Goodbye “Great Resignation,”

The world of work has seen some dramatic changes over the past few years, especially here in the UK. As we all tried to navigate the post-COVID landscape, we found ourselves in the midst of The Great Resignation—a time when employees were leaving jobs in record numbers, searching for something new, something better.

But as we settle into a new normal, the tide is turning once again.

The latest CIPD Labour Market Outlook shows that the job market is cooling down. Employment rates are dipping, and people aren’t switching jobs as often. The Great Resignation is fading away, making room for something new…

Welcome to the ‘Big Stay Era’!

In this post, we’re going to look at what this shift means for your business and why it’s more important than ever to focus on learning and development (L&D) to keep your team engaged and growing.

So, What’s the Big Stay?

The ‘Big Stay’ is the name the CIPD has given to this new phase, where we’re seeing fewer people leaving their jobs and a drop in job vacancies. Employees are valuing stability now more than ever, preferring to stay put rather than make a risky move.

For businesses, this is a big shift from the frenzy of the past few years, where finding and keeping great talent felt like a never-ending challenge. Now, with more employees choosing to stick around, you have a golden opportunity to focus on developing the talent you already have.

How Are Employees Feeling?

Stability is the name of the game right now. After the rollercoaster ride of the pandemic, many employees are adopting a “better the devil you know” approach. They’re more cautious about jumping ship and are leaning towards the comfort of familiar surroundings.

But this doesn’t mean they’re sitting back and settling. Employees still want to grow, learn, and feel valued. They might not be looking to change jobs, but they are looking to see how their current role can evolve with them.

What Does This Mean for Your Business?

As we continue through 2024, with fewer employees leaving and a more stable job market, the balance of power is shifting slightly back towards employers. This gives you a real chance to double down on retaining and nurturing your existing team.

The CIPD report reveals that 55% of employers are now prioritising retention—the highest it’s been in years. This isn’t just about keeping people on board; it’s about making sure they’re happy, engaged, and developing in their roles.

Investing in Learning and Development

The Big Stay Era is the perfect time to ramp up your learning and development (L&D) efforts. When employees see a clear path for growth within your organisation, they’re much less likely to look elsewhere. L&D isn’t just a nice-to-have; it’s a must-have in today’s world. It can range from formal training programmes to more informal mentoring, but the goal is the same: make sure your people feel valued and equipped for the future.

Recruitment Challenges Ahead?

While the Big Stay Era brings opportunities to focus inward, it may also make external recruitment a bit trickier. If you’re looking to fill new roles, you might find the talent pool a little shallower than before. But don’t worry—this is where your employer brand comes into play. Make sure you’re highlighting what makes your organisation special, whether it’s your culture, the opportunities you offer, or the support you provide. This will help you attract the right people, even in a tougher market.

Need a Friendly Chat?

If you want to talk about any aspect of your HR needs, feel free to reach out. Whether you need advice on navigating the Big Stay Era, boosting your L&D efforts, or enhancing your employer brand, we’re here to help.

You can call us directly on 01243 – 967961 or email [email protected]