Navigating “The Great Stay” for Employers and Job Seekers

The “Great Stay,” or the “Big Stay,” where employees choose to remain in their current roles rather than seek new opportunities, signals a significant shift in the workforce dynamic. The Bureau of Labor Statistics reflects this trend, reporting a drop in voluntary job quits to their lowest levels in three years. 

Economic uncertainties, high inflation, interest rates, and geopolitical turmoil have led workers, especially Baby Boomers and Gen Z, to adopt a more cautious approach to their careers, preferring stability over the risks associated with job-hopping. In addition, organizations have shifted their hiring practices, focusing more on part-time and contract positions while rolling back flexible work opportunities, which further discourages employees from leaving their current jobs. This aversion compels many to cling to their existing roles, even if they are not completely fulfilled by them.

But Isn’t Retention a Good Thing?

While low turnover and longevity can indicate a healthy organization, high retention rates can pose risks, such as potential labor costs and suppression of employee engagement. Retention without innovation and motivation can lead to a passive, static workforce.

Even though the labor market overall remains strong, younger workers, particularly those aged 20-24, are experiencing the steepest declines in employment. Because of the Great Stay, companies are slow to hire and promote, and candidates just entering the job market are paying the price. Experts caution that setbacks early in a career can have long-lasting effects on lifetime earnings and skill development as young workers miss valuable learning experiences and networking opportunities crucial for their professional growth.

What Can Employers and Job Seekers Do?

Employers – Retention is the new recruitment

To prevent the Great Stay from evolving into the Great Stagnation, prioritize employee growth, internal mobility, and engagement within your organization.

1. Invest in Employee Development: Provide continuous learning opportunities and upskilling programs. Employees are more likely to stay motivated and committed when they can see room to grow within the organization.
2. Create Transparent Career Paths: Clearly outline progression opportunities within the company. Regularly communicate potential career trajectories and actively support employees’ career aspirations. Consider using AI tools to assist workers in creating and navigating their career paths
3. Foster a Culture of Inclusion and Feedback: Encourage a workplace culture where open communication and feedback are valued. Provide consistent opportunities for employees to give their perspectives and ideas, and, most importantly, respond and take action when it is called for. Employees who feel heard and valued are less likely to look elsewhere for opportunities.
4. Encourage Cross-Departmental Projects: Promote initiatives that allow employees to work on projects outside their regular roles. This reduces monotony and can spur innovation by requiring team members to break out of their usual patterns and see things from a different perspective. Working with other departments also allows everyone to get a better sense of how their specific work contributes to the organization’s overall mission, encouraging collaboration and a stronger team morale.

Employees Shifting Jobs or Careers – Get creative and stay the course

Finding a new job during the Great Stay requires both strategy and perseverance.

1. Leverage Your Network: Use professional networking platforms like LinkedIn to connect with industry peers. Informational interviews, or even more casual coffees or lunches, can provide insight into available opportunities and industry movement.
2. Pursue Freelance or Part-Time Work: While full-time positions may be scarce, short-term or freelance projects can provide experience and build your portfolio or resume. It will also keep you active in your industry and in front of employers, potentially leading to full-time opportunities.
3. Focus on Skill Diversification: Identify in-demand skills within your field and pursue certifications or online courses to enhance your qualifications. Keep track of changing trends in your field and make sure your experience and training match where the industry is headed.
4. Be Open to Remote Work: With remote opportunities more prevalent, consider positions outside your immediate geographical area to broaden your search scope. Don’t forget to add remote options to any job search queries you have saved.

First Time Job Seekers – What to do when you’re starting out

Breaking into the job market for the first time during a period of stagnation can be challenging, yet not impossible.

1. Maximize Internship Opportunities: Use internships to gain hands-on experience and make professional connections. Aim to contribute meaningfully by volunteering for projects above the minimum requirements, especially if they show off a special skill or can be used in a portfolio in the future.
2. Build a Personal Brand: Establish a strong online presence by showcasing your skills and accomplishments on professional platforms. Engage in discussions relevant to your industry to highlight your expertise, and be sure to add as many industry professionals in your field as possible. Also, always double-check your public social media profiles to ensure that you present yourself as professional and competent to anyone searching for you online.
3. Target Growth Industries: Focus your job search on industries or sectors experiencing growth. Don’t only rely on tried-and-true fields, as that is where you will find the highest amount of competition. Specifically search for industries with emerging technologies or large shifts where people will need new skillsets.
4. Seek Mentorship: Find mentors who can offer guidance and help navigate the complexities of beginning a career during challenging times. Not everyone that is successful in their field necessarily understands what it takes to search for a job when opportunities are scarce, so finding the right fit is important, both in terms of the type of job that you are seeking as well as the knowledge of how to help you get there.

Differentiating Yourself in a Competitive Job Market

Visibility is key when jobs are scarce and applicants are numerous. Being seen by potential employers requires differentiation and strategic self-presentation. Below are some tips on how to make yourself stand out in a crowded field.

• Craft a One-of-a-Kind Resume and Cover Letter: Tailor your resume and cover letter for each application. If your application packet looks like you are using it to apply to hundreds of jobs, it will go to the bottom of the stack. Look for specific skills and keywords in the job description and highlight relevant experiences and quantifiable achievements that align with it. Be prepared for AI or an algorithm to scan your documents, and make sure that any key terms are worked in.
• Showcase Adaptability and Resilience: Employers value candidates who can demonstrate the ability to thrive amidst challenges. Use your interview to share examples of adaptability.
• Enhance Your Visibility: Participate in webinars and panels, or write industry-related articles and provide quotes for publications to establish credibility and increase visibility. Think about a potential employer searching your name online. What will they see? The more professional activity, the more competent and valuable you appear.
• Demonstrate Continuous Learning: Highlight your commitment to lifelong learning by mentioning any recent courses, certifications, or learning initiatives you’ve undertaken. Don’t forget to regularly update your resume or CV as you receive awards, earn certificates, or take new trainings; it’s harder to remember to add them when you’re in the middle of an application.

The Great Stay challenges both employers, current employees, and new job seekers to think creatively and act decisively. By embracing development, diversification, and digital presence, individuals and organizations can navigate this period of stagnation with resilience and emerge stronger than before.

Have you been searching for a job or trying to hire during the Great Stay? What’s been your experience? Any tips or recommendations?

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