BambooHR
Workforce Insights
Monthly Report – September 2024
Welcome to the September edition of the BambooHR Workforce Insights report, where we dive into the latest trends shaping the world of employment.
Workforce Insights is powered by aggregated data trends from the millions of admins, managers, and employees who use BambooHR in the US and across the globe.
September Sees Lowest Turnover in Proportion to Total Employees Since Q1 2021
In September 2024, the global workforce landscape witnessed turnover rates plummeting to their lowest levels since the first quarter of 2021. This significant decline, marked by a 32% reduction since August and a 24% decrease from September of the previous year, underscores a stabilizing job market where employees are increasingly committed to their current roles.
In the US, this trend is even more pronounced, with turnover dropping by 25% from August and 37% from September last year.
This period of reduced turnover is accompanied by a slowdown in hiring across all industries, reflecting a cautious approach to workforce expansion amid fewer job openings. Notably, the Middle East and Africa (MEA) and Asia Pacific regions lead the way with the lowest turnover proportions, with Asia Pacific also reporting the lowest job posting proportions of all regions.
As organizations navigate this evolving employment landscape, the focus on fostering a supportive and engaging workplace culture becomes paramount. The data from September 2024 highlights the importance of retention strategies and employee satisfaction in maintaining workforce stability, setting a new benchmark for employment trends in the post-pandemic era.
Hiring, Job Openings & Turnover
Hiring
- Globally:
- From August to September 2024, hiring increased by 1%.
- Year-over-year, hiring decreased by 13% compared to September 2023.
- In the US:
- From August to September 2024, hiring decreased by 6%.
- Year-over-year, hiring decreased by 12% compared to September 2023.
Job Openings
- Globally:
- Job openings increased by 13% compared to September 2023.
- In the US:
- Job openings increased by 17% compared to September 2023.
- Short-Term Stability:
- From August to September 2024, there was minimal change in job openings, indicating short-term stability.
Turnover
- Globally:
- Turnover decreased by 32% from August to September 2024.
- Year-over-year, turnover is down by 24% compared to September 2023.
- In the US:
- Turnover decreased by 25% from August to September 2024.
- Year-over-year, turnover is down by 37% compared to September 2023.
- Overall:
- September 2024 recorded the lowest turnover in proportion to total employees since Q1 2021.
MoM 6% ⇩ decrease
YoY 12% ⇩ decrease
MoM 2% ⇩ decrease
YoY 17% ⇧ increase
MoM 37% ⇩ decrease
YoY 25% ⇩ decrease
MoM 1% ⇧ increase
YoY 13% ⇩ decrease
MoM <1% ⇧ increase
YoY 13% ⇧ increase
MoM 32% ⇩ decrease
YoY 24% ⇩ decrease
US Hires, Job Openings & Turnover
Global Hires, Job Openings & Turnover
Industry Trends: Hiring, Job Openings & Turnover
- Healthcare had the greatest proportion of hires at 3.4%, while the technology sector had the lowest proportion of hires at 2.3%.
- The travel/hospitality sector had the largest proportion of turnover at 2.9%.
- Significant changes from August to September included:
- A decrease in turnover for education and construction by 40% each.
- Job openings for finance decreased by 1% and education hires decreased by 40%, while these two sectors were the only ones to see a positive change in job openings at 6.4% and 1.5%, respectively.
- Turnover decreased by 40% for the travel/hospitality industry and 50% for nonprofits.
- Technology hires increased by 12%, and finance hires increased by 13%.
September 2024
Proportion of Total Employees
Regional Trends: Hiring, Job Openings & Turnover
- North America showed the highest hiring ratio at 2.0%, along with the highest turnover ratio at 0.9% and job openings at 2.9%, indicating a dynamic job market.
- Middle East/Africa (MEA) and Asia Pacific had the lowest turnover ratios at 0.8% and 0.5%, respectively.
- MEA has a hiring ratio of 1.4% and job openings at 2.5%, while Asia Pacific, with the lowest job posting ratio at 2.4%, also has the lowest hiring ratio at 1.3%, suggesting a more stable but less dynamic job market compared to other regions.
Manager & Peer Reviews
Reviews have continued to decrease across the board. Globally, from September 2023 to September 2024, there was a 10% decrease in total reviews, with a 5% drop from August to September 2024.
- During this period, manager reviews decreased by 1.3%, while peer reviews saw a more substantial decrease of 11%.
- From August to September 2024, manager reviews decreased by 15%, and peer reviews by 3%.
In the US, the trend mirrored the global pattern. There was a 14% decrease in total reviews from September 2023 to September 2024, and a 14% decrease from August to September 2024.
- During this period, manager reviews decreased by 3%, and peer reviews decreased by 16%.
- From August to September 2024, manager reviews decreased by 16%, and peer reviews by 13%.
US Manager & Peer Reviews
Global Manager & Peer Reviews
MoM 16% ⇩ decrease
YoY 3% ⇩ decrease
MoM 13% ⇩ decrease
YoY 16% ⇩ decrease
MoM 15% ⇩ decrease
YoY 1.3% ⇩ decrease
MoM 3% ⇩ decrease
YoY 11% ⇩ decrease
Employee PTO Requests & Approvals
September PTO requests see minimal change—a 1% increase from last year.
Global PTO:
- In September, 38% of employees made PTO requests, with only 49% of those being approved. This represents a 2% decrease in requests from August and a 4% decrease in approvals.
- Year-over-year, from September 2023 to September 2024, requests have increased by 1%, while approvals have decreased by 2%.
US PTO Requests:
- In the US, the trend of low PTO requests persisted, with 33% of employees making requests and only 51% of those being approved. This reflects a 4% decrease in requests from August and a 5% decrease in approvals.
- Year-over-year, from September 2023 to September 2024, requests have increased by 2%, while approvals have decreased by 2%.
US Employee PTO Requests & Approvals
Global Employee PTO Requests & Approvals
Regional Trends: Employee PTO Requests & Approvals
PTO requests by region mirror trends seen earlier this year, with no change in ranking and minimal change from August.
- 56% of European workers made PTO requests in September, with 45% being approved.
- Europe and MEA lead in PTO requests while Asia Pacific, North America, and Latin America all land below 40%.
- Latin America is closely followed by MEA in terms of PTO approvals, at 62% and 58% respectively.
Industry Trends: Employee PTO Requests & Approvals
- As was the case in August, the industry with the highest proportion of PTO requests in September was finance, followed by nonprofit.
- A meager 16% of restaurant, food & beverage employees made PTO requests in September, the lowest of any industry, though they came in second for PTO approvals at 53%.
- Construction continues to lead for PTO approvals, as it has for several months, at 54%.
Methodology
All source data is from the BambooHR® platform, gathered between December 2018 and September 2024, and includes over 4.7 million employee data points across the globe.
The data includes employee and manager performance scores, PTO requests, and other data points that have been analyzed in an aggregated, anonymized way to protect the privacy of employees and the integrity of the metrics.
Turnover includes all types of separation of an employee from their company, including voluntary and involuntary separations.
About BambooHR
BambooHR® is the leading HR software solution that sets people free to do great work by managing the complex work of supporting employees and succeeding as a business, while giving leaders all the data they need to make informed strategic decisions.
Intuitively designed and easy-to-use benefits administration, payroll, performance, time tracking, and reporting where everything works together means less focus on process and more focus on growing what matters most—people.
Over the past 15 years, BambooHR has been the trusted partner of HR professionals at 33 thousand companies with employees in over 190 countries and 50 industries, supporting millions of users throughout their employee experience.
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