How employers can make the 'Big Stay' permanent

The workplace has seen its fair share of volatility in the last few years. However, employers are currently enjoying a period of steady employee retention. 

Only about 35% of U.S. workers said they plan to look for a new job in the second half of this year, according to a recent report from management consulting company Robert Half. That's down significantly from 49% in 2023. This phenomenon is being referred to as the "Big Stay" — a trend where employees are staying in their current jobs instead of looking for new opportunities — and it could play a critical role in employers' retention strategies. 

"Unlike quiet quitting — which was when people were not engaged — the Big Stay sees the issue in a much more positive light," says Linda Ho, chief people officer at leading enablement platform Seismic. "Employees have realized that maybe the grass isn't always greener somewhere else and are now recommitting to their companies." 

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The labor market has already seen the effects of employees' change in sentiment. Quit rates dropped to just 2.2% in April, according to Bureau of Labor Statistics data. In comparison, during the height of the Great Resignation in 2022, quit rates peaked at 3%, which is around 4.5 million people. And while the current trend has subsequently given employers more power, it's important that they don't get complacent, according to Ho. They should be using the next few months to strengthen worker retention.

"If your employees are leaning in like they are right now, what are you doing to lean into them?" she says. "This is cyclical and we're going to see more movement in the market soon. Employers have to think about how they are bringing connection and community into their organization. Lean into what's driving their engagement, their development and their retention." 

Moments of security are the perfect opportunity for employers to survey their workforce and ask what's enticing them to stay or what could actually prompt them to leave. Then acting on these findings sets up an organization for long-term success. 

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"It's always helpful to know what motivates your employees," Ho says. "Some employees are perfectly happy doing what they're doing, but they want more exposure to executives. Others want to understand the context and some only see this job as a stepping stone into something else. The question then becomes, how can we get them to a place within their own organizations where they are also perfectly content doing what they're doing." 

The key is to combine traditional rewarding strategies, such as offering cash, additional compensation and equity in the company, and combine it with meaningful culture shifts. Focus on recognition efforts that can also be reflected in the company such as additional perks, benefits or tech that may be currently missing. Without the constant need to spend money and resources on recruitment, employers can reinvest that money to strengthen their foundation. 

"Create an environment that is setting employees up to weather any cycle by taking the time to prioritize engagement and supporting their careers," Ho says. "Because employers that put in the work now and differentiate themselves early can and will shelter themselves from the impact of the next era, whatever that may be."