Will 2024 be the year of "The Great Stay"?

From "The Great Resignation"

The Great Resignation began in 2021, in the wake of the COVID-19 pandemic, in which employees voluntarily quit. This is mainly a US economic trend that caused by the rising cost of living, limited opportunity for career advancement, hostile work environments, lack of benefits, inflexible remote-work policies, and long-lasting job dissatisfaction.

In May 2023, there were over 4M workers quit their jobs.

This shows that many workers were just changing occupations rather than staying out of the workforce for extended periods, which can be financially challenging, particularly during a period of high inflation. A few felt remorse over leaving their previous roles.

The labor market is stabilizing

A survey reveals that about 84% of hiring experts say that the major stay will begin in 2024, implying that employees will hold onto their current positions for longer lengths of time.

As a result of "The Great Resignation", employers are no more focused on their retain strategy, which includes their willingness to discuss the 4-day work week, mental health days off, pay raises, and flexible hours.

On the other hand, employees are looking for a more stabilizing situation in their careers after a big wage of layoffs. They are much more cautious now when it comes to making big moves.

...To "The Great Stay"

The term "Great Stay" describes a tendency in which workers who were a part of the Great Resignation and Great Reshuffle in the past start to look forward to their new roles. This move represents a departure from the previous high employee turnover and frequent job changes.

Workers began placing more value on meaningful work, work-life balance, and stable jobs in the spring of 2023 than they did on new opportunities, higher pay, or career exploration. The Big Stay can be attributed to a number of factors, such as better work conditions, job satisfaction, or economic instability. Let's examine in more detail what contributes to this latest retention wave.

This is a positive result of the Great Reshuffle, in which businesses reassessed their work models and matched themselves more closely with the demands of their employees. The change in perspective to focus on hearing and meeting employee expectations has made the workplace more satisfying. People are therefore becoming more dedicated to their current positions, which causes retention rates to reach a new high.