The tides of the talent movement have shifted once again. The era of the “Great Resignation,” defined by mass exoduses from workplaces, has given way to the “Great Stay,” or the “Big Stay.”
Recent data from the Bureau of Labor Statistics indicates the U.S. quit rate has plummeted to 2%, a stark contrast to the days when 4 million workers voluntarily left their roles each month. For companies, this signals a transformed labor market with unique challenges and opportunities.
As economic uncertainties like inflation, high interest rates, and rising living costs press on, workers are taking a cautious approach to career moves. For organizations, this climate calls for strategic adaptation. Here’s how companies can navigate talent acquisition and internal mobility during the Great Stay.
Hiring in the Era of the Great Stay
While fewer workers are leaving their roles, many remain dissatisfied. Companies that aim to attract top talent during this time must focus on leveraging forward-thinking recruitment tactics.
Prioritize the Candidate Experience
In a competitive hiring landscape, every touchpoint matters. Ensure your hiring process is efficient, transparent, and engaging. Communicate timelines clearly, provide prompt feedback, and build trust early. Candidates will remember how they were treated, even if they choose to stay in their current role.
You should also leverage recruitment technology to enhance the candidate experience. You can do this by streamlining your applicant tracking systems (ATS) to ensure prompt communication, using AI-driven tools to personalize messages, and incorporating self-scheduling tools to enhance the interview process.
Offer Robust Compensation and Benefits
Inflation and rising living costs have made candidates highly attuned to salary competitiveness. Beyond pay, the benefits you offer can significantly influence a candidate’s decision.
In addition to traditional perks like health insurance and retirement plans, consider innovative offerings such as student wellness programs, generous parental leave, wellness programs, or stipends for remote work expenses.
Candidates are also looking for flexibility—hybrid or remote work options can be a deciding factor for many. By aligning your offerings with current employee needs and market trends, you position your organization as an employer that understands and supports its workforce.
Differentiate Yourself from Competitors
To encourage risk-averse candidates to make a move, you need to stand out from the crowd. Start by defining and promoting your unique employer value proposition (EVP)—what makes your organization a great place to work? Is it your commitment to innovation, your focus on diversity, equity, and inclusion (DEI), or your stellar reputation in the industry?
Your employer branding should be authentic and consistent across all platforms, from your careers page to social media and job boards. Share stories of employee success, company achievements, and community involvement. Candidates want to see that your organization is not just offering a job but an environment where they can thrive and make a meaningful impact.
A compelling and genuine EVP can tip the scales in your favor, even for the most cautious job seekers.
Provide Growth and Development Opportunities
In a period where stability is prized, workers are less likely to leap into roles without clear upward mobility. To attract top talent, emphasize your commitment to their professional growth and long-term success. Showcase programs like leadership development courses, technical training, or tuition reimbursement.
Highlight opportunities for internal mobility, such as rotational programs or cross-functional projects that broaden skillsets. Offering mentorship and coaching can also be a significant draw, especially for those looking to grow their careers in a supportive environment.
When candidates see that joining your organization is a stepping stone to achieving their goals, they’re more likely to view your offer as worth the risk.
Leveraging Internal Talent During the Great Stay
With external hires potentially harder to secure, organizations can look inward to meet their talent needs. Internal sourcing not only boosts morale but also improves retention by showing employees they have room to grow.
Identify Transferable Skills
Understanding the full potential of your workforce starts with a detailed audit of employee skills. Leverage tools like skills-mapping software or HR analytics platforms to gain insights into individual capabilities. Identify employees whose skills align with roles outside their current positions, creating a pipeline of internal candidates for critical roles.
To streamline this process, consider building an internal talent marketplace—a centralized platform where employees can explore new roles, projects, or stretch assignments within the organization. Such platforms foster transparency, allowing employees to see how their skills can be applied in new areas and encouraging them to pursue career advancement without looking outside the company.
Communicate Career Paths
Employees are less likely to seek opportunities elsewhere if they see a well-defined future within your organization. Start by providing visibility into both direct and indirect career pathways that are available. This may involve showcasing success stories of employees who have advanced or transitioned to new roles internally, highlighting the possibilities within reach.
Develop tools such as career progression frameworks or personalized development plans to help employees visualize their potential trajectory. For example, show how an entry-level marketing associate could progress to a director of marketing role or transition into a related field like business development or analytics. Managers should play an active role in these conversations, regularly discussing career goals during performance reviews or one-on-one meetings.
Prepare for the Future
While addressing immediate talent needs is essential, organizations must also focus on long-term planning to remain competitive. Start by identifying the skills your business will require in the next five to ten years. Emerging trends in technology, market demands, and industry shifts should inform your workforce development strategy.
To prepare for these future demands, invest in upskilling initiatives and training programs tailored to equip employees with the capabilities needed to succeed. For example, if data analytics is becoming increasingly important in your industry, offer employees courses, certifications, or hands-on training to build proficiency.
Developing a strong pipeline of future-ready talent not only positions your organization for sustained success but also instills a sense of purpose in employees, reinforcing their commitment to your company.
Balancing Stability with Satisfaction
While the Great Stay has led to fewer employees leaving their roles, it has also revealed a potential pitfall for organizations: employees who remain but feel disengaged or dissatisfied. This disengagement can lead to decreased productivity, lower team morale, and a ripple effect of negativity throughout the workplace.
Moreover, disengaged employees are more likely to exhibit symptoms of burnout, such as increased absenteeism, frequent errors, and a lack of enthusiasm for new projects or initiatives. This not only impacts their individual output but also places additional strain on their colleagues, who may need to pick up the slack.
Foster a Culture of Feedback
Employees want to feel heard, valued, and confident that their feedback can drive meaningful change. Implementing regular feedback channels—such as surveys, one-on-one check-ins, and anonymous suggestion boxes—can provide employees with opportunities to express concerns or share ideas.
However, gathering feedback is only half the battle. Transparency and action are critical. Employees need to see that leadership is committed to addressing their concerns.
For example, if surveys indicate dissatisfaction with workload distribution, acknowledge the feedback and outline specific steps to address it, such as reassigning tasks or hiring additional team members. Proactive communication demonstrates that employee input is a priority, fosters trust, and reinforces engagement.
Prioritize Meaningful Recognition
A lack of acknowledgment can amplify feelings of dissatisfaction. Implement robust recognition programs that celebrate individual and team accomplishments. From public shoutouts during team meetings to personalized rewards, these gestures can help employees feel valued and motivated to contribute more actively.
Measuring and Maintaining Engagement
Monitoring and measuring important KPIs like employee satisfaction shouldn’t be a one-time initiative. Implementing ongoing pulse surveys and tracking key engagement metrics can help organizations stay attuned to their workforce’s needs. Use these insights to refine strategies, ensuring interventions remain effective and aligned with employee priorities.
A Final Thought
The Great Stay presents a paradox: workers are staying put, but many are unfulfilled.
For companies, this is a critical moment to fine-tune talent acquisition strategies and double down on employee engagement. By improving the hiring experience, enhancing internal mobility, and prioritizing satisfaction, organizations can thrive in this new chapter of workforce dynamics.
At Hueman Private Equity Talent Solutions, we’re committed to helping businesses navigate this evolving landscape with tailored strategies and insights. Let’s transform today’s talent challenges into tomorrow’s opportunities.
Talk to our team about how we can add the Hueman touch to your recruiting processes.