iHire today released its 2023 Talent Retention Report, sharing the results of its survey of more than 4,100 U.S. 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.
Notable findings from iHire’s survey include the following:
- 43.4% of employees quit a job in the past 12 months. Voluntary resignations rose 5.3% from 2022 to 2023, and 73.3% of employers who experienced turnover this year attributed “all” or “most” of it to voluntary quits.
- 56.3% of workers were satisfied with their current or most recent jobs, suggesting a 16.3% year-over-year increase in overall job satisfaction. In addition, 25.2% of respondents were “very” satisfied with their jobs – a 64.7% increase from 2022.
- 35.7% 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%). 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%).
- 13.3% of employers anticipate turnover increasing at their organizations in the next three months. However, 46.9% of employers believe turnover will stay the same, 20.0% think resignations will decrease, and 19.8% are unsure.
- 38.9% of employees expect to leave their current job within a year. At the same time, 33.4% of employed respondents were unsure how much longer they would stick around with their employer.
- 65.2% of employers gave raises to improve retention rates in the past year, and 40.2% gave bonuses. Even amid economic uncertainty, employers have upped the ante in an effort to retain their team members.
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“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.”
About the Survey
A total of 4,115 U.S. job seekers (3,710) and employers (405) responded to iHire’s Talent Retention Survey in September and October 2023. Respondents came from iHire’s job and job seeker databases comprising employers and candidates across 57 talent communities.
About iHire
iHire is a leading career-oriented platform that powers a family of 57 industry-focused talent networks, including WorkInSports, iHireVeterinary, iHireDental, iHireConstruction, and iHireChefs. For more than 20 years, iHire has combined advanced job matching technology with our expertise in the talent acquisition space to connect job seekers with employers in their desired sector. With an industry-specific, candidate-centric, and data-driven approach to recruitment, iHire helps candidates find meaningful work and employers find unique, high-quality talent – faster, easier, and more effectively than a general job board.
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