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Bye bye to “The Great Resignation” and hello to the “Big Stay Era”

Andrew Weir • August 9, 2024

The aftermath of COVID-19 brought a wave of change and adaptation for businesses, find out why that's changing...

As the UK labour market fluctuated, vacancies hit record highs in what became known as The Great Resignation - a period of high job turnover and employee job-hopping.

Now, as we continue to move towards a new normal, the landscape shifts again.

The latest CIPD Labour Market Outlook indicates a sluggish labour market with dropping employment rates and declining staff turnover.

The Great Resignation is over, making way for a new kid in town…

Business owners, welcome to your ‘Big Stay’ era!

In this blog, we delve into what this shift means for your business and why embracing learning and development (L&D) is crucial for retaining and developing your people.

What is the Big Stay?

A phrase coined by the CIPD, it signifies the current period where staff turnover is falling, and vacancies are expected to decline. Employees now prioritise stability over change, resulting in less job openings and fewer people quitting their jobs.

How are employees responding?

Job stability tops their wish list. With a cautious ‘better the devil you know’ mindset, they prefer familiarity over risk and are opting to stay put for now. Post-pandemic, they are less inclined to switch employers or bounce from one job to the next.

What does this mean for business owners?

With lower staff attrition in 2024 and a return to pre-pandemic conditions, the labour market power balance is tilting in favour of employers.

According to the CIPD’s report, a staggering 55% of employers are focusing on retaining their current workforce, the highest level since 2016-17.

So now is the perfect time to invest in learning and development (L&D) opportunities to retain and empower your workforce.

It might be harder to find great people

If you’re recruiting for new roles, it might be more difficult for you to find the people you’re looking for.

Working on your employer brand and package might tempt great people into thinking that the grass is greener on your side of the field.

We can help shape that with you.

Need a confidential chat?

Then please get in touch.

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Putting systems in place to review and improve your employees’ performance is important because your employees’ performance directly impacts your bottom line. What is Performance Management? ‘Performance Management’ is an umbrella term HR consultants use to describe strategies or actions to review and improve employee performance. What are the benefits of Performance Management? • Aligns individual performance with organisational goals • Enhances productivity and efficiency • Boosts employee engagement and motivation • Improves communication between managers and employees • Supports career development and growth • Reduces risk and enhances accountability • Enhances employee retention What’s involved in managing your employees’ performance? Many people think a monthly appraisal with your employees will complete the job. However, this approach is completely ineffective. Instead, it would be best if you thought of Performance Management as a system that has 4 interconnected steps: Step 1: Planning Planning is the foundation of effective Performance Management. It begins with setting clear goals and expectations, ensuring employees understand their roles and responsibilities. This alignment helps create a shared vision of success, ensuring everyone is working towards common objectives. Step 2: Monitoring Monitoring involves regular check-ins, feedback and performance reviews that keep employees focused, supported and on track. These ongoing assessments allow managers to address challenges and make necessary adjustments, creating a dynamic process rather than a static, once-a-year review. Step 3: Developing Developing your people is crucial for maintaining a competitive edge. Providing continuous learning opportunities, such as training, mentoring and upskilling, empowers employees and enhances their performance. This pillar addresses current skill gaps and prepares employees for future roles, fostering a culture of growth and adaptability. Step 4: Reward and Recognition Recognising and rewarding hard work is more than good practice—it’s essential for maintaining motivation and engagement. Rewards can be monetary or non-monetary, such as public recognition, career development opportunities or flexible work arrangements. This acknowledgement reinforces positive behaviours and drives a culture of high performance. We can help you create your Performance Management System Performance Management is not a one-time event, but an interconnected system of planning, monitoring, developing and rewards. Integrating these steps into your Performance Management System creates an environment where employees feel valued, supported and driven to achieve their best. This is something we can help you create. Get in touch for a confidential chat.