Employers, including retailers, will likely see more workers leave their jobs during the first six months of 2024, according to a new market indicator created by Eagle Hill Consulting. The company began to gather data for the index in December 2022, and based on that information is now releasing the first forecast of the likelihood that workers will leave or stay put in their jobs.
“Already, we’re seeing that the first two quarters of 2024 could be marked by higher employee departures,” said Eagle Hill President and CEO Melissa Jezior. “This is largely driven by dips in employee confidence in their organization’s future and leadership, as well as how they experience their organization’s culture.”
The consulting firm’s index forecasts shifts in workforce retention based upon ongoing employee opinion surveys on four main factors that directly correlate with workers’ intentions to make job moves:
- The Organizational Confidence Indicator measures how confident employees are in their organization’s future and leadership.
- The Culture Indicator looks at how employee sentiment about their workplace culture, connections, and whether they feel valued and recognized.
- The Compensation Indicator measures how employees view their compensation, benefits, and ability to grow their compensation at their organization.
- The Job Market Opportunity Indicator measures how employees perceive external prospects for employment and job security in the near term.
Based on sentiments that emerged on those topics, the first iteration of the index “offers employers an early signal that now is the time to engage with the workers they want to keep,” Jezior said.
Click here for more on the index.