Is the ‘Big Stay’ over?

As we navigate the evolving landscape of work, a critical question has emerged: Is the era of the ‘Big Stay’ coming to an end? At Macmillan Davies, we’ve been closely observing the trends and shifts in employee retention and workplace dynamics. Pejehafo Doëseb discusses what’s driving the changes and what it means for organisations and their HR strategies.

The ‘Big Stay’: A recap

The term ‘Big Stay’ has been used to describe a period where employees have largely remained in their roles, driven by factors such as economic uncertainty, the rise of remote work, and an overarching sense of job security amidst global disruptions. During this time, organisations witnessed a stabilisation of workforce numbers and a reduction in employee turnover. Many candidates have expressed anxieties towards changing roles within this challenging global economic environment, comparing their current reluctance to that felt during the pandemic. Concerns about job stability have been prevalent, with candidates worried that moving roles could lead to disappointing restructures within the business that may impact their current roles.

What’s changing?

Resurgence of job mobility: Recent months have seen a noticeable uptick in job mobility. Employees, having adapted to new work models and gained clarity on their career goals, are now exploring new opportunities more aggressively. This shift is partly fuelled by a growing confidence in the job market and the desire for roles that offer better alignment with personal values and career aspirations. “Despite this increased mobility, some candidates remain cautious” says Pejehafo. “For example, a recent candidate I approached for a fixed-term contract, which would likely transition to a permanent role, expressed hesitation. They preferred to stay in their current interim role because they had been promised a permanent position, reflecting the continued concerns about job security.”

Increased demand for flexibility: The pandemic has fundamentally altered employees' expectations around work flexibility. Remote work, hybrid models, and flexible hours are no longer perks but necessities. We are seeing organisations that fail to adapt to these demands facing higher turnover rates as employees seek employers that offer a work-life balance that suits their needs.

Focus on well-being: We are seeing employee well-being has moved to the forefront of organisational priorities. As mental health and work-life balance become critical factors for job satisfaction, companies are investing in programmes and policies that support their employees' holistic well-being. This focus is likely to influence retention rates, as employees gravitate towards organisations that genuinely support their health and well-being.

Competitive compensation: With the return of job mobility, competitive compensation and benefits packages are increasingly crucial. We are advising organisations to ensure that their remuneration strategies are attractive enough to retain top talent while also being competitive within the industry.

Career development opportunities: We are seeing employees are placing greater emphasis on career development and growth opportunities. Companies that are able to provide clear pathways for advancement and invest in their employees' skills development will likely see lower turnover rates and higher employee satisfaction.

Implications for HR strategy

Enhanced recruitment efforts: With a more dynamic job market, recruitment strategies must be more proactive. Employers need to focus on building a strong employer brand, leveraging employee testimonials, and showcasing their commitment to flexibility and well-being.

Retention strategies: HR professionals should prioritise creating and maintaining a positive work environment that aligns with employees' evolving expectations. Regular feedback, recognition programs, and personalised career development plans can help retain top talent.

Adaptability and agility: The dynamic nature of the workforce means that organisations must be agile in their policies and practices. HR teams should stay informed about industry trends and employee preferences to quickly adapt their strategies as needed.

The ‘Big Stay’ era appears to be evolving into a period marked by increased mobility and shifting expectations. For organisations, this means a renewed focus on flexibility, well-being, and competitive practices to attract and retain talent. At Macmillan Davies, we believe that by understanding and addressing these trends, HR professionals can better navigate the changing landscape and ensure their organisations remain attractive places to work.

Get in touch

Should you wish to have a confidential chat with Pejehafo Doëseb to discuss the current HR market, your search for work/recruiting into your team or how we can support you with psychometric profiling, please contact him directly at pdoeseb@mdhr.co.uk

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