Job market shows signs of stability as workers opt for longevity

More workers in U.S. choose to remain with current employer: survey

BY Jonalyn Cueto 10 Feb 2024

In a recent report released by Robert Half, a talent solutions and business consulting firm, indicators suggest a notable shift in the labour market. While job openings continue to surge and talent scarcities persist, there appears to be a significant decline in workforce attrition, with fewer employees considering changing jobs this year.

According to the latest findings, only 36% of workers express intentions to seek new employment within the next six months, indicating a significant decrease from the 49% reported in July 2023. This decline indicates a trend towards greater job stability and a reluctance among employees to part ways with their current positions, according to Robert Half.

The research identifies several key factors contributing to the prevalent inclination among workers to remain in their current roles. These include:

The availability of flexible work arrangements, deemed indispensable by 44% of respondents.
A sense of fulfillment derived from current job roles, as reported by 42% of participants.
Perceived adequacy in compensation packages, acknowledged by 37% of surveyed individuals.

“The churn in the labor market of the past few years has normalized,” said Dawn Fay, operational president of Robert Half. “We’re now seeing workers pause and take stock of their careers, as well as employers taking a more strategic approach to hiring.”

More job opportunities in the year ahead

Despite the prevailing inclination towards job retention, opportunities for professional transitions remain abundant in 2024. Robert Half’s State of Hiring report reveals that 57% of companies intend to create new positions during the first half of the year, with an additional 39% actively seeking to fill vacated roles. Factors such as company expansion (66%) and employee turnover (52%) are identified as primary drivers influencing hiring decisions. Moreover, 77% of businesses that deferred projects in 2023 express intentions to resume them in the current year.

Workers have unequivocally communicated their criteria for considering job transitions. According to the survey, top motivators include:

The prospect of higher remuneration, identified by 55% of respondents.
Enhanced benefits and perks, acknowledged by 36% of participants.
Access to remote work arrangements, a priority for 32% of surveyed individuals.

“While employers may have more leverage in today’s job market, they still face hiring challenges,” said Fay. “Professionals who possess the desired skills to help boost company productivity, alleviate workloads and complete mission critical projects are still in high demand. Hiring managers should have a thoughtful plan in place so they are ready to compete for talent.”

The online survey, developed by Robert Half and conducted by an independent research firm from October 27 to November 17, 2023, garnered feedback from over 1,275 workers aged 18 and above across various sectors including finance, technology, marketing, legal, administrative, and customer support. Participants were employed at companies with staff members of 20 or more, operating within the United States.