Visier Monthly Resignation Report

Visier’s monthly resignation report provides definitive insight into the labor market behavior that impacts your business. Explore the rates for your industry and identify which populations are driving employee mobility.

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Overall

Industry

Tenure

Age

What’s happening here...

The youngest employee populations experienced the most significant declines in resignations compared to the previous year.

Employee tenure is also a well-established factor influencing resignation patterns. Workers with less than 12 months at a company resign at a much higher rate of 2.7% as of March, in contrast to the 0.9% resignation rate for employees with three to five years of tenure at the same organization.

Resignation rates in March 2024 are at 1.4%, a slight uptick of 0.1 ppt compared to last month. This follows a familiar pattern of the past two years with small increases in March 2023 and 2022.

This year, the increase in resignation rates may also reflect increased hiring activity in a strong job market.

Overall, employee retention has improved across several key industries over the past year.

Both the manufacturing and finance sectors experienced declines in resignation rates compared to the same period last year, by 0.3 percentage points respectively.

Resignations in the high-tech industry were comparatively high, at 1.9% in March 2024, which is still a drop of 0.2 percentage points from the previous year's rate.

The youngest employee populations experienced the most significant declines in resignations compared to the previous year.

Employee tenure is also a well-established factor influencing resignation patterns. Workers with less than 12 months at a company resign at a much higher rate of 2.7% as of March, in contrast to the 0.9% resignation rate for employees with three to five years of tenure at the same organization.

Overall, employee retention has improved across several key industries over the past year.

Both the manufacturing and finance sectors experienced declines in resignation rates compared to the same period last year, by 0.3 percentage points respectively.

Resignations in the high-tech industry were comparatively high, at 1.9% in March 2024, which is still a drop of 0.2 percentage points from the previous year's rate.

The youngest employee populations experienced the most significant declines in resignations compared to the previous year.

Employee tenure is also a well-established factor influencing resignation patterns. Workers with less than 12 months at a company resign at a much higher rate of 2.7% as of March, in contrast to the 0.9% resignation rate for employees with three to five years of tenure at the same organization.

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About our data

Resignation rates are curated from Visier Community Data. Our database contains 17.6 million employee records from more than 5,000 companies. The companies included in our analyses represent a wide range of industries, including Healthcare, Technology, Financial Services and Insurance, Energy, and Manufacturing. Weighted averages account for different headcounts per each organization.

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Interpret how resignation rates impact you

What defines resignations?

A resignation is an employee event whereby an individual formally gives up their position in a company, and voluntarily ends their contract with their employer. Typically people resign to move to a different employer or some other form of work, e.g. self-employment. Resignations do not include retirements.

The resignation rate measures the percentage of the working population that chose to leave their current employer during a specific period of time. If the number of total employees = 100, and there is one exit per month, it results in a 1% resignation rate.

Why should you care?

Losing an employee through resignation can be costly for organizations. Lost productivity, time to source, hire, and onboard a replacement, as well as the loss of the departing employees’ institutional knowledge and professional networks lead to substantial direct and indirect costs. The average cost to replace a knowledge worker is 1.5x their annual salary.

In addition, changes in rates of resignation, especially when they are different to the overall market, can provide early indication of performance or other business challenges in a specific geography or department.

How to use resignation rate insights

Monitoring the resignation trends in the overall market provides an important context for the people decisions made by your business. Increasing overall rates lead to an increasing volume of new opportunities, which may cause your own people to resign. Decreasing rates can indicate a level of employee uncertainty or caution which can then show up in the overall results for a specific industry sector.

The most value comes from being able to monitor your own rates relative to the market, and identifying how market changes impact the dynamics within your employee population. Through this strategic approach you can better position your business to proactively retain the people that make you successful.