Key HR Statistics that will Shape the Workplace in 2024

HR leadership makes a lot of decisions throughout the year that affect the entire organization. Even though this is a lot of responsibility, it also means that HR has opportunities to make a lasting impact. From business objectives to wellness programs, human resources directly influence employee engagement and performance.

The question becomes, how can HR make informed judgment calls that make a difference? A great place to start is with key HR statistics. As you look towards 2024, these HR statistics can help you make data-driven decisions to create a thriving organizational culture.

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General HR Statistics

The HR industry is full of leaders who empower the workforce and keep businesses running. Because of their impact, it’s important to build and support an effective HR team. These HR statistics provide insight into what that HR landscape looks like for 2024.

• Employment of human resource specialists is projected to grow 6% percent from 2022 to 2032, according to the U.S. Bureau of Labor Statistics. This is faster than the average for all occupations.
• The average human resources manager salary in the United States is $117,806, with the range typically falling between $104,379 and $132,620.
• A whopping 60% of HR leaders prioritize leadership development to enhance the management team's effectiveness.
• Forty-seven percent of HR leaders consider the employee experience a key focus area. This can look like increasing employee satisfaction through wellbeing benefits and clearly defined career paths for 2024.
• Unemployment in the U.S. is expected to increase from a current rate of 3.6 percent to 4.1 percent in 2024. HR leaders can prepare for a larger talent pool by optimizing recruitment and retention strategies.

Hiring and Recruitment Statistics

Hiring employees can get competitive, and it’s up to HR to discover the best fit for the organization. Bringing in top talent takes a strong benefits package, including a competitive wage — but this is just the tip of the iceberg. There are all kinds of factors that go into recruiting. These statistics may provide some extra insight for your hiring process:

• Thirty-six percent of HR leaders say they lack the resources to recruit top talent. In the upcoming year, HR can evaluate their recruiting strategies and leverage tools like AI to improve processes.
• Companies can find high-quality hires through employee referrals—businesses can make a talent pool ten times larger by recruiting through employee networks.
• Eighty-six percent of job seekers research company reviews and ratings to decide on where to apply for a job. It’s important for organizations to have a presence online and care about those reviews to hire the most qualified candidates.
• Making job applications mobile-friendly increases applicants by more than 11%. Increasing visibility with this tactic and others like social recruiting may uncover hidden high-performing employees that are right under your nose.
• Thirty percent of new hires leave within 90 days due to unmet expectations, specific incidents, or cultural misfits. Updating your processes for candidate screening and job postings may help this issue in 2024.
• An impressive 73% of HR leaders say their wellness program is very important or extremely important to talent acquisition. Prioritizing employee wellness and other employee experience initiatives can help bring in (and retain) top talent.

Onboarding Statistics

Learning how to onboard new employees efficiently is a key responsibility of human resources. New employees need a lot of support — these insights can help you fine-tune your current onboarding strategy.

• Onboarding a new employee costs an average of $1,400. It can be even more costly for small businesses due to lean training and resources.
• Eighty-eight percent of employees believe they aren't given a good onboarding program.
• Positive onboarding experiences result in employees being 18 times more committed to the company. If you want to build employee loyalty, it often starts with onboarding.
• Introducing a formal onboarding program has the potential to increase employee retention by 50% and boost productivity by 62% within the same group.
• Forty-two percent of companies don’t have dedicated onboarding technology even though others fully automate their onboarding process. With new innovations coming out each year, 2024 may be the year you decide to invest in automation or other onboarding tools.

Employee Engagement & Retention Statistics

A highly engaged workforce has a huge impact on productivity and employee retention. Understanding employee engagement trends is a great place to start if you want to build a more satisfied and effective workforce. From wellness initiatives to development opportunities, these HR statistics can reveal new approaches to employee engagement.

