About 33% of US hiring managers anticipate employee turnover at their company to increase in the next year, according to a report by Express Employment Professionals. In addition, HR managers anticipate an average turnover cost of $36,295 annually; more than 20% expect the cost to climb to $100,000 or higher.

For hiring managers anticipating increased turnover this year, 38% point to better pay and benefits offered elsewhere as a top factor, followed by increased workplace demands (35%) and employees resigning (33%).

“High turnover in the booming jobs market of the past few years has led to a strained workforce that is stressed and burned out,” Bill Stoller, CEO at Express Employment International, said in a press statement. “With data showing more employees are remaining in place, now is the perfect time to create retention tactics to stabilize headcount with top talent.”

The report also found that to counteract high turnover and give some reprieve to their employees, 88% of organizations are making plans to hire next year — a significant increase from 81% reported last year.

The survey was conducted by The Harris Poll on behalf of Express Employment Professionals between Oct. 31 and Nov. 10, 2023, among 1,007 US hiring decision-makers.