Great Resignation Statistics 2024: Data, Trend & Analysis

The COVID-19 pandemic unleashed a tidal wave of resignations now known as the Great Resignation. Employees have been quitting their jobs in droves, with 47 million Americans leaving roles in 2021 alone.

In this comprehensive guide, we’ll dive into the latest data and trends fueling the Great Resignation in 2024. You’ll discover eye-opening statistics on:

• How many people are quitting
• Which generations are leading the exodus
• Industries with the highest resignation rates
• The top motivations behind the quits
• Tips for employers to retain top talent

Let’s get into the stats and trends shaping the workforce revolution known as the Great Resignation.

Overview: Defining the Great Resignation

The term “Great Resignation” was first coined in May 2021 by Texas A&M University professor Anthony Klotz. He predicted the COVID-19 pandemic would lead to a massive wave of resignations.

Klotz’s prediction proved true. According to Bureau of Labor Statistics (BLS) data, over 47 million people voluntarily resigned from their US jobs in 2021 – an all-time annual high. For context, resignations averaged 35 million per year from 2010 to 2019.

What’s causing so many people to quit their jobs? Experts cite several key factors:

• Pandemic burnout – Frontline workers in retail, healthcare, and other high-risk jobs faced immense stress and trauma throughout COVID-19 waves. Even office workers reported burnout from remote work blurring work-life lines.

• Lack of flexibility – Many employees found remote arrangements improved their quality of life through added flexibility and eliminated commute times. Returning to rigid in-office work is unappealing to some.

• Career reevaluation – Furloughs, layoffs, and extra time at home prompted people to rethink careers and pursue more meaningful or aligned work.

• Confidence to switch roles – Record job openings and a red hot labor market are giving employees the confidence to quit jobs in favor of better opportunities.

While the high resignation rate causes headaches for employers, it also provides a chance to build happier and healthier workforces by adapting to what employees value most today.

Key Great Resignation Statistics

Here are some key statistics that highlight the widespread impact of the Great Resignation:

• 4.5 million Americans quit their jobs in April 2022 – a record high for a single month.

• As of March 2022, there were 11.5 million job openings in the US – meaning two openings for every unemployed American.

• In a 2021 survey, 55% of US workers said they plan to search for a new job within the next 12 months.

• 41% of the global workforce is considering resigning in 2022, according to Microsoft’s 2022 Work Trend Index.

• 94% of US retailers report having trouble filling open job vacancies, per a 2021 Korn Ferry survey.

• The sectors with the highest quit rates are hospitality and leisure (6.4%) and professional/business services (3.7%).

• Mid-career workers aged 30-45 have the highest resignation rates compared to other age groups.

Let’s analyze more detailed Great Resignation statistics and trends in 2024.

Detailed Statistics and Analysis

1. Only 20% of the global workforce is engaged at work

A Gallup study on the State of the Global Workplace found just 20% of workers worldwide are engaged at their jobs. This means only 1 in 5 employees find their work meaningful and are motivated to exceed expectations.

Image source: Gallup

Per Gallup, engaged employees have 43% higher productivity. They also have much lower turnover risks. Gallup estimates that actively disengaged workers cost the US $483 billion to $605 billion annually in lost productivity.

Clearly employers around the world need to prioritize engagement initiatives to retain top talent and prevent losses from disengaged staff.

2. 94% of US retailers struggle with job vacancies

Retail has been hit especially hard by the Great Resignation, struggling to fill vacancies. In a 2021 Korn Ferry survey of major US retailers:

• 6% reported no issues filling jobs
• 32% had minor difficulties
• 29% faced moderate recruiting challenges
• 32% dealt with major difficulties

Even by offering referral bonuses, wage increases, and signing bonuses, 94% of retailers still faced some degree of recruiting struggles. With ecommerce shrinking the need for frontline store staff, competition for talent is intense.

3. 55% of US workers plan to switch jobs in 2022

In a 2021 survey by Joblist, 55% of US employees said they intend to search for a new job in the next 12 months. Job seeking intent is even higher among:

• Gen Z: 77%
• Millennials: 63%
• Under $30k earners: 72%
• African Americans: 70%
• Hispanics: 67%

With over half the US workforce planning to look for new roles, employers are under immense pressure to improve retention. Today’s job seekers hold the power.

