Low hiring rates mean employees plan to keep current job through 2025
Those looking for a new job mentioned a lack of career progression as their main incentive (40%).
Resignation rates have now evened with pre-COVID levels, coupled with a hiring rate that is the lowest since 2014.
Ringover surveyed over 1,000 U.S. employees; many are satisfied at their current position, and plan to stay at their jobs. Others feel compelled to continue working for their employer because of economic uncertainty.
Many factors are at play for employees staying with or leaving a company. Employees typically stay at their current jobs when they:
- Find their work interesting
- Have financial stability
- Get along with their management
A good salary is a clear incentive to stay put, too. High earners ($100,000-$149,000 annually) were twice as likely to intend to stay indefinitely, while more low earners ($24,000 or less annually) planned to leave within a year.
While many workers are motivated to keep their jobs based on the quality of the role, some are staying at their current position due to financial circumstances.
Employees were asked what incentivizes them to keep their current jobs:
- Better work-life balance: 44%
- Company improvements: 42%
- I’m in my dream role/job: 18%
- Economic uncertainty: 36%
- I have more dependents and can’t risk a move: 28%
Related: Class of 2024 prioritizes mental health & flexibility as job market outlook dims
Those looking for a new job mentioned a lack of career progression as their main incentive (40%), followed by the presence of a new challenge (37%), as well as the company asking for more in-person work (35%).
Tenure is low across the board. According to the 2023 Employee Benefit Research Institute, very few (5%) employees have been with their company for more than five years. With that being said, optimism is high. When asked how long they plan to stay in their current role, respondents’ average answer was 2.4 years.
Perhaps linked to economic stability, age is also a factor. Despite no active plans to leave, 92% of Gen-Z workers occasionally or constantly look for new jobs.
Older respondents are less likely to keep their options open, and are likely to keep the same job indefinitely. One in five respondents aged 44-59 years said they would like to stay indefinitely, while 1 in 4 aged 60-69 years felt the same.