U.S. Bureau of Labor Statistics (09/26/24)
According to recent data from the U.S. Bureau of Labor Statistics, the median tenure for wage and salary workers with their current employer dropped to 3.9 years in January 2024, down from 4.1 years in January 2022. This marks the lowest median tenure since January 2002.
Employee tenure generally increases with age, as workers aged 55 to 64 had a median tenure of 9.6 years, more than three times that of workers aged 25 to 34, who had a median tenure of 2.7 years. Additionally, a larger percentage of older workers had been with their employer for 10 or more years compared to younger workers.
As of January 2024, 22% of wage and salary workers had been with their current employer for a year or less, a slight decrease from 24% in January 2022. Younger workers are more likely to have shorter tenure than their older counterparts.
Public sector employees typically had longer tenures than those in the private sector, with a median of 6.2 years compared to 3.5 years. Among private-sector industries, mining, quarrying, oil and gas extraction (5.7 years), manufacturing (4.9 years), and financial activities (4.7 years) boasted the highest median tenure, while workers in leisure and hospitality had the lowest, at just 2.1 years.
This information originated from bls.gov. Use this link to see the full report: Employee Tenure Summary