Although employee quits have trended down in 2024, industry reports indicate that employee turnover could rise in the next year as workers choose to explore the job market.

The latest Job Openings and Labor Turnover Summary from the U.S. Bureau of Labor Statistics reported that employee quits decreased to 3.07 million in September, consistently trending down from record-high levels in 2022. Employee quits are generally voluntary separations initiated by the employee. As such, the quit rate serves as a measure of workers’ willingness or ability to leave jobs. This means workers are staying in their current jobs, potentially due to reduced optimism about the job market.

However, market trends could shift back to workers more confidently exploring the job market. EY’s 2024 Work Reimagined Survey report found that 38% of employees are likely to leave their jobs in the next year.

The survey revealed that employees are generally searching for the following benefits:

  • Bonus and incentives: 37%
  • Health and well-being benefits: 33%
  • Paid time off: 33%
  • Compensation tied to cost of living: 31%
  • Flexible schedules: 30%
  • Work from anywhere/remote: 22%
  • Training classes to build skills: 21%

“The global workforce has evolved into one with personalized experiences and expectations, increasingly disconnected from one-size-fits-all ideas of career, total rewards and work location.”

- EY’s 2024 Work Reimagined Survey report

Similar to EY’s findings, Eagle Hill Consulting recently issued a report signaling that employee turnover could increase through early 2025.

What’s Next
The labor market will likely continue to adapt in the coming year. While employee quit rates have been trending down in 2024, an evolving talent landscape could become more worker-friendly and allow employees more leverage in exploring more employment opportunities. Agile employers will develop attraction and retention strategies that meet the changing needs of the workforce.

Small businesses should continue to monitor labor market trends to inform their specific attraction and retention strategies.

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