June 3, 2022
Aon plc has reported a 41 percent spike in voluntary employee departures last year amid the "Great Resignation" in the United States, according to data from the firm's Salary Increase and Turnover Study. Aon reported 21.8 percent of U.S. employees left their jobs in 2021, of which 17.2 percent departed voluntarily. In 2020, 19.7 percent left employers, of which 11.9 percent departed voluntarily. The study, conducted twice annually, is a global survey of nearly 2,000 employers.
"The spike we've seen in voluntary departures quantifies the challenges employers face during this period we call the 'Great Resignation,'" said Michael Burke, CEO for Human Capital Solutions at Aon. "Employers must look to the underlying root cause and not merely treat the symptoms. They will need to review total rewards strategies and look at resilience, agility, wellbeing and purpose in order to retain and attract top talent in their respective industries. A tight labor market will continue to challenge employers in the near term."
The study also shows:
- Average budgeted salary increases in 2022 reached 5.2 percent, up from 4.5 percent last year in the U.S. This includes merit raises and promotions.
- Forty percent of U.S. employers say they will hire aggressively in 2022, while 46 percent plan to hire at a normal pace, 13 percent will be very selective and 1 percent will freeze hiring.
- Energy (10.6 percent), construction (15 percent) and financial services (15.6 percent) had the lowest voluntary departure rates among industries measured.
Source: Aon plc.
From WCI's HR Answers Now ©2022 CCH Incorporated and its affiliates. All rights reserved.
Tags: Employers' Blog Posts