The Big Stay Phenomenon Prompts Low Attrition Rates in 2024

The “Big Stay” phenomenon has quickly replaced the Great Resignation and employees are choosing stability over job hopping once more. The workforce stability trends are a good sign and low attrition rates in 2024 have made more than one employer happy, but these numbers may not be as permanent as many hope. The number of layoffs and the significant size of the job cuts across industries is quite concerning. Enough so that employees have been scared into holding on to their jobs rather than opting to stay there by choice. The post-Great Resignation trends need to be studied more carefully and more checks need to be put in place to prevent employees from seeing quitting as their best course of action. 

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The Big Stay Phenomenon Takes Over—Workforce Stability Trends Spark Hope

In recent months, employee turnover trends have been largely favorable for organizations as more and more employees are choosing to stay at their current jobs. The issues of the pandemic spilled into the years that came after and employees were left scrambling for the right opportunities. Many quit because employers were unwilling to accommodate their work needs while others left to look for better opportunities once the oppression of the pandemic lifted off of them. This was a great cause for concern for employers and many made extensive changes to the employee retention plans to convince top talent to stay. That, along with the arrival of unprecedented job cuts, signaled a new era of workforce stability trends.

We are now in the early phases of the Big Stay phenomenon, where employees appear more willing to stay at their jobs. According to LinkedIn, “attrition rates have decreased by 26 percent year-over-year, and by 37 percent since attrition rates peaked during the Great Reshuffle in August 2022.” The study shows that attrition rates across industries are falling fast and employees are no longer job hopping. The industries with the greatest decline in attrition rates YoY include health care (31%), accommodation and food services (30%), retail (30%), consumer services (27%), and manufacturing (27%). 

The low attrition rates in 2024 indicate that we may return to pre-pandemic levels of work, but nothing is certain. We may snap back to the Great Reshuffle just as quickly if we’re not careful.

The Post-Great Resignation Trends Suggest Employers Look into Retention

According to J.P Morgan’s insight into the situation of the labor market, the labor force participation numbers are recovering and people with disabilities have significantly contributed to this recovery. They account for almost one-third of the labor force growth and are making the most of the opportunities that are available to them. The immigrant population has also contributed to the growth of the workforce and the female labor workforce participation rate has recovered in the last few years. There are a lot of workers who are actively seeking employment and are willing to do their part to participate in the Big Stay phenomenon. 

Employers must seize the opportunity to acknowledge their contributions and provide employees with incentives to stay with the organization even when the labor market fully stabilizes and employees are more free to switch jobs. Whether through providing better benefits or prioritizing employee well-being, employers must consider what they can do to encourage these workforce stability trends. 

Some suggestions for encouraging the Big Stay phenomenon include:

• Improving hiring practices and ensuring transparency in interaction with prospective employees
• Establishing DEI initiatives that are more than a workplace fad
• Executing competency development plans
• Gathering feedback from the workers about policies
• Improving the work culture and ensuring it is enforced correctly within the workplace
• Improving the list of benefits offered to employees
• Working with employees to ensure the work is challenging enough to keep them engaged
• Prioritizing flexibility and communicating with employees to see what they require
• Upskilling and reskilling employees
• Keeping employees in the loop about big changes at the organization and answering their questions regularly so they don’t feel alienated from the team

The low attrition rates in 2024 are a good sign but the trend may not be permanent unless employers take it into their own hands to build a trusting, stable relationship with their employees.

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