While job openings remain elevated and talent shortages persist, there is less attrition in the labor force with fewer workers planning to change jobs this year. According to new research from talent solutions and business consulting firm Robert Half, only 36% of workers plan to look for a new job in the next six months, down from 49% in July 2023.
Professionals Most Likely to Make a Move (By Generation and Specialization)
| Generation | February 2024 | July 2023 |
| Gen Z | 55 % | 74 % |
| Millennials | 48 % | 63 % |
| Gen X | 28 % | 44 % |
| Baby Boomer | 13 % | 23 % |
| Specialization | February 2024 | July 2023 |
| Marketing and Creative | 55 % | 51 % |
| Technology | 45 % | 64 % |
| Legal | 40 % | 32 % |
| Human Resources | 31 % | 56 % |
| Accounting and Finance | 27 % | 41 % |
| Administrative and Customer Support | 27 % | 47 % |
What’s Contributing to the Big Stay?
Compared to the shifts experienced during the Great Resignation, the research suggests workers are more likely to stay in their current role, at least for the first half of 2024. Some of the reasons they report include:
- Their current job offers a level of flexibility that they aren’t willing to lose (44%)
- They feel fulfilled in their current role (42%)
- They feel well compensated for their work (37%)
“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.”
Demand is High for Skilled Workers
For professionals looking to make a change in 2024, there are opportunities. According to Robert Half’s State of Hiring report, 57% of companies plan to add new positions during the first half of 2024. Another 39% are hiring for vacated roles. Company growth (66%) and employee turnover (52%) are the top factors influencing hiring decisions. Additionally, 77% of businesses that postponed projects in 2023 said that they plan to move forward with them in 2024.
Read more about The Demand for Skilled Talent.
Workers’ Main Motivators
Workers have made it clear that they aren’t likely to make a move unless the opportunity meets certain criteria. When asked what would lead them to look for a new position, workers cited:
- A higher salary (55%)
- Better benefits and perks (36%)
- A job with more remote flexibility than my current company offers (32%)
Fay added: “While employers may have more leverage in today’s job market, they still face hiring challenges. 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.”
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Tags: Payroll