• Sixty-five percent of workers report job satisfaction, an under-the-radar productivity metric — companies see a 13% increase in output when employees are happy.
• Disengaged employees result in a 15% lower profitability, equating to potential losses of nearly $16,000 per disengaged employee per year. On the other hand, companies with highly engaged employees are 21% more profitable and 17% more productive.
• The average U.S. turnover rate is3.8% in 2023, with 2.5% attributed to quitting and 1% to layoffs or firings.
• The average tenure is 4.1 years, varying by age and gender. Workers aged 55-64 have a 9.9-year average tenure.
• Nearly 38% of employees quit within the first year, with over 40% leaving in the first 90 days due to issues with career development, job characteristics, and work-life wellness.
• It’s no small loss when an employee quits — it costs 33% of an employee's salary to replace them, including recruitment, hiring, and onboarding costs.
• 75% of HR leaders say that wellness programs are important to employee retention — which speaks to the value and possible necessity of wellness programs.

Employee Training and Development Statistics

Continuous learning and development significantly impact employee satisfaction. It’s up to HR to help the workforce thrive with on-the-job training and to provide employee development opportunities, too.

• Twenty-two percent of workers cite a lack of advancement opportunities as a reason to quit, surpassing other perks like flexible work options. Creating and communicating employee development opportunities is one way to combat this issue.
• Fifty-nine percent of employees say training improves their overall job performance.
• Seventy-five percent of 1,500 Learning and Development professionals agree that their companies will be creating an increased amount of customized learning content in the coming years.
• In 2023, corporate spending on training in the United States rose by $200 million compared to the previous year.
• 89% of workers say that professional development in their field is important to keeping them more engaged at work.

Diversity and Inclusion Statistics

Diversity and inclusion aren’t just a checklist to pull out during hiring practices. A diverse workforce fosters innovation and organizational success. Not to mention, it’s an important factor that many employees consider when vetting a company.

• Seventy-seven percent of talent professionals believe that diversity is a critical factor in the future of recruiting.
• Ninety percent of Fortune 500 companies have diversity, equity, and inclusion groups. If you want to model success, look to these companies and their commitment to DEI initiatives. 
• Forty-four percent of employees want to work remotely full-time, while 16% of employers plan to continue with fully remote work. 
• Diverse companies earn2.5x higher cash flow per employee and diverse teams make better decisions 87% of the time.
• Seventy-eight percent of HR professionals say that diversity in the workplace is impacting how they hire. Hiring is one of the primary opportunities to diversify your workforce and create an inclusive culture.

Employee Wellbeing Statistics

Employee wellbeing is on the minds of both employers and employees. Workplace-provided wellbeing programs affect employee performance and retention. These programs can make or break the employee experience and business success, as these statistics show. Ninety percent of companies that measure their wellness program’s return see a positive ROI.

• With a wellness program in place, 85% of HR leaders report decreased utilization of sick days.
• Seventy-eight percent of HR leaders report their wellness program reduces the cost of providing healthcare benefits.  
• An overwhelming 93% of workers consider their wellbeing at work to be equally important to their salary.
• Wellbeing is nonnegotiable for the workforce today — 87% of workers say they would consider leaving a company that does not focus on employee wellbeing. 
• Seventy-seven percent of workers engage with their worker’s wellbeing benefits, meaning the majority of employees will leverage the programs and resources your organization provides in its benefits package.

You can gain a better understanding of workplace wellness with these statistics from two extensive Wellhub reports: Return on Wellbeing 2023 and The State of Work-Life Wellness 2024.

Redefining the Workplace of Tomorrow

As you create a human resource strategy for 2024, there are all kinds of innovations and tools at your disposal that can support your company and workforce. With an unpredictable economy and developing employee needs, these general HR statistics are bound to evolve throughout the coming year. When in doubt, you can rely on HR best practices to guide your decisions.

A big underlying component of HR is taking care of the employees. Caring about their development and providing them with opportunities to succeed is huge for a healthy culture. One way to accomplish this is by implementing an employee wellness program.

A staggering 100% of HR leaders say wellness programs are important to employee satisfaction, according to the Return on Wellbeing Report from Wellhub. Wellhub can guide you as you develop your own wellness plan for employees so that 2024 starts on the right foot. Talk to a wellbeing specialist to align your HR strategies with the wellness needs this year!