The job market can be difficult for both companies and prospective employees to navigate—and it's getting more complex. Job applications are growing four times faster than job openings, according to Workday's 2024 Global Workforce Report, creating an "employer's market." The report surveyed 1,000 global respondents in leadership positions.

But, despite an employer-friendly environment, half of the companies surveyed are struggling to keep their best employees. Voluntary turnover of high-potential workers has increased in 75 percent of industries. Businesses can combat staff resignations by implementing internal mobility programs and enabling staff to find meaning in their work.

According to LinkedIn Learning's Workplace Learning Report 2024, only one in five employees feel confident about being able to transition internally and only one-third of employers use internal mobility programs. Companies seeking to develop staff skill sets, build a succession pipeline, create a culture of cross-functional knowledge, and increase retention should note that such initiatives have a demonstrable impact, with two-thirds of leaders in Workday's report citing positive results at their organizations.

Per Workday, baseline employee needs include fair compensation, growth opportunities, and clearly defined goals. In addition, staff who believe they are doing meaningful work feel 37 percent more accomplished than those who don't.

"The job market is shifting to favor employers, but, at the same time, workers are getting more confident in what they want—competitive pay, clear growth paths, and meaningful work," says Workday Chief People Officer Ashley Goldsmith in a press release. "It's up to leaders to help employees find meaning in their work in order to retain the high-performing people who drive their organization's success."