The labor market has transitioned into what many are calling the “Great Stay.” After years of high turnover during the Great Resignation, where workers left jobs at record rates, employees are now choosing stability over change. According to the Bureau of Labor Statistics (BLS), the U.S. quits rate fell from 2.8% in 2022 to 1.9% by August 2024, indicating a shift toward long-term employment.
For workforce professionals, this trend presents new challenges and opportunities in aligning job seekers’ priorities with employer expectations. The 2024 Talent Retention Report, based on iHire’s survey of over 2,000 candidates and employers across 57 industries, offers actionable insights into employee turnover, job satisfaction, and the strategies organizations are using to retain talent.
What Workforce Professionals Should Know
Retention Trends Impacting Workforce Development
- Focus on Culture: Toxic work environments remain the top reason employees leave. Workforce professionals must guide job seekers to prioritize employers with positive, inclusive cultures.
- Stability Over Pay: While competitive salaries remain important, job seekers are increasingly valuing stability, growth opportunities, and flexibility.
- Benefits Matter: Health insurance, retirement plans, and mental health benefits are key factors in retention. Workforce professionals should highlight employers offering these benefits.
Shifts in Job Seeker Behavior
- Longer Tenure Goals: Many workers are staying longer with their current employers, making career development within organizations more critical than ever.
- Flexibility is Non-Negotiable: Job seekers rank flex time, hybrid options, and four-day workweeks among the most desirable retention incentives. Employers not offering these benefits may struggle to attract and retain talent.
What Workforce Professionals Need to Do
1. Guide Job Seekers Toward Long-Term Fit
Workforce professionals should help job seekers align their priorities with employers’ retention strategies. This includes evaluating company culture, leadership, and growth opportunities during the job search process.
2. Advocate for Professional Development
Career growth remains a key driver of employee satisfaction. Encourage job seekers to prioritize roles that offer training, mentorship, and advancement opportunities. Simultaneously, support employers in developing robust upskilling and career development programs.
3. Partner With Employers to Enhance Retention
Collaborate with employers to implement retention strategies such as:
- Conducting “stay interviews” to gather employee feedback before turnover occurs.
- Offering flexibility and work-life balance initiatives.
- Creating clear paths for career advancement to reduce stagnation.
4. Address Emerging Trends Like AI Integration
AI’s impact on job roles is a growing concern. Workforce professionals should work with both job seekers and employers to position AI as a tool for efficiency rather than replacement. Providing training and resources on AI technologies can help alleviate fears and improve workforce adaptability.
Key Takeaways for Job Seekers
Understand Why People Leave
Job seekers should learn from top turnover drivers, including toxic environments and poor leadership. Researching potential employers’ culture and leadership styles is essential for making informed decisions.
Prioritize the Right Perks
In addition to salary, seek roles with benefits that align with personal and professional needs. Health insurance, retirement plans, and flexibility are among the most valued incentives.
Look for Long-Term Growth
Job seekers should focus on employers that invest in their workforce through professional development and clear career paths, ensuring opportunities for growth.
Access the Full Report
The 2024 Talent Retention Report provides deeper insights into why employees stay or leave and what employers are doing to retain their workforce. It’s a must-read for workforce professionals seeking to align their strategies with evolving labor market trends and job seekers navigating the new “Great Stay” landscape.
By understanding these trends and acting on the findings, workforce professionals can better support job seekers and employers, fostering long-term employment relationships and enhancing the overall workforce development ecosystem.