• Data shows an acceleration of the “Great Resignation”
• Average budgeted salary increases to reach 5.0 percent in 2023, up from 4.8 percent this year
• Next year’s hiring projections are less than employers anticipated in 2022

CHICAGO, Sept. 15, 2022 – Aon plc (NYSE: AON) reported a 37 percent spike in voluntary employee departures in the U.S. during the 12 month-period ending June 1, according to data from the firm’s Salary Increase and Turnover Study. Aon, a leading global professional services firm, reported 22.8 percent of U.S. employees left their jobs, of which 18.4 percent departed voluntarily. During the prior-year period (June 1, 2020 to June 1, 2021), 18.9 percent left employers, of which 13.4 percent departed voluntarily.  

“The acceleration in voluntary departures demonstrates the challenges employers face during this period we call the ‘Great Resignation,’” said Brooke Green, head of human capital solutions, North America at Aon.  “A tight labor market will continue to challenge employers in the near term. As turnover grows, companies must review total rewards strategies and look at resilience, agility, wellbeing and purpose to retain and attract top talent in their respective industries.”

Figures come from Aon’s Human Capital Solutions bi-annual Salary Increase and Turnover Study, which is a global survey of nearly 2,000 employers. The report provides insights on salary increases and employee retention powered by industry-leading data and analytics that reflects how broader economic circumstances impact the talent landscape.

The study also shows:

• Average budgeted salary increases for 2023 is predicted to be at 5 percent, up from 4.8 percent this year in the U.S. This includes merit raises, promotions and adjustments.
• 25 percent of U.S. employers say they will hire aggressively in 2023, while 53 percent plan to hire at a normal pace, 21 percent will be very selective and 1 percent will freeze hiring. Next year’s hiring projections are less than employers anticipated in 2022, when 40 percent of U.S. employers said they would hire aggressively, while 46 percent planned to hire at a normal pace, 13 percent would be very selective and 1 percent would freeze hiring.  
• Energy (12.8 percent), construction (12.8 percent) and financial services (16.3 percent) had the lowest voluntary departure rates among industries measured. Retail (27.3 percent) and transportation (23.2 percent) had the highest voluntary departure rates among industries measured.  

The report includes measurable data samples from 10 industries, which include business consulting, construction/real estate, energy, entertainment, financial services, life sciences, manufacturing, retail/hospitality, technology and transportation.

“We use these data insights to provide advice and solutions that give employers from an array of industries the clarity and confidence needed to make better decisions to protect and grow their business, as they seek to build more resilient workforces for the future,” said Michael Deeks, global head of the data business for Human Capital Solutions at Aon.  

To learn more about the report, click here.

About Aon 
Aon plc (NYSE: AON) exists to shape decisions for the better — to protect and enrich the lives of people around the world. Our colleagues provide our clients in over 120 countries with advice and solutions that give them the clarity and confidence to make better decisions to protect and grow their business.

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Media Contact
Robert Elfinger
robert.elfinger@aon.com
+1 312 381 0071