The Big Stay: choosing stability over job hopping

The story of the modern workforce has a new chapter: the Big Stay. This is a big change from the Great Resignation, where many people left their jobs. Now, after the pandemic, employees are choosing the security and familiarity of their current roles.

The Big Stay is a big shift in how people think about work. Now, stability and work-life balance are more important than finding a completely new job. As we look closer at this trend, we see it’s caused by a mix of economic, social, and personal factors. All of this is leading employees to want to stay in their current jobs.

Why the Big Stay is happening

There are a few key reasons why employees are choosing to stay put. Companies are listening to their employees more, which has made people happier in their jobs and less likely to leave. The Great Reshuffle helped people find jobs they actually like, not just ones that pay well. They found jobs that give them a sense of purpose and let them balance work and life.

The job market isn’t changing as quickly as it was. Employers are keeping their good employees with competitive salaries and benefits, so there’s less reason to jump ship for more money. Plus, with the rise of flexible work arrangements, people can have a better work-life balance without needing a new job.

Workforce dynamics during economic shifts

The Big Stay is definitely linked to the bigger economic and political picture. When the economy is shaky, with inflation and ups and downs in the market, job security becomes more important. Tensions around the world make things even more unpredictable, so people are more careful about changing careers. They’d rather stick with what they know than risk something new. So, the Big Stay reflects how people feel about the world in general.

What to expect from the Big Stay in 2024

The Big Stay is likely to keep shaping the way we work in 2024. We expect resignation rates to be the lowest they’ve been in years, as people hold onto their jobs more. Even younger generations, who used to switch jobs often, might look for new challenges less frequently.

But just because people are staying put doesn’t mean everything is great. If employees stay for the wrong reasons, they might just do the bare minimum and not be very engaged. This could hurt a company’s growth and even make employees feel burnt out. Employers need to make sure their employees are happy and feel like their work matters, not just staying because it’s easy.

What employers can do about the Big Stay

To keep employees happy in this new era of the Big Stay, employers need to change their approach. A positive company culture, where everyone feels valued and respected, is key. Focusing on DEI&B and recognizing employee contributions go a long way too.

Investing in employees as people is important. This means offering professional development and programs that help with wellbeing. Giving employees more control over their work and opportunities to grow in their careers will make them want to stay and invest in their roles. The Big Stay can be a chance for employers to build a strong, loyal workforce.