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In 2024, while the trend of employees leaving their jobs has decreased, EY's 2024 Work Reimagined Survey reveals that 38% of employees still consider switching jobs within the next year. Employers may want to refine their strategies to boost workplace culture, enhance reward systems, and develop flexible employee skill sets.
The survey showed that employees are searching for the following benefits:
- Bonus and incentives: 37%
- Paid time off: 33%
- Health and well-being benefits: 33%
- Compensation tied to cost of living: 31%
- Flexible schedules: 30%
- Training classes to build skills: 21%
- Work from anywhere/remote: 22%
Despite predictions of increased employee turnover in 2025, quits have dropped consistently this year, reaching a low of 3.1 million in August, the lowest since September 2020, according to the latest Job Openings and Labor Turnover Summary from the U.S. Bureau of Labor Statistics. This suggests employees are staying put, possibly due to decreased optimism about the job market.
In an evolving market landscape, employees are poised to re-enter the job market with renewed confidence. Echoing insights from EY, Eagle Hill Consulting's latest report suggests that employee turnover may rise as we approach early 2025.
Employer Takeaway
With the rise of remote work, employees now seek personalized job experiences. Employers should track labor trends to fine-tune their attraction and retention strategies. Download the bulletin for more details.
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