4. Gen Z feels the most underappreciated and underpaid

Out of all generations, Gen Z feels the most underappreciated and underpaid at work, driving their high 77% resignation intents.

Per an IBM study, 16% of Gen Z report struggling to be heard at meetings and stay engaged at work. Millennials follow at 14%, then Gen X at 12%.

With Gen Z being the workforce’s future, their preferences around respect, inclusion, and fulfillment will shape workplaces for decades to come. Remote work, flexibility, and diversity are especially key to retaining them long-term.

5. 41% of the global workforce may soon quit their jobs

Microsoft’s 2022 Work Trend Index surveyed over 30,000 employees across 31 countries. They found a staggering 41% are considering resigning in 2022.

The top reasons given were:

• Burnout: 46%
• Lack of feeling valued: 43%
• Limited career growth: 34%
• Pay not keeping pace with COL: 33%

With so much of the global workforce unhappy and ready to resign, Microsoft CEO Satya Nadella warned that leaders must make employee wellbeing and skill growth top priorities, or risk a mass exodus of talent.

6. 46% of workers worldwide plan to relocate

The rise of remote work makes employees far more open to relocating to new areas. Per Microsoft’s 2022 Work Trend Index, 46% of workers globally plan to move to a new location in the next year because remote work allows them to.

In a PwC survey, 12% of employees had already moved 50+ miles from their office since the pandemic began. Job seekers on LinkedIn are increasingly open to roles in new cities if remote or hybrid options are offered.

This increased mobility expands the talent pool for employers but also intensifies competition for skilled workers.

7. Most Americans want remote work options to continue

Surveys show that post-pandemic, the ability to work remotely is non-negotiable for many US employees:

• 95% want at least 1 day remote per week
• 55% would decline a job that didn’t offer remote work
• 77% say working from home makes them happier

To attract and retain top talent, employers must shape flexible policies beyond the outdated 9 to 5 in-office model. Workers value hybrid remote options for better work-life balance.

8. 66% of business leaders plan to redesign offices for hybrid work

To adapt to the new normal of hybrid remote and in-office staff, 66% of executives are rethinking how to redesign their office spaces per a JLL Research survey.

This includes de-densifying desks, improving video conferencing tech, creating more collaborative spaces, and other structural changes to optimize hybrid work.

PwC finds 82% of executives believe hybrid work models benefit their organization. And 68% of employees want a hybrid or remote-first setup. The future of work depends on companies reimagining spaces and technologies to enable location flexibility.

9. Millennials and Gen Z most prioritize remote work

Younger generations place the highest priority on remote and flexible arrangement compared to their older peers.

According to an Owl Labs survey:

• 47% of Millennials
• 45% of Gen Z

State they would give up 10% or more of their salary for full time remote work, compared to just 38% of Gen X and 14% of Boomers.

To attract and retain young talent, the under-40 crowd, offering work location flexibility is key. Millennials now represent the largest share of the US labor force.

10. Employees today value time over money

Today‘s talent values personal time and experiences as much as their paychecks.

A PwC survey revealed:

• 29% of Gen Z
• 28% of Millennials

Prefer alternative benefits like unlimited vacation over traditional benefits or raises.

In contrast, 49% of Boomers still value competitive compensation and retirement plans most.

Younger workers are even open to sacrificing pay to gain more personal time off. Smart companies are offering unique benefits like volunteer days, sabbaticals, tuition reimbursement, unlimited vacation, etc. to cater to these preferences.

11. Mid-career workers have the highest resignation rates

While younger workers still have higher turnover overall, resignation rates are rising fastest among employees in their 30s and 40s. This indicates widespread career changes among mid-level professionals.

Having several years of experience may be giving this group the confidence to take risks and make major moves to pursue greater meaning, work-life balance, pay, or professional growth in their careers.

12. Burnout from "digital overwhelm"

Despite reporting digital fatigue, 45% of workers state they‘ve been just as or more productive than before the pandemic.

But pushing such high productivity has consequences. Per Microsoft:

• 48% of workers report feeling overworked
• 39% feel exhausted from burnout

Always-on virtual meetings, chats, emails, and constant connectivity are burning employees out.

