As 2024 begins, there is a notable anticipation surrounding “The Great Stay,” a ‘transformative’ trend in the employment landscape. This phenomenon represents a departure from the previous disruptions experienced during the Great Resignation and Great Reshuffle. It signifies a shift where employees, who were part of these disruptions, might be adopting a long-term perspective and settling into their new positions.
“The Great Resignation” has become a global workforce phenomenon, marked by unprecedented voluntary resignations and shaped by distinct factors worldwide and within Europe.
In 2021, over 47 million individuals in the USA voluntarily resigned, triggered by the far-reaching effects of the COVID-19 pandemic.
Europe, too, witnessed a significant increase in voluntary resignations, with economic pressures, pandemic-induced shifts, and workplace culture contributing to this trend.
The pandemic prompted a paradigm shift in the global workforce, leading to re-evaluations of work-life priorities. Escalating living costs globally and region-specific economic challenges within Europe played pivotal roles, influencing individuals to seek roles aligned with financial expectations. Limited opportunities for career advancement within traditional structures prompted a global quest for new professional avenues, varying by region in Europe.
A global demand for flexible work arrangements emerged, accentuated within Europe, where specific countries exhibited heightened emphasis on work-life balance. Unfavorable workplace cultures globally and in Europe prompted individuals to seek change, contributing to increased resignations.
However, in mid-2023, there was a global moderation in resignation rates, but the enduring impact of this trend remains to be seen.
As we move further into 2024, the Great Stay trend is expected to continue, with employees settling into their new roles and prioritizing job stability, work-life balance, and meaningful employment over the pursuit of new opportunities, higher salaries, or career exploration. Companies have been forced to adjust to create more positive work environments, and the pandemic has led to a paradigm shift toward listening and responding to staff expectations, fostering a more fulfilling work environment.
As a result, people might be increasingly committed to their current roles, leading to a new peak in retention rates.
The Great Stay trend is a positive sign that the difficult period of high turnover is giving way to a phase of greater job stability and employee satisfaction. However, companies must ensure that the foundations of employee centricity, flexibility, and empowerment are not just preserved but continually strengthened.
In conclusion, the Great Stay trend is a transformative shift in the employment landscape, representing a departure from the previous disruptions experienced during the Great Resignation and Great Reshuffle. As we move further into 2024, the trend is expected to continue, with employees settling into their new roles and prioritizing job stability, work-life balance, and meaningful employment. Companies must ensure that they continue to foster a positive work environment that prioritizes employee centricity, flexibility, and empowerment.
- Geert Hofstede: Pioneering cultural understanding in global dynamics
- Tech hiring rate and pay drops by 40% in Europe
If you liked this article and want more insights on attracting and retaining the best talent in Europe, subscribe to ToTalent’s weekly newsletter. You’ll get exclusive content, events, and expert insights.