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Scan for outdated or missing drivers - takes under a minuteDriver Scan →Repair Windows errors before they cause bigger problemsFix Now →Fix the driver behind crashes, sound loss and screen glitchesFind Drivers →A November 2024 study found that turnover rose and hiring slowed after return-to-office (RTO) announcements at 54 sampled S&P 500 technology and finance firms. The authors say the pattern is consistent with companies losing their “best talent,” but the study is observational: it does not prove that RTO mandates caused the changes, and it did not directly measure employee performance.
What the study examined
Return-to-Office Mandates and Brain Drain analyzes 54 S&P 500 firms in technology and finance that announced RTO policies. The authors examined employment histories for more than 3 million employees using Revelio Labs data derived from LinkedIn profiles. For hiring outcomes, they analyzed more than 2 million job postings and vacancy-duration data from LinkUp.
The sample included firms with at least two quarters of data before and after an announcement. Most of the firms did not require employees to be in the office five days a week, and the analysis did not separate mandates by the number of required office days. The findings therefore should not be read as an estimate of the effect of five-day office mandates specifically.
What changed after the announcements
In the sampled firms, the authors report the following average changes after RTO mandates:
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| Outcome | Reported change |
|---|---|
| Employee turnover | Increased by 14 percent |
| Average time to fill vacancies | Increased by approximately 23 percent |
| Hire rate | Decreased by 17 percent |
These are the authors’ estimates for their sample, not universal rates or guaranteed outcomes for employers that adopt an RTO policy. The paper also reports that the turnover increase was stronger among female employees, more senior employees, and employees with more skills listed on their LinkedIn profiles. Listed skills served as a proxy for skill level; they are not a direct measure of performance.
What “best talent” means in this paper
The study’s abstract says the results “are consistent with firms losing their best talent.” That is the authors’ interpretation of higher turnover among more senior and more-skilled employees, alongside hiring difficulties. The study does not directly establish which departing employees were top performers or how much value they created for their employers.
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Does the study prove RTO mandates cause turnover?
No. The authors explicitly state, “we cannot draw causal inferences based on our setting.” They report no significant increase in turnover in any of the five quarters before the announcement quarter. That check helps assess whether turnover was already trending upward, but it does not make the study a causal experiment or rule out other explanations for post-announcement changes.
The evidence is also bounded by its population and data: large S&P 500 technology and finance firms, employment histories derived from LinkedIn profiles, and skill measured through profile-listed skills. It does not represent every industry, employer, worker, or RTO policy.
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How to interpret the findings
The paper provides evidence that several workforce outcomes moved in an unfavorable direction after RTO announcements among the firms studied. It does not show that every company will experience the same changes, that office-day requirements do not matter, or that RTO alone produced the results. When comparing this study with other RTO research, pay attention to the firms and industries included, the policy definition and required office days, the data and outcomes measured, and whether the research design can support causal conclusions.
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