The aftermath of COVID-19 brought a wave of change and adaptation for businesses.
As the UK labour market fluctuated, vacancies hit record highs in what became known as The Great Resignation – a period of high job turnover and employee job-hopping.
Now, as we continue to move towards a new normal, the landscape shifts again.
We’ve asked Robert Downing, HR Consultant, to outline what the ‘Big Stay’ is, and what this means for business owners.
Over to Robert
The latest CIPD Labour Market Outlook indicates a sluggish labour market with dropping employment rates and declining staff turnover.
The Great Resignation is over, making way for a new kid in town…
Below I’ve delved into what this shift means for your business, and why embracing learning and development (L&D) is crucial for retaining and developing your people.
What is the Big Stay?
A phrase coined by the CIPD, it signifies the current period where staff turnover is falling, and vacancies are expected to decline. Employees now prioritise stability over change, resulting in less job openings and fewer people quitting their jobs.
How are employees responding?
Job stability tops their wish list. With a cautious ‘better the devil you know’ mindset, they prefer familiarity over risk and are opting to stay put for now. Post-pandemic, they are less inclined to switch employers or bounce from one job to the next.
What does this mean for business owners?
With lower staff attrition in 2024 and a return to pre-pandemic conditions, the labour market power balance is tilting in favour of employers.
According to the CIPD’s report, a staggering 55% of employers are focusing on retaining their current workforce. The highest level since 2016-17.
So now is the perfect time to invest in learning and development (L&D) opportunities to retain and empower your workforce.
It might be harder to find great people
If you’re recruiting for new roles, it might be more difficult for you to find the people you’re looking for.
Working on your employer brand and package might tempt great people into thinking that the grass is greener on your side of the field.
Need a confidential chat?
If you’d like to talk about any aspect of your HR, then please get in touch.
