Recent reports have found that most employees are choosing to stay with their employers. As the labor market becomes less worker-friendly, employees are less likely to search for new jobs.

Notably, a report from LinkedIn found that in 2024, employee attrition rates, which measure the percentage of workers that leave an organization, have fallen 26% year over year. This figure is down 37% from its peak during the “Great Reshuffle” in 2022, when employee quits set an all-time record. A recent report from software-as-a-service company Ringover also found that 4 in 5 workers are unlikely to change jobs until 2025. The results of these surveys reinforce the findings of current labor metrics, which show that fewer workers are on the move.

The U.S. Bureau of Labor Statistics (BLS) recently released its June Job Openings and Labor Turnover Summary. This report revealed that there were 8.18 million job openings in June, a decrease from 8.23 million in May and a total decrease of 941,000 over the year. The job openings rate held at 4.9% in June.

June’s hiring totals were lower than reports from earlier this year, showing that employers are slowing down the pace of bringing in new workers. The 5.34 million estimated hires and the hires rate of 3.4% (number of hires as a percentage of employment) were the lowest since April 2020, when the job market collapsed at the start of the COVID-19 pandemic. Outside of the pandemic, the hires rate hasn’t been this low since February 2014, according to BLS data.

“Labor demand remains concentrated in just a few industries, workers are hunkering down and feeling less confident about job availability, and businesses are more reluctant to bring on new hires.”

- Wells Fargo economists Sarah House and Aubrey George

Total employee quits totaled 3.28 million (down by 434,000 over the year). This was the lowest number of quits in a month since November 2020. Because employee quits are generally voluntary separations initiated by the employee, the quit rate serves as a measure of workers’ willingness or ability to leave jobs. A decreasing quit rate generally indicates that workers are becoming less confident in the labor market.

Employers may find retaining employees less challenging than in recent years, but attracting new talent remains difficult for those hoping to fill open positions. Workers looking for new employment are likely motivated by the same factors that have driven job decisions for years: pay, job security, health benefits and flexible work arrangements.

Employers should continue to monitor talent trends and labor statistics to keep up with the ever-changing employment landscape. Contact us today for more attraction and retention resources.

Feel free to reach out to us to seek assistance with any workplace guidance. We look forward to supporting your needs and contributing to the success of your organization.