Leaders must implement digital wellness training, asynchronous collaboration, and company-wide days off to counter the burnout epidemic before it becomes a mass exodus.

13. Hospitality and leisure roles have the highest quit rate at 6.4%

Of all major industries, hospitality and leisure saw the highest quit rate in November 2021 at 6.4%. Frontline workers in restaurants, hotels, and entertainment faced immense COVID-19 health risks and anxieties.

Other sectors with the highest resignation rates:

• Professional/business services: 3.7%
• Trade/transportation/utilities: 3.6%

The lowest rates were seen in financial activities (1.7%), government (1%), and federal government (0.7%).

High turnover results from low job satisfaction – leading to poor customer experiences and losses in revenue and productivity. Strategic investments in upskilling, engagement, and employee support are key to overcoming the challenges.

14. Past historical quit rate highs

While today seems an unprecedented wave of resignations, BLS data shows even higher rates occurred historically:

• In 1945, the manufacturing quit rate hit 6.1% versus just 2.3% in 2021.

• After WWII, quits spiked as veterans rejoined the civilian workforce in flux.

• In the 1990s dotcom boom, abundant new jobs opened up plentiful role-switching opportunities.

Though not the highest in history, today’s Great Resignation signals similarly deep employee dissatisfaction to past generational workforce shifts.

15. Retail hit its 2nd highest quit rate ever in November 2021

Frontline retail workers faced immense health risks and anxieties throughout the pandemic. At the same time, low wages amplified financial hardships. So its no surprise resignations skyrocketed.

In November 2021, the retail sector hit its 2nd highest quit rate ever at 4.4%. Combined with leisure/hospitality, 1 in 3 resignations in 2021 came from these frontline, consumer-facing industries.

Besides compensation and safety issues, limited scheduling flexibility and career mobility have also pushed retail talent to switch careers at historic levels. Retailers must evolve quickly or risk dire talent scarcity and brain drain.

Key Takeaways for Companies

The data reveals several key takeaways for leaders during the Great Resignation:

Support mental health & prevent burnout – Stress, anxiety, burnout and emotional exhaustion from the pandemic’s toll are huge drivers of resignations. Prioritize mental health coverage, days off, reduced meetings, flexible schedules, remote work, and other programs to support wellbeing.

Offer ample training & development – With so many workers rethinking careers, focusing on upskilling and reskilling via online courses, mentorships, tuition reimbursement and training programs provides stability and retention power.

Emphasize diversity, equity & inclusion (DEI) – Underrepresented groups like women, minorities, immigrants, and LGBTQ+ employees have even higher turnover. Go beyond lip service and invest in DEI education, affinity networks, hiring initiatives, and accountability at all management levels.

Modernize compensation & benefits – Today‘s workers value purpose, flexibility, and happiness over pay alone. Get creative with “lifestyle benefits” like unlimited vacation, volunteer days, sabbaticals, on-site childcare, eldercare benefits, gym discounts, etc.

Embrace flexible and remote work – Rigid 9 to 5 office schedules no longer fit modern life. Build a flexible framework combining remote work, distributed teams, job shares, and hybrid in-office/virtual models to retain top talent.

Redesign workspaces – To optimize hybrid remote/in-office staffing, transform office layouts with more collaboration spaces, video conferencing rooms, open architectures, and de-densified desks for employee comfort and flexibility.

Invest in management & leadership training – Skilled frontline managers and inclusive leaders are key to building cultures where employees feel appreciated, engaged, and heard. They will thrive even through uncertainty.

The companies that heed this data and rethink their policies will gain a competitive edge in attracting, engaging, and retaining top talent during the Great Resignation era and beyond.

Looking Ahead

While resignations may moderate post-pandemic, the days of lifelong careers with a single employer are over. Employees today feel empowered to pursue work aligned with their values, talents, and passions.

This is a chance for positive change, not a crisis. Companies embracing flexibility, wellbeing, diversity, equity, inclusion, transparency, and employee growth will become magnets for top talent.

Are you ready to reimagine your employee experience? The future of work is here.

Sources

Gallup, Fortune, SHRM, McKinsey, IBM, Microsoft, Owl Labs, PwC, Joblist, Korn Ferry, Bureau of Labor Statistics, ZipRecruiter, Pew Research, Prudential, Morning Consult, BBC, Fast Company