Significant turnover decline indicates 'stabilising job market'
In September 2024, global turnover plunged to its lowest level since the first quarter of 2021, according to the latest data from BambooHR.
Its Workforce Insights for September 2024 revealed that global turnover went down by 32% from August 2024 and dropped by 24% compared to the same period in 2023.
"September 2024 recorded the lowest turnover in proportion to total employees since Q1 2021," the insights read.
Source: BambooHR
By industry, major decreases in turnover were reported in the following sectors:
- Travel/Hospitality (-31%)
- Nonprofit (-50%)
- Construction (-40%)
- Education (-50%)
"This significant decline… underscores a stabilising job market where employees are increasingly committed to their current roles," the report added.
Slowdown in hiring
According to BambooHR, the period of reduced turnover comes as hiring across all industries is seeing a slowdown.
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Hiring across the world only saw a one per cent increase month-on-month and a 13% decrease year-on-year.
In terms of job openings, they increased by 13% globally year-on-year, despite the growth being less than one per cent month-on-month, according to BambooHR.
"Notably, the Middle East and Africa and Asia Pacific regions lead the way with the lowest turnover proportions, with Asia Pacific also reporting the lowest job posting proportions of all regions," the report read.
Source: BambooHR