What's the top reason for the employee turnover?
Despite showing loyalty to their current employers, a majority of employees are likely to leave their current organisation by the end of 2024 as job hopping becomes more common.
A survey from ResumeBuilder.com discovered that 53% of a thousand employees said they are either "very" (15%) or "somewhat" (28%) likely to leave their employer by the end of next year.
"GenZers are more likely than Millennials to say they are likely to move on by the end of 2024," the survey said.
Half of the respondents said they are actively job searching, while another 24% are passively doing so. Another 48% said they are not looking for new employers, but they remain open to new opportunities.
These findings come despite nearly all respondents saying they have a "great deal of" (46%) or "some" (44%) loyalty to their current employer.
Job hopping 'more common'
The results also come as job hopping has grown more popular across workplaces, according to resume and career strategist, Julia Toothacre.
"Job hopping and gaps have become more common, which will force employers to be more open-minded," she said in a statement.
Job hopping is a practice among employees where they leave their employers less than two years after they were employed.
The ResumeBuilder.com survey found that 51% of its respondents have done this at least once in the past five years, including a quarter who said they job hopped two or more times within the time frame.
"GenZers were much more likely than Millennials to say they've job hopped in the past four years (73% vs. 44%)," the report said.
Reasons for job hopping
The top reason for job hopping is getting a higher salary, as cited by 62% of the respondents. And according to the survey, 80% of job hoppers said they were able to achieve this over the past five years.
About 20% of the respondents even said their salary went up by $50,000 or more, while four per cent saw their salary increase by $100,000 or more.
"A benefit of job hopping is getting to try different companies or industries, but mostly it's to get better pay," Toothacre said.
"Switching jobs every two to three years can yield large gains in your salary if you're intentional with skill building, networking, and continuing the job search while you're employed."
Other factors for job hopping include:
- Wanting better working conditions (51%)
- More growth opportunities (51%)
- Better benefits (49%)
Toothacre said younger managers don't mind job hopping if employees have the skills and experience - but employers need to do more to retain staff.
"If companies want loyalty they need to challenge, adequately compensate, and invest in younger employees," she said.
