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During the Covid-19 pandemic, employees quit their jobs in droves. But in 2023, turnover has declined significantly, throwing bosses for a loop.

In September 2021, a record high of 4.4 million workers quit their jobs amid the Great Resignation. Two years later, in September 2023, that number fell to 3.7 million. While the decline in quitting might sound like a welcome development for employers who spent recent years dealing with high levels of turnover, too little attrition can make it hard for companies to stay on budget.

Executives at large companies such as Bank of America and Morgan Stanley have recently noted this challenge, the Wall Street Journal reported. Morgan Stanley laid off roughly 3,000 employees earlier this year in part due to low attrition. Though employers can fire employees or announce layoffs, doing so is not good for company morale. A common way to incentivize workers to leave is to offer buyouts.

One reason turnover can be good for companies is that it allows for promotion opportunities for qualified existing employees. Bringing in new workers can also add much-needed new talent to a company.

The decline in turnover recently may be because American workers are happier than ever. According to an annual survey published in May by the Conference Board, 62.3 percent of workers were satisfied in 2022, up from 60.2 percent in 2021. That's the highest level recorded since the survey began in 1987. Increasingly flexible policies, including remote work and additional paid time off, are likely a driver. Hybrid workers reported the most job satisfaction, according to the survey.

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