The employment landscape has undergone significant shifts in recent years, moving from the turbulence of the Great Resignation to the emerging stability of the “Big Stay.” As a leading HR consultancy, at Haus of HR we understand the importance of adapting to these changes and what they mean for your business.

From the Great Resignation to the Big Stay

The COVID-19 pandemic forced businesses across the UK to navigate uncharted waters, leading to a period of high employee turnover and a record number of job vacancies. This phenomenon, widely known as the “Great Resignation,” saw a surge of employees leaving their roles in search of better opportunities or a change in work-life balance.

As the world settles into a post-pandemic reality, the employment landscape is evolving once more. The CIPD Labour Market Outlook has identified a noticeable slowdown in the labour market, with a decline in both employment rates and staff turnover. This marks the end of the Great Resignation and the beginning of what is now being referred to as the “Big Stay.”

What Is the Big Stay?

The “Big Stay” is a term introduced by the CIPD to describe the current trend of declining job turnover and a decrease in available job vacancies. In this new era, employees are increasingly prioritising stability over change, opting to stay with their current employers rather than seek new opportunities.

How Are Employees Responding?

In the wake of the pandemic, employees are leaning towards job stability, valuing the security of their current positions over the uncertainties that come with changing employers. This trend reflects a mindset of “better the devil you know,” where the familiarity of a current role outweighs the risks associated with job-hopping. As a result, fewer employees are leaving their jobs, contributing to the overall stability in the labour market.

What Does This Mean for Business Owners?

As we continue to move through 2024, the labour market is gradually returning to pre-pandemic norms, with staff attrition rates significantly declining. This shift offers business owners a unique advantage—greater leverage in the market. According to the latest CIPD report, a record 55% of employers are now focusing on retaining their existing workforce, marking the highest priority on retention since 2016-17.

For businesses, this is an opportune moment to invest in learning and development (L&D) initiatives. These initiatives not only help in retaining top talent but also in fostering their growth within the company, ensuring long-term success and stability.

The Challenge of Recruiting New Talent

While the Big Stay era brings much-needed stability, it also presents challenges for businesses looking to recruit new talent. With fewer individuals actively seeking new roles, finding the right candidates can be more difficult.

To overcome this challenge, it’s crucial to enhance your employer brand and offer attractive packages that set your organisation apart from the competition. A strong employer brand, coupled with competitive benefits, can make your business an appealing option for potential candidates who may be considering a change.

Need Expert Advice?

Navigating the Big Stay era requires a strategic approach to HR management. If you need guidance on strengthening your workforce or refining your HR strategy, our team is here to help. Contact us for a confidential conversation about how we can support your business goals in this evolving landscape.

At Haus of HR, we’re committed to helping you adapt to the changing employment environment, ensuring that your business remains resilient and competitive in the Big Stay era.