High Global Workforce Turnover Predicted for 2024

A global survey across eight countries suggests that on average, one in four employees are considering leaving their current organization.

Over a quarter of employees are considering leaving their jobs within the year — a percentage that holds true for countries around the world.

The Boston Consulting Group’s Employee Sentiment Survey, which encompassed responses from over 11,000 employees across India, Japan, Australia, Germany, France, Canada, U.S., and the U.K., reveals that while the majority of employees expect to stay with their current employer through 2024, a substantial global average of 28% are either uncertain or planning to leave.

The trend is particularly pronounced in Australia and Japan, with 36% and 35% of workers respectively contemplating a change. According to an analysis of the data published by Consultancy.uk, the percentage of employees by country who are at risk of leaving in the next year are as follows:

Australia – 36%
Japan – 35%
U.K. – 32%
Canada – 28%
India – 26%
U.S. – 26%
France – 24%
Germany – 19%

The primary driver for this potential mass exodus is reported to be dissatisfaction with pay and compensation — which has been heightened by recent inflationary pressures. However, other factors like work-life balance, benefits, and the nature of the work itself are also revealed to play a role. Additionally, an individual’s emotional needs such as feeling respected and valued also emerged as important when employees make their final decision.

Another key finding of the survey is the role of management in employee retention. Employees who are satisfied with their managers are significantly less likely to leave their current jobs. In contrast, those dissatisfied with their managers or lacking support and resources including mentoring and training, are much more likely to consider leaving their jobs.

Job markets are tightening and competition for talent will only increase because of that, especially when scouting for digitally-savvy employees. Because of these economic conditions, companies must rethink their strategies to retain their top employees. This involves not just offering competitive compensation but also investing in better management practices.