- Fewer workers are job-hunting. According to a Robert Half report, only 36% of workers planned to look for a job in early 2024, compared to 49% last summer.
- Employment landscape has shifted. More flexibility and higher compensation have led to greater satisfaction in workers' post-pandemic roles.
- Find new ways to attract employees. To keep employees happy, organizations should emphasize employee satisfaction, company culture and progressive initiatives — which lead the list of priority efforts.
The “Great Resignation” is making way for the “Big Stay,” as the percentage of workers willing to remain in their current positions has reached its highest point in several years, a new report finds.
Only 36% of workers are planning to look for a new job in the next six months, compared to a high of 49% in July 2023, according to recent research from talent consultancy Robert Half that polled more than 1,275 employees.
Overall, many workers who were job hopping several years ago have found positions they're satisfied with, said Rob Hosking, executive director of Robert Half's administrative and customer support practice. Workers are willing to stay in their current positions because of flexibility (44%), feeling fulfilled in the work (42%) and being well compensated (37%).
Along with these positives, fewer employees are also willing to take on the “additional cognitive load” of starting from the ground up, rebuilding credibility and learning new systems in a fresh position, said Justin Sun, senior rewards manager at Expedia Group.
“To make a move now, it'd have to be for something significant,” Hosking said.
According to the Robert Half report, the potential of a higher salary is still the leading motivator, with 55% of workers saying they'd consider a job change for a raise, 36% referenced better benefits and perks and 32% listed greater remote flexibility.
Shifting Priorities for Employees
Younger workers remain the most willing to leave their current positions, according to Robert Half, with 55% of Gen Z workers and 48% of millennials saying they were more likely to make a move (compared to 74% and 63%, respectively, in July 2023). Fewer than a third of Gen X and baby boomer employees expressed a similar willingness to change jobs.
Marketing and creative professionals were the most likely by industry to consider a job change, with 55% currently willing to consider a move.
“There continues to be a record number of job openings in the U.S. — there's a lot more job openings than there are people looking for work,” Hosking said. “People looking for roles can be more selective. There are roles out there, and organizations are keen in many industries and many kinds of roles to hire quickly.”
Priorities will vary for job-hunters depending on personal factors and the stage of their career, Sun said. Someone serving as a caregiver to a family member may prioritize a flexible schedule over a higher salary. A younger employee may accept a lower salary for more professional development opportunities.
“Before hopping from one company to another, it's helpful to understand what factors are driving you to change employers and make an effort to run toward something rather than away from something,” Sun said.
Evolving Tactics for Employers
Robert Half’s State of U.S. Hiring Survey of 1,850 hiring managers found that 57% of U.S. companies plan to add permanent roles during the first half of 2024, with 67% planning to hire contract workers. “A huge number at a time when unemployment continues to be very, very low,” Hosking said.
It's a job seekers' market right now, he said, and many businesses are finding that open roles are taking longer to fill. That means employers need to take a fresh look at how they're attracting talent. He advises emphasizing employee engagement scores, what makes their business unique and why people want to work there.
Upfront transparency about salary and benefits often is attractive to jobseekers, Hosking said.
They also want to hear about diversity, equity and inclusion initiatives, company culture and ways in which the company is working to be progressive and forward-thinking.
While current economic factors mean that employers do still have some leverage when negotiating with a new hire, they should recognize that applicants today may be more likely to move on to the next option if they don't feel their needs will be met. And despite the indication that more workers are happier in their roles, businesses should not ease up on safeguarding the satisfaction of their current workforce, Sun said.
“From a compensation perspective, organizations should ensure that pay of existing talent continues to remain market-competitive rather than only investing in new hires,” he said. “These actions can help to mitigate pay gaps while also fostering loyalty, which can improve productivity.”
Hosking recommended that businesses continually promote their benefits and perks to current employees. “The worst-case scenario is if you fall behind,” he said.
Onboarding is another important aspect of recruitment and retention, Hosking added. “Setting people up for success when they join the company is equally important” he said, to prove to new job changers that they made the right decision.
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