What is the Big Stay?
The Big Stay defines 2023 as we have seen a shift from job hopping and demands for more settle. LinkedIn states, “Simply put, it means employees have slowed down on job-hopping and are sticking around.” This comes after the layoffs that mounted in the tech sector in the fall of 2022.
LinkedIn also mentioned, “Job-hopping became a less lucrative pursuit. According to research from ADP, pay increases for job switchers peaked in June of 2022 at 16.4%, but then dipped to 13.2% this year, the lowest pace of growth since November 2021. So, employees are now doing the workplace equivalent of crawling into their jammies, curling up on the couch, and staying put. LinkedIn data shows that the rate of people staying in roles for less than a year has sharply declined, down nearly 30% compared with last year.”
Why is the Big Stay potentially a good thing?
According to LinkedIn, “…it’s also a boon for companies as retention goes from a pain point to a point of pride. The Big Stay also provides companies with incentives to upskill their employees — which benefits both employees and companies. A Financial Services Skills Commission found that it’s 2.5x more expensive to hire a new employee than to reskill a current one.”
How can Clients Leverage the Evolving Job Market?
As we witness the shift from the Big Quit to the Big Stay, it is important to know how you can leverage the shift and boost engagement. Let’s explore how clients can make the most out of this season.
LinkedIn notes, “Improve your company’s learning and development opportunities, make sure there’s a clear link between performance and recognition, and focus on enhancing your culture and employee experience.”
Improve your company’s learning and development opportunities.
Companies should highlight their interest in their employees’ growth by offering different programs and benefits like, “…online and in-person courses, mentoring, internships or apprenticeships, and tuition reimbursement.”
By doing this, employers will increase employee loyalty, and help keep them engaged. Moreover, “…investing in your team members won’t just benefit them — it can also set your organization up for long-term success by addressing skills gaps. According to LinkedIn data, skill sets for jobs have changed by around 25% since 2015; that number is expected to grow to at least 65% by 2030.”
Make sure there’s a clear link between performance and recognition.
Recognizing employees for their performance has always boosted engagement. Employees enjoy being able to track their performance and see where they are as opposed to goals set. “In fact, 42% of employees say the ability to monitor and manage their own performance keeps them engaged at work. Workers also report that the ability to tie their goals to the company’s goals helps boost their motivation.”
Focus on enhancing your culture and employee experience.
Organizations should continue to work on enhancing their initiative to improve their employee value and strengthen their culture. This will continue to make the organization a better place to work.
For instance, provide more opportunities for employees to connect and collaborate with each other.
Ultimately, organizations should continue to implement initiatives that promote employee satisfaction and being mindful the quiet quitting is still a widespread issue.