The “Big Quit” is Out….and the “Big Stay” is In

After years of gloomy stats regarding hiring outlooks and employee retention, it appears that the tides are finally turning. That’s right: According to the US Bureau of Labor Statistics , the Great Resignation—the widespread departure of US employees from their full-time positions—is coming to an end.

Job-hopping? Not Anymore

When the Great Resignation first began in 2021, a record 47 million employees quit their jobs, a trend that continued for nearly three years. But as of November 2023, the number of employees quitting their jobs had fallen and settled at levels we haven’t seen since pre-COVID. Clearly, people are staying put.?

Stability is the New Hot Commodity

Staying in their current role offers employees more stability and certainty in what looks to be an… active 2024. Ongoing tech layoffs have saturated the market with talented candidates, talk of an upcoming recession still lingers, and the 2024 presidential election is ramping up. This makes one complex job market that employees don’t want to find themselves in the middle of.

A Rose-colored Outlook for Employers

Data shows that companies are still hiring (and the 353,000 new jobs US employers created in January surprised everyone), but there’s less demand for new hires—because they’re seeing better retention. And with job seekers pulling back from the job market, companies are beginning to see the odds tip back in their favor for the first time in years: there’s now a wide pool of available talent eager to fill positions.?

A word of caution, though. Just because quitting is at an all-time low doesn’t mean employers can rest on their laurels. Keep focusing on hiring the right people for the long term so you can limit the risk of your employees jumping ship as soon as the tides turn and the right opportunity comes along.

The Spherion Difference

For us, staffing and recruiting is both a strategy and an art. We focus on the hard skills—matching a candidate with a unique background and experiences with a particular role—and the soft skills, like making sure they’re a good fit for your team and your culture.?

Have a hiring challenge you're tackling? We’d love to help out. Reach out, and let’s have a conversation about your staffing needs: https://www.spherion.com/employers/ ?