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...

Younger and less tenured employees have traditionally higher resignation rates, but we also saw the biggest declines in these populations’ quitting behaviors.

Those aged 20-25 years, for example, resigned at a rate of 3%, which is a decline by -1.4% percentage points compared to December of 2022. Similarly, the biggest reduction in resignation rate of -1.4 percentage points was reported for employees of 12 months of tenure and less.

At the end of December 2023, the monthly resignation rate stood at 1.2%, marking the lowest figure observed in the past three years.

Continuing the trend from previous months, resignations continue to decline. The current rate is 0.3 percentage points lower than the previous month and 0.7 percentage points lower than at the same time last year.

Companies in the manufacturing industries had the lowest resignations rate last month at 0.5%, and those in High Tech the highest at 1.4%. However, high tech firms also experienced the biggest overall decline in resignations compared to December 2022, with the difference being -1 percentage point.

The finance industry also had a low resignation month at 0.7% in December 2023, which is -0.4% percentage points lower than at the same time the year prior.

Younger and less tenured employees have traditionally higher resignation rates, but we also saw the biggest declines in these populations’ quitting behaviors.

Those aged 20-25 years, for example, resigned at a rate of 3%, which is a decline by -1.4% percentage points compared to December of 2022. Similarly, the biggest reduction in resignation rate of -1.4 percentage points was reported for employees of 12 months of tenure and less.

Companies in the manufacturing industries had the lowest resignations rate last month at 0.5%, and those in High Tech the highest at 1.4%. However, high tech firms also experienced the biggest overall decline in resignations compared to December 2022, with the difference being -1 percentage point.

The finance industry also had a low resignation month at 0.7% in December 2023, which is -0.4% percentage points lower than at the same time the year prior.

Younger and less tenured employees have traditionally higher resignation rates, but we also saw the biggest declines in these populations’ quitting behaviors.

Those aged 20-25 years, for example, resigned at a rate of 3%, which is a decline by -1.4% percentage points compared to December of 2022. Similarly, the biggest reduction in resignation rate of -1.4 percentage points was reported for employees of 12 months of tenure and less.

Insights

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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.