The report, Has job turnover slowed down?, found despite the expected end of the job for life an increase in job satisfaction and employee engagement has reduced the number of workers wanting to leave their employers.
The study said while it is "not surprising" job turnover has fallen in a tough labour market, the decline in turnover started before the economy went into recession in 2008.
Data from the ONS showed between October and December 2012, 2.6% of employees left their jobs, compared with a figure of 4.5% for the same period in 1998.
Stable workforces
"Many employers will see lower job turnover as a good thing because less movement between employers means a more stable workforce," said Mark Beaston, chief economist at the CIPD.
"That means greater retention of 'know how' and increases the return employers can expect from investing in their employees."
He added: "Signs that people are only staying put because they have to, not because they want to, must also be monitored for, so that steps can be taken to re-engage flagging and reluctant employees."
The report said maintaining the high levels of staff retention, engagement and motivation will continue to be a key challenge for HR departments especially against a backdrop of slow growth
Beaston said: "To deliver business growth and competitive edge in the context of a less 'footloose' workforce, employers will need to be ever more creative in their recruitment practices and in widening the pools from which they recruit."
