Bye bye to “The Great Resignation” and hello to the “Big Stay Era”

The aftermath of COVID-19 ushered in significant changes for businesses.

During The Great Resignation, the UK labour market saw record-high vacancies and unprecedented job turnover as employees frequently switched jobs.

Now, as we transition to a new normal, the landscape is shifting again.

According to the latest CIPD Labour Market Outlook, the labour market is slowing down with declining employment rates and reduced staff turnover.

The Great Resignation is over, making way for a new era…

Business owners, welcome to the ‘Big Stay’!

In this blog, we explore what this shift means for your business and why embracing learning and development (L&D) is crucial for retaining and developing your team.

What is the Big Stay?

Coined by the CIPD, the ‘Big Stay’ refers to the current period of decreasing staff turnover and fewer vacancies.

Employees now prioritise stability, resulting in fewer job openings and less job-hopping.

How are employees responding?

Job stability is now a top priority.

With a post-pandemic ‘better the devil you know’ mindset, employees prefer familiarity and are less inclined to change jobs.

What does this mean for business owners?

With lower staff attrition and a return to pre-pandemic conditions, the labour market is now favouring employers.

The CIPD report shows that 55% of employers are focusing on retaining their current workforce, the highest level since 2016-17.

Now is the perfect time to invest in L&D opportunities to retain and empower your workforce.

It might be harder to find great people

If you’re recruiting, it may be more challenging to find the right candidates.

Strengthening your employer brand and offering attractive packages can entice top talent to join your team.

Need a Confidential Chat?

If you’d like to discuss any aspect of your HR, please get in touch.