Will the Big Stay movement be a defining trend in 2024, too? We believe it will. The Great Resignation and Reshuffle movements have
forced organizations to adjust to create more positive work environments. After the mass migration of talent between 2020 and 2022,
it’s time for workplace stability and satisfaction. This evolution comes from a mix of economic uncertainty, the normalization of
flexible work arrangements, and a stronger corporate commitment to foster a people-first culture.
The Big Stay refers to a trend where employees who had previously been part of the Great Resignation and Great Reshuffle begin to
settle into their new positions with a long-term perspective. This shift marks a transition from the prior high turnover and frequent
job changes that have been one of the biggest consequences of the COVID-19 crisis in the job market.
In spring 2023, workers started prioritizing job stability, work-life balance, and meaningful employment over the pursuit of new
opportunities, higher salaries, or career exploration. Factors contributing to the Big Stay include economic uncertainty, improved
work conditions, or satisfaction with their new roles. Let’s see more in detail what builds this new wave of retention.
Why is the Big Stay Happening?
The Big Stay represents a successful outcome of the Great Reshuffle, where companies reevaluated their work models and aligned more
closely with employee needs. This paradigm shift toward listening and responding to staff expectations has fostered a more fulfilling
work environment. As a result, people are increasingly committed to their current roles, leading to a new peak in retention rates.
The Great Reshuffle provided a pivotal moment for workers to look for positions that match their career aspirations better, be it
in terms of salary, work-life balance, sense of purpose, or other key values. This widespread shuffling of the job market empowered
people to prioritize their preferences and secure roles within organizations that responded to their motivations and goals.
The emergence of the Big Stay can also be partly attributed to a fragile financial and geopolitical landscape gripping the world.
Economic uncertainty, driven by factors such as inflation, has heightened the importance of job security for many people. Geopolitical
tensions and conflicts have further increased this wariness, as the global outlook remains unpredictable.
What to expect regarding the Great Stay trend in 2024?
In contrast to previous years, job switching in 2024 isn’t bringing the financial advantages it once did. Besides global economic
adjustments and a more stabilized labor market, the wage premiums and attractive rewards that are used to motivate frequent job-hopping
have diminished. Employers are more focused on retaining existing talent, often by offering competitive raises and benefits to loyal
team members, which narrows the pay gap between staying put and moving on. Additionally, employees have diminished bargaining power,
making the financial gains from job transitions less pronounced than before.
According to the EY 2023 Work Reimagined Survey, 34% of workers are planning to quit their jobs in the next months. This percentage
remains high as it still represents one person out of three. But this number definitely went down compared to 2022, which stood at 43%.
These statistics prove that people start settling into new positions, and employee turnover decreases. Yet, if the Great Resignation and
Reshuffle have taught us one thing, it is that workers are determined to get what they require for their careers. Thus, companies must
continue their efforts to answer their team member’s needs and expectations if they don’t want to see another wave of resignation coming.
VENKY