What’s the top reason for the employee turnover?
Despite displaying significant loyalty to their current employers, a majority of employees are poised to depart from their current organizations by the conclusion of 2024, as the practice of job hopping gains prevalence.
The ResumeBuilder.com survey revealed that out of a sample of one thousand employees, 53% expressed either a “very likely” inclination (15%) or a “somewhat likely” inclination (28%) to part ways with their current employers by the end of the upcoming year.
Interestingly, the study noted that GenZers are more inclined than Millennials to consider making a move by the close of 2024. A substantial 50% of the respondents admitted to actively searching for new job opportunities, while an additional 24% indicated a passive approach to such endeavors. Surprisingly, 48% professed not actively seeking new employment but remained receptive to fresh opportunities.
These findings emerge despite nearly all respondents acknowledging a “great deal of loyalty” (46%) or at least “some loyalty” (44%) to their present employers.
The rise of job hopping
The survey outcomes reflect a broader trend of job hopping gaining traction in workplaces, as noted by resume and career strategist, Julia Toothacre. She commented, “Job hopping and employment gaps have become increasingly common, necessitating a more open-minded approach from employers.”
Job hopping involves employees leaving their current employers within two years of employment. The ResumeBuilder.com survey disclosed that 51% of respondents had engaged in job hopping at least once over the past five years, with a quarter admitting to doing so two or more times during that period.
Interestingly, GenZers stood out as more likely job hoppers compared to Millennials over the past four years (73% vs. 44%), according to the report.
Motivations for job hopping
The primary incentive for job hopping is securing a higher salary, as reported by 62% of the survey participants. Remarkably, 80% of job hoppers claimed success in achieving salary increases over the past five years, with 20% witnessing their earnings rise by $50,000 or more, and 4% experiencing a salary boost of $100,000 or more.
Julia Toothacre emphasized, “Job hopping offers the advantage of exploring various companies or industries, but the predominant driver remains the pursuit of better compensation.”
She further elaborated, “Frequent job changes every two to three years can yield substantial salary increments when coupled with deliberate skill development, networking, and ongoing job searches while currently employed.”
Additional factors contributing to job hopping include a desire for improved working conditions (51%), more extensive growth opportunities (51%), and better benefits (49%). Toothacre underscored the significance of organizations’ role in retaining their staff, particularly the younger workforce, by challenging, adequately compensating, and investing in their development.
“In the quest for loyalty, companies must strive to engage, reward, and support their younger employees,” she concluded.”