Staying Put: Introducing the Big Stay
Big news for businesses—the Great Resignation is coming to an end! After seeing employees quit over 50 million jobs in 2022, researchers are noticing trends that point to a new workforce phenomenon: the Big Stay.
What is The Big Stay?
The Big Stay is a recent trend indicating a slowdown in worker turnover rates. Based on research from ADP, this concept suggests that labor force participation rates are rising, and current employees are primed to stay in their roles.
- Job postings have dropped from 12 million in 2022 to 9.5 million in 2023.
- Labor shortages and turnover rates are down 5% from 2023.
- Pay growth declined from 14% to 13% in one month.
With many job opportunities, the Great Resignation was the ideal time for switching jobs or career paths. As inflation rises and the number of open positions falls, employees are opting for the stability of their current roles. Experts note, however, that the Big Stay is likely temporary. Employers must avoid complacency and actively work to recruit and retain top talent if they want to maintain a low turnover rate once the conditions facilitating the Big Stay pass.
Leveraging The Big Stay
Invest in Employee Development: Employees are more likely to stay if they see opportunities for growth within the company. Invest in training programs, offer mentorship opportunities, and create clear career paths.
Streamline the Employee Experience: From onboarding to payroll and everything in between, ensuring your employees have a frictionless experience is essential for retention. Provide easy access to resources, transparency with processes, and assistance whenever possible.
Promote a Positive Work Culture: A positive work environment is vital to employee satisfaction and retention. Encourage teamwork, maintain open lines of communication, and foster a culture of recognition and appreciation.
Focus on Engagement: Ensuring employees are engaged in their work makes them more likely to stay in their roles. Implement strategies to increase employee engagement, such as mentoring programs, feedback sessions, and rewards initiatives.
Offer Competitive Compensation and Benefits: To retain top talent, businesses must offer competitive salaries and comprehensive benefits packages, including health insurance, retirement plans, and paid time off.
Maintain Work-Life Balance: Flexible work arrangements, like remote work or flexible hours, can significantly increase employee satisfaction and retention. Ensure that employees feel empowered to take time off as needed.
In the era of the Big Stay, retaining your employees is critical, and PuzzleHR is your strategic partner in navigating this shift. Our comprehensive suite of services ensures you have experts managing your HR, benefits, learning, and payroll. Leverage PuzzleHR’s expertise to transform the Big Stay into a strategic advantage, fostering a stable, satisfied, and high-performing workforce. Contact us today to learn more!