What is the ‘Big Stay’ and What to Do About It?

It’s official—the ‘Big Quit’ or 'Great Resignation' is over, and the ‘Big Stay’ has begun.

After years of reshuffling, the labor market has finally started to stabilize, and job hoppers who went hunting for high paying positions or better benefits over the last couple of years are now staying put. Recent reporting from the Bureau of Labor Statistics shows that American workers are quitting at rates similar to those seen prior to the Covid-19 pandemic.

There are many possible explanations as to why workers are now choosing to stay in their current positions—inflation and the slow recovery of America’s post-pandemic economy to name just two.

But research shows that perhaps the most convincing reason employees are choosing not to quit is because they no longer believe they can find something better.

The State of Hiring and Recruiting

During the Great Resignation, otherwise known as the ‘Big Quit,’ companies desperate to bring in qualified candidates were offering pay bumps of up to 20%, and curating pandemic-friendly benefits packages which included more flexible schedules and work from home options.

Now, as 2023 comes to a close, we are seeing the trend reverse. In a recent survey, 48% of companies stated they had reduced pay for certain roles in the last year. Some sectors have seen striking decreases, CDL trucks drivers for instance, who are experiencing a 47.1% salary decrease year over year.

Average salary offers are going down and the fear of inflation/the rising cost of living is still surging, meaning American workers see no reason to walk away from a steady job. Quitting in search of something better is now seen as an unnecessary risk, and many workers may currently see themselves as already having the best paying job available.

For business owners with a strong, dedicated workforce, this is very good news. Chances are, your employees aren’t going anywhere any time soon. But for companies looking to strengthen their workforce or expand, recruiting qualified candidates is becoming increasingly difficult—though not impossible.

How Can Companies Attract Candidates Despite the “Big Stay” Trend

This current ebb in the turnover rates of many industries may be a little concerning for business owners, but the good news is that when it comes to attracting top-tier talent and recruiting the best candidate, not much has changed. Offering competitive wages and robust benefits packages is still the gold standard, if you will, of bringing in new workers.

Let’s say, however, that you can’t offer significantly higher salaries, and your business demands in-person work, so some of the most popular benefit offerings of 2023 are out of the question.

What else can you do to attract applicants?

According to research from Aflac, 77% of organizations offering supplemental insurance to help offset medical costs, stated that it helped them with recruiting. Additionally, 80% reported that this offering helped with employee retention.

Another study from Maven Clinic found that 36% of employees have either left or considered leaving their job because the company didn’t offer adequate family benefits. By offering in-office childcare or childcare subsidies, you could attract more working parents, who make up a significant proportion of the American workforce.

Getting Serious About Recruitment

In addition to the more creative offerings outlined above, the ‘big stay’ trend will force employers to generally invest more time and energy into their recruitment efforts.

Research shows that 40% of job seekers find lack of communication from hiring managers to be one of the biggest challenges they face when looking for a job. Efficiency is key, as is clarity, seeing as 60% of job seekers reported giving up on an application because it was too long or too complicated.

These are just a couple of the pitfalls employers may experience throughout the recruitment process, but when you combine the list of possible issues with the fact that experts estimate the cost of a mis-hire to be more than five times the candidate's salary, these mistakes are nothing to scoff at.

If the ‘Big Stay’ trend is making it hard for you to build your workforce or if you’re unsure of how to advertise your company in the right way to the right people, the recruitment experts at CyberCoders are here to help. With over 20 years of experience, and the placement of over 40k permanent positions, our recruiters have navigated through all sorts of hiring trends.

CyberCoders takes care of everything from initial candidate screening to scheduling interviews, so all you have to do is pick from our curated list of amazing candidates! Contact us today to learn more about how we can help strengthen your workforce so your business can benefit from this new trend instead of resenting it.