Results of the 2024 US and Canada Turnover Surveys

Turnover sounds negative, but it is part of a healthy company life cycle. Employees come and go as their lives change, making room for new talent in your company.

However, if your turnover rate is higher than the national turnover average, you may need to reevaluate your practices. Ask yourself why your company might be losing more employees than others in your industry.

Take a look at our 2024 US Mercer Turnover Survey and Canadian Mercer Turnover Survey. These surveys, featuring data from 2,714 US and 1,146 Canadian organizations, respectively, were published in August 2024. They will help you understand how your company compares to others and can help you plan a hiring strategy for the future.

Workforce turnover insights for Canada

In Canada, the average voluntary turnover rate sits at 11.9%. Again, the Retail and Wholesale industry leads with a 25.9% turnover rate, while the Energy industry has one of the lowest at 8%.

Here’s how voluntary turnover rates vary by employee group in Canada:

• Head of organizations and executives: 3.8%
• Management: 6.6%
• Sales professionals: 6.4%
• Non-sales professionals: 8.3%
• White collar professionals: 10.5%
• Blue collar professionals: 11.5%

Higher positions tend to have lower turnover rates, likely due to better compensation, positive work environments, strong support systems, and more autonomy in their roles.

Hard-to-fill roles

Some roles in your organization are harder to fill due to talent shortages or burnout.  Mercer suggests taking a proactive approach by strategically managing the incumbents in these roles to reduce the likelihood of turnover.

Of 907 Canadian respondents, 42.4% reported difficulty hiring or retaining employees for certain roles. 

In Canada, the toughest roles to fill include:

• Healthcare
• Insurance/reinsurance
• Banking and financial services
• Non-financial services
• Manufacturing

Healthcare roles are particularly challenging to fill globally due to burnt-out workers and a shortage of ready talent.

Strategies to reduce employee turnover

What causes high turnover?

It often comes down to burnout. Burnout may result from too much work, too little pay, poor benefits, or an unhealthy work environment. Unsupportive management also plays a big role.

Employee who are experiencing burnout are more likely to leave for better opportunities — or sometimes, leave without any job lined up, just to eliminate that stressor that their job represents. To reduce turnover, you must address what fuels burnout. 

You can’t eliminate turnover entirely — some employees will move on to new opportunities that better match their career path goals. But you can significantly lower the numbers by remaining competitive and supporting your team. Here are three strategies to get you started on fighting burnout while encouraging less turnover.

Offer competitive benefits

Understand what your competition is offering their employees in terms of salaries and benefits. Competitive pay helps retain employees who might otherwise seek better paying opportunities.

Remain transparent about pay. This helps employees know what to expect when they join the company and understand how raises work if they want to move up.

Consider benefits that set you apart, such as:

• Flexible work options
• Additional health and wellness support (like free gym memberships)
• Less common leave (like caregiver leave)

Perform active listening

If your turnover is high, it might be time to ask your employees themselves why they are leaving. Active listening through surveys and meetings helps you understand what is burning them out and what motivates them.

Understanding and addressing issues in your organization is key to boosting workforce engagement and productivity while lowering turnover. Beyond internal surveys, compare your results with industry benchmarks to see how you measure up against your competition.

Offer internal promotions

Turnover surveys highlight two key points: higher positions have lower turnover and certain skills are challenging to find. You can address both challenges with one solution: growing talent and promoting from within. When employees see a clear path for advancement, they are less likely to leave for better opportunities. As they move up into managerial roles, you will notice turnover rates drop.

By promoting internally, you can also implement mentoring programs. These programs help upskill and reskill the current talent you have on staff to learn hard-to-find skills. The roles left vacant by these promotions are often easier to fill, as they require less niche knowledge.

Be prepared!

Prepare for the new year by planning for potential turnovers. Use data from past years to predict your hiring needs and prevent costly talent gaps.

You will also need to understand how your turnover rate compares to those of others in your industry. These insights help you catch those issues quickly, ensuring you maintain a low turnover rate, high employee satisfaction, and a strong talent pipeline.

For more in-depth data on this essential topic, consult the 2024 Canada Mercer Turnover Survey or or call us at 855-286-5302.