Alice and Andy reflect on the impact the great resignation had on a culture towards employee retention and what the knock-on effects have been towards organisations focussing on longevity and company retention. They explore the term ‘The Big Stay’ and discuss what it could mean for businesses.
End of the Great Resignation
As economic uncertainty stabilises and pandemic-related concerns ease, there are indications that the pace of the Great Resignation may be slowing down. While some sectors still experience significant turnover, others witness a return to stability as individuals prioritise job security and familiar environments. Additionally, employers are adapting with retention strategies, offering incentives and flexible work arrangements. However, underlying issues such as burnout and dissatisfaction persist, suggesting the need for ongoing efforts to address workplace concerns and foster employee engagement. Thus, while the momentum of the Great Resignation may be waning, its underlying causes warrant continued attention and proactive measures.
The Big Stay
In 2024, a notable trend emerges as fewer people opt to quit their jobs. This shift is catalysed by several factors. Firstly, the job market stabilisation following recent economic fluctuations instils a sense of security, encouraging employees to stay put. Additionally, companies increasingly prioritise employee well-being, offering flexible work arrangements, better benefits, and avenues for professional growth. The rise of remote work also contributes, allowing individuals to maintain job satisfaction while enjoying a better work-life balance. Moreover, with a growing emphasis on sustainability, employees seek longevity in roles aligned with their values, fostering loyalty and commitment to their organisations.
With employees looking to stay in positions for longer, this shines a light on the need for HR and Learning processes to adapt to increased demand. Economic uncertainly may lead employees to consider more meaningful employment that not just focusses on work-life balance, but stability. Managers should be encouraged to check in more with ither employees to better understand their employee motivations and drivers.