ECONOMY & WORK
MONEY 101
NEWS
PERSONAL FINANCE
NET WORTH
About Us Contact Us Privacy Policy Terms of Use DMCA Opt-out of personalized ads
© Copyright 2023 Market Realist. Market Realist is a registered trademark. All Rights Reserved. People may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.
MARKETREALIST.COM / NEWS

'The Big Quit Of 2022 Could Be Easing Into The Big Stay Of 2023': What We Know So Far

"The Big Quit of 2022 could be easing into the Big Stay of 2023," wrote Nela Richardson ADP chief economist.
UPDATED JAN 22, 2024
Pexels | Christina Morillo
Pexels | Christina Morillo

The Great Resignation is ending and employees are staying put in their current jobs amid what is being termed as "The Big Stay".

A payroll service company has said that workers are sticking to their jobs and it's the current trend. A recent ADP Research Institute posting said that the rate of quitting has fallen significantly. The first three months of 2023 saw a drop of 5% in resignations.

"The Big Quit of 2022 could be easing into the Big Stay of 2023," wrote Nela Richardson, ADP chief economist, in her research institute data summary, as per Forbes.

What Is Great Resignation? Is It Over?

Pexels | Pixabay
Pexels | Pixabay

The term was first coined in May 2021, exactly two years ago. The term describes the record number of people leaving their jobs since the pandemic. According to PwC's survey, pay drove many workers into quitting their jobs. Job satisfaction was another reason why workers were increasingly leaving their existing jobs, as per World Economic Forum.

The Great Resignation was a big cultural moment in this world. Richardson now says that the Great Resignation is over, but that doesn't guarantee it will not return. According to John Leer, who leads the global economic research for MorningConsult, the wage growth for job switchers is still 6.9% based on a three-month moving average. It's still ahead of wage growth for "job stayers", which stands at 5.7%. Yes, the gap has reduced, as it was 8.5% for job switchers and 5.9% for job stayers in 2022. Hence Leer said, "It still pays for people to quit."

Having said that, Fed data suggests that the Great Resignation peaked over a year ago and resignations have returned to pre-pandemic levels.

Contributing Factors To 'The Big Stay'

Pexels | Ivan Samkov
Pexels | Ivan Samkov

Several factors are contributing to workers becoming more and more cautious in quitting their jobs and engaging in fresh job hunts. The Great Resignation seems to be fading away because of a confluence of economic and geopolitical reasons that have forced companies to exercise cost-cutting practices. 

The Shift In Power Dynamics 

In light of the changing economic landscape, workers are getting less and less bargaining power with each passing day. Companies are increasingly catering to shareholders while during The Great Resignation, companies were prioritizing workers. Workers are currently stalling their job switching plans and waiting for the world's economy to heal. 

Introducing The Big Stay

Pexels | Cowomen
Pexels | Cowomen

The new workplace trend based on research by ADP is basically employees choosing to stay with their organization for an extended period of time as opposed to The Great Resignation. The Big Stay is reducing voluntary turnover which is exactly what the businesses want. In another survey conducted by Deloitte, it was seen that 85% of executives rated engagement as an important 38% or very important 48% priority for their companies. So to make sure this stays, the companies have to foster engagement, belongingness, and loyalty. In addition to these, providing rewards like bonuses, and flexible work are also some ways in which The Big Stay can be prolonged.

MORE ON MARKET REALIST
The best friends, Hanna Chung and Laura Tarpley, got tricked by just one word in the end.
1 hour ago
The player, Shannon Hunt got the host excited before missing the puzzle by a few letters.
3 hours ago
The founder of Hairfin managed to make it through the heckling to get a deal.
4 hours ago
The player, Jeff Richardson put up a stunning performance to drive home a new car.
1 day ago
Since Kevin O'Leary made the offer just to mess with Corcoran, the deal hit the Shark where it hurts.
1 day ago
Harrison chose to pass on the most important item of the collection for a strange reason.
1 day ago
The contestant, Alexa Kalanz was doing well throughout the game despite a rough start.
1 day ago
Despite having just 25% ownership of her company, Meagan Bowman managed to bag a $400,000 deal.
2 days ago
In the end, Harrison felt like he hit the jackpot as he knew every collector would be after the item.
2 days ago
Former players and audience members shared how the show deals with controversial statements.
3 days ago
Fans were divided on whether Adam Wredberg's Bonus Round puzzle was solvable or not.
3 days ago
The lucky win delighted the fans as the contestant, Sunita Baru took home more than $50,000.
4 days ago
Chris and Jeanie Rodgers didn't just beat up the zombie on the show, but also had him present their product to the judges.
4 days ago
Fans on Reddit complained complained that some games are either overly difficult by design or favor only physically fit contestants.
4 days ago
Contestant Joey Sweet took the loss in stride, but the show's viewers weren't happy with the puzzle selection.
5 days ago
A lot of things on set were put to the test during the "Is it real or is it cake?" challenge, including the host.
5 days ago
Fans were left disappointed after the contestant, Alicia Slagle, failed to guess an easy phrase in the finale.
5 days ago
Jackie Fakhoury was also joined by her husband and son in celebration on stage.
6 days ago
The guest had no idea that her $30 ring was studded with diamonds and made of platinum.
6 days ago