More than a quarter (28 per cent) of Canadian employers say they’re expecting increased employee turnover this year, according to a new survey by Express Employment Professionals.

The survey, which polled more than 500 employers, found respondents estimated it costs, on average, $30,674 annually to replace an employee. Fewer than a fifth (15 per cent) said employee turnover costs them more than $100,000 per year.

Read: Younger employees more likely to switch jobs for better benefits: survey

Nearly two-fifths (37 per cent) of respondents cited better pay and benefits elsewhere as the No. 1 factor contributing to higher turnover, followed by employees resigning (31 per cent), increased workplace demands (25 per cent), employees retiring (24 per cent) and the competitive job market (24 per cent).

Respondents also said increased turnover will be in part due to employees feeling overworked (22 per cent), better perks offered elsewhere (21 per cent), more advancement opportunities elsewhere (19 per cent) and lack of remote working options (19 per cent).

Nearly two-thirds (64 per cent) of respondents say employee turnover places a heavy burden on current employees. To counteract the effects of turnover on their workforce, most (81 per cent) employers said they’re planning to hire in 2024 — up from 75 per cent in 2023 — and more than a third (36 per cent) said they’re doing so to increase their overall employee count (36 per cent) or keep the same level of employees (37 per cent).

Read: Employee turnover causes ripple effect, leads to more departures: study