Why more workers are opting for job security over new opportunities
“Should I stay or should I go?”
This classic dilemma is something many professionals ponder when they feel they’ve been at a job too long and start considering new opportunities. But in 2024, it seems the answer for most is a resounding “stay.” The trend of workers sticking with their current employers has become so prominent that it has been dubbed the “Great Stay.”
In his recent article for Forbes, senior contributor Jack Kelly highlights some of the reasons behind this new phenomenon. Unsurprisingly, the economic climate is a major factor.
High inflation, rising interest rates and increased cost of living has made job security a top priority, which in turn has caused many workers to adopt a “wait and see” approach before making any long-term career decisions. Data from the Bureau of Labor Statistics shows that the worker quit rate has significantly declined in the U.S., dropping to 2.2%. That’s a stark contrast from the peak of the Great Resignation, when 4 million workers were quitting their jobs monthly.
The fear of being the “last one in, first one out” at a new organization is another significant deterrent: The possibility of layoffs in an unstable job market makes many hesitant to leave their current positions. Additionally, companies are no longer hiring as aggressively as they did during the pandemic, while higher interest rates and tighter corporate budgets have led to a slowdown in the interviewing and hiring process, with some companies putting jobs on hold or even rescinding offers to save money.
In his article, Kelly spoke with Susan LaMonica, chief human resources officer at Citizens and former HR executive at JPMorgan, who warned that “Companies that focus solely on cost savings without investing in employee development or attracting and effectively onboarding new talent, risk creating stagnation, which can lead to decreased motivation, innovation and overall performance, ultimately negating the benefits of retention.”
To explore the “Great Stay” in more detail, including more insights from Kelly's interview with Susan LaMonica, I recommend reading the complete article on Forbes.
Read the full story: How To Prevent The ‘Great Stay’ From Turning Into The ‘Great Stagnation’
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Tips & Strategies: Struggling with remote work? Here’s why it might not be for you
These days, many workers are embracing remote work, after much of the U.S. workforce benefitted from the arrangement during the pandemic. According to the Pew Research Center, the majority of employees still favor working remotely, with Pew’s data showing that 65% want to work remotely full time and 98% at least some of the time.
However, remote work isn’t for everyone. Maybe you’re like me and prefer to talk to someone in person instead of relying on Zoom meetings, Slack messages and emails. In his recent story for Forbes, contributor Sho Dewan gives a few reasons why remote work might not be the best fit for you:
- You’re Not As Productive: Remote work may eliminate office distractions, but it often introduces home life interruptions such as from pets and children. Additionally, you may lack a dedicated workplace and find yourself using your bedroom or kitchen table as your main place of work. This setup can blur the lines between rest and work, making it hard to switch off mentally, possibly leading to increased stress and potential burnout.
- You’re Lonely: Remote work eliminates commutes and physical interaction with colleagues, which can reduce distractions and increase productivity. However, if you thrive on social interactions like team lunches and casual conversations, remote work can feel isolating and lonely.
For a few more reasons why remote work might not be for you, read Sho Dewan’s full article.
Read the full story: 4 Signs Remote Work Is Not For You
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Thank you for reading! We'll be back next week with another edition of Forbes Edge. If you missed Tuesday’s newsletter, check it out here for some questions to ask yourself before moving to a new city for a job.
This edition of Forbes Edge was written by Tavon Thomasson and curated by associate editor Chris Dobstaff.
Ayurvedic Wellness/Integrative Medicine Consultant, Life Coach
1wLoyalty, commitment, and resiliency are invaluable qualities that truly set individuals apart in both professional and personal spheres. These traits not only foster strong, trusting relationships but also drive sustained success and growth. Embracing these qualities can lead to a more fulfilling career and life, as they demonstrate integrity, perseverance, and an unwavering dedication to achieving goals.
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2wThe current housing market and mortgage rates are another factor affecting some individual's decision to accept a job when the new offer requires relocation. If you are a home owner and already have a low mortgage rate locked in, moving for a better job might not be an option unless the employer can offer higher salary and benefits that offset the higher costs.
"Interesting read! In uncertain times, prioritizing job security can provide a sense of stability and continuity. It's a reminder of how personal and professional priorities can evolve with the changing landscape of work. Thanks for sharing!"