After ‘The Great Resignation,’ is ‘The Big Stay’ here to stay?

A few years back when some semblance of post-pandemic normalcy was just returning, “The Great Resignation” began.

The media had a field day reporting on the well-publicized trend, which involved a significant exodus of workers from their current jobs and sometimes from employment altogether.

It was a stressful time for leaders and HR teams as they scrambled to fill open positions, keep up with rapidly rising pay expectations, and operate with less-than-ideal head counts.

In some industries and certain geographic areas, the hangover of this period still lingers, and organizations still are running lean due to limited candidates and stiff competition in the marketplace. For most employers though, turnover is closer to pre-pandemic levels and finding a reasonable supply of applicants to fill most positions is less challenging.

Plenty of well-documented reasons explain this stabilization. Job satisfaction is higher, workplace flexibility is more common, and there are fewer job openings out there to tempt workers into a change. In addition, signing bonuses and other pay bumps are not nearly as generous as they were during the height of the trend.

So now, a new trend, coined “The Big Stay” by labor economists, is sweeping the country. So far, with the plethora of important topics for journalists, reporters, and writers to cover these days, the trend isn’t getting the attention that its predecessor did. That certainly could change in the coming months depending on other economic and political factors.

The new trend is a welcome relief for employers. I’m fortunate to work closely with hundreds of organizational leaders who make positive efforts to treat their employees well, offer competitive pay and benefits, build and nurture supportive cultures, and stay in compliance with a challenging array of employment regulations.

Committed leaders invest significant resources in these efforts because they consider their employees essential to their ability to deliver on their mission, serve their customers (patrons, members, or clients), and achieve their goals.

For a time, it was difficult to comfort employers who were focused on doing all the right things for their employees but still saw some of their most valued talent walk out the door.

Many organizations were dedicated to keeping pace with rising wage rates and to offering loads of flexibility, but still struggled to recruit and retain employees for vital positions. Some employers were forced to make difficult changes to their business models or normal operations when employees were in such short supply.

Fortunately, those tumultuous times are in the rearview mirror — at least for now. According to a recent survey, 35% of U.S. adults plan to look for another job in the second half of this year, down from 49% in 2023. Additionally, 77% of workers said they were happy in their jobs and 85% reported a good work-life balance. These results indicate improved workplace morale leading to a boost in employee retention.

While “The Big Stay” might not be making daily headlines, employers should regularly check the satisfaction and engagement of their workforce while also keeping a close eye on the competitive landscape. There is no guarantee that this current trend will be around for long, but taking good care of your employees will always stand the test of time.

• Mary Lynn Fayoumi is president and CEO of HR Source in Downers Grove.