The job market is brutal. But nearly 1 in 3 workers still want to quit

With job seekers facing one of the toughest markets in years, employers might assume they can worry less about keeping workers from heading for the exits. New data suggests otherwise. 

A Workday report released today finds that employee retention is eroding across industries, even at companies that are still growing headcount. Nearly one-third of employees surveyed said they’re likely to look for a new role externally in the next 12 months. Put another way, roughly two employees are weighing an exit for every one who accepts a job at a company. And some two-thirds of employers saw people staying for shorter stints this year than last year.

What’s driving the retention slide? Phil Willburn, Workday’s vice president of people systems, intelligence and support, points to two problems: employees aren’t seeing career progression, and they don’t understand where the company is headed. Workday found that communicating a clear strategy is one of the most powerful levers leaders have to improve how employees feel about the workplace. Yet it is also the only factor Workday measures that has flatlined since 2021.

Trust in a time of uncertainty may also be at play. Employee trust in colleagues, managers, and CEOs has fallen to a record low, according to Edelman’s latest Trust at Work study, which will be released tomorrow. Only 66% believe they are paid fairly for the work they do, and 61% believe there are many opportunities to move up in their organizations, the study found.

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