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- Last Updated: October 31, 2023
iHire’s 2023 Talent Retention Report
As the U.S. job market continues to hold strong in 2023, job seekers are enjoying the freedom to explore new opportunities and pursue meaningful work. Although the volume of voluntary quits has not reached the levels of 2022’s Great Resignation, workers are not hesitating to turn in their two weeks’ notice when the right career move arises.
To investigate the extent of employee turnover and offer advice on how to retain employees in 2023, iHire surveyed 3,710 job seekers and 405 employers from 57 industries across the U.S. Our 5th Annual Talent Retention Report details the survey findings with exclusive data on employee retention and insights into the following:
- How prevalent is employee turnover in 2023?
- Why are workers leaving their jobs? Why do employees stay with a company?
- Is job satisfaction rising or declining?
- What employee retention strategies are companies using to reduce turnover?
- What are the best ways to retain employees?
- What staff retention trends do employers anticipate in the coming months?
Voluntary Quits in 2023
Voluntary quits were relatively steady year-over-year, according to iHire's employee retention report – 43.3% of respondents quit a job in the past 12 months, compared to 41.2% who said the same in 2022. Employers also reported steady turnover rates from 2022 to 2023: 85.9% said they had experienced turnover in the past year, while 89.9% said the same in 2022’s survey.
Why Do Employees Leave Their Jobs?
Of the respondents who left a job in the past year, 35.7% jumped ship because of a toxic or negative work environment, and 28.9% quit due to unhappiness with their manager or supervisor. Just 20.3% left due to unsatisfactory pay, down from 43.4% who said the same in 2022’s survey on staff retention. Other common reasons for resigning included a lack of recognition/appreciation, poor work/life balance, and lack of growth and advancement opportunities.
We also asked employees to select the single most important factor – aside from pay – that influences their decision to stay with their employer. 25.7% said a positive work environment (reflecting the top reason given for quitting), and 20.7% said a better work/life balance.
Talent Retention Strategies & How to Retain Employees in 2023
Employers have been working hard to reduce employee turnover, giving pay raises (65.2%), bonuses (40.2%), and recognition (34.3%) and allowing for more flexibility (33.8%). However, 13.3% of organizations surveyed expect turnover to increase in the next three months, and 46.9% think it will stay the same despite implementing numerous employee retention strategies.
Survey Methodology
4,115 U.S. job seekers (3,710) and employers (405) responded to iHire’s Talent Retention Survey in September and October 2023. Respondents came from iHire’s job and job seeker databases comprising employers and candidates across 57 talent communities. All decimal points are rounded to the nearest tenth. For many questions, multiple answers could be selected, so percentages add up to a sum greater than 100%. In some instances, survey questions were skipped by an individual respondent.
Access More Employee Retention Statistics
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