Professionals across the globe are seeking meaning, growth, and fulfilment in their careers. How will you adapt?
A new fascinating workplace trend has emerged, challenging the narrative of the “Great Resignation”: “The Big Stay”.
This growing phenomenon sees employees opting to remain within their current organisations, seeking growth, fulfilment, and advancement from within.
Here we’ll explore what has contributed to this new trend, its potential impact on hiring practices, and whether it will reach Australian shores.
Since the pandemic, the modern work landscape has changed. Companies have listened to the needs of their employees, investing in wellness initiatives and programs that support their staff and their well-being. This investment has had a positive ripple effect, improving company culture. When employees feel valued and are engaged and fulfilled in their workplace, they are more likely to stay with the company.
Off the back of a significant candidate shortage, proactive employers responded by developing meaningful career development and growth pathways within their organisations. This helped them with talent retention, especially as headhunting was becoming necessary to fill staff shortages.
Of course, with more opportunities on that table, there is less of a need to change jobs.
Especially in a market where the cost of living pressures are so high and job security is paramount.
Again, there was another big shift following the pandemic that has shed light on the importance of work-life balance.
Employers who have embraced flexible work arrangements and prioritised employee well-being have fostered an environment that promotes loyalty and retention.
As The Big Stay gains traction, organisations may experience both challenges and benefits when it comes to hiring.
With employees choosing to stay longer with a business, the pool of available external candidates may shrink. This will make it more challenging to find qualified candidates for vacant positions. Understanding and having access to hidden talent pools (such as passive candidates) will become even more essential to make hires in this market.
We also expect to see a focus on internal mobility. But make sure if you are hiring within your own company, that you have an excellent approach to managing internal candidates. You do not want to sour relationships. (See: How to successfully manage internal candidate applications.)
Companies will also need to invest in cultivating a culture emphasising opportunities for employees to upskill, reskill, and advance within the organisation. Engaging with a HR Consultancy service might help you plan for these organisational changes.
The Big Stay trend is not limited geographically and is likely to make its way to Australian shores.
As professionals across the globe seek meaning, growth, and fulfilment in their careers, Australian organisations must recognise and adapt to this evolving landscape.
Understanding the workplace trend is an opportunity to be on the front foot.
Are you ready to embrace The Big Stay?
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