-all solutions. Different employees have different needs and they may have unique perspectives on what factors can improve job satisfaction.

This is why it is crucial for employers to regularly get feedback. By doing so, they can have a better understanding of employee concerns and come up with more targeted strategies to address them. In addition, this gives employers the opportunity to gauge the efficiency or inefficiency of their workforce management measures.

If you haven’t already implemented this strategy, perhaps it’s high time for you to invest in feedback and reviews management solutions to help you monitor trends in employee sentiment.

• 64% of workers say they intend to resign from their jobs, citing the “lack of being heard” as their reason. (Achievers Workforce Institute, 2021)
• As such, the majority of companies (61.6%) are surveying their employees to understand their sentiments. However, 38.4% have not rolled out this strategy yet. (Emplify, 2020)
• In terms of the type of survey that companies are rolling out, only 15.8% measure employee engagement. Meanwhile, 52.3% focus on employee satisfaction or happiness. (Emplify, 2020)
• The most common concerns that employers ask for feedback on include how to improve the employee experience (60%), how to improve company culture during the pandemic (54%), and general remote/hybrid work preferences post-pandemic (52%). (Achievers Workforce Institute, 2021)
• 27% of employees say they feel like their higher-ups don’t take action on their feedback. This number increases to 38% for employees who have stayed at their company for over a decade. (Emplify, 2020)
• 35.3% of employees say their managers meet with them at least once a month. Even more alarming is that 12.2% of employees say they never meet their managers one-on-one. (Emplify, 2020)
• While 60% of workers report that their company has actively asked for their feedback, almost all said that the organization did not take any action on their concerns. (Achievers Workforce Institute, 2021)
• In fact, only 16% of employees say their company consistently takes action on their sentiments. (Achievers Workforce Institute, 2021)
• Lastly, 11% of HR teams use stay bonuses as a strategy for employee retention. (The QTI Group, 2020)

Curbing Employee Turnover

Employees are perhaps the greatest assets of a company. They are the wheels that make a business run. As long as workers are given fair compensation, have a productive workspace, and have a great relationship with their coworkers, they will thrive in their occupation and help your company reach new heights. As such, listening to their concerns and paying attention to their needs can go a long way.

As the statistics above revealed, it’s not too difficult to curb employee turnover. For starters, taking the time to learn what would make a worker leave or stay can greatly slow down churn. Employers may also want to consider having a dialogue with their workers to better understand what aspects of the employee experience they can work on. By taking these steps, businesses can avoid the costly consequences of high employee turnover and foster a healthy company culture in the years to come.

But of course, the step towards employee retention does not end there. In addition to taking the abovementioned data into consideration, we highly recommend keeping abreast of the latest trends in human resource management as well. By doing so, you can have a better idea of how other companies are managing their workforce and perhaps pick up some strategies for improving employee retention.

References:

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