For the last several years, HR and recruiting professionals have been laser-focused on both recruiting and retention—
The so-called Great Resignation prompted millions of Americans to head to the exit door in search of greener pastures and left professionals everywhere scrambling to keep that door closed. However, as we settle into this post-pandemic world of work, headlines are emerging that turnover trends may be turning around, and the “Big Stay”—where employees are becoming more hesitant to leave an employer—may be here to stay. While that’s welcome news for talent leaders, it doesn’t necessarily mean that they should pump the brakes on their recruiting and retention game.
After all, the work that HR has done in the last few years to keep employees engaged, productive (and reporting for work!) has been impressive. New, tailored benefits that speak to the individual needs of their workforce, creative incentives, new mindsets around flexibility and a greater emphasis on skills have all transformed people functions at organizations around the globe. Why veer away from that progress now?
The strides employers have made to hang onto their talent have enhanced the candidate and employee value proposition—and that success can be sustainable, even if the context of the hiring market changes. While the dawn of the Big Stay turns down the heat on people professionals a bit, it shouldn’t dial back progress—if organizations want to be prepared to weather the next talent challenges when they crop up.
Today’s economic uncertainty is continuing to play a big role in recruiting and retention—and by maintaining a strong investment in people, organizations can be ready for changes to come. For example, a recent study by ADP’s Research Institute pointed to slower quit rates and fewer openings, but researchers cautioned that employers need to tread carefully, as the Great Resignation could still reemerge if market conditions shift.
That suggests that employers, led by their people professionals, should continue to invest in their people strategy: ensuring benefits are attractive and relevant, the day-to-day employee experience is strong, workers feel that they have a trajectory within the company and the culture truly speaks to the workforce. With those goals in focus, organizations will be better positioned to take full advantage of the Big Stay—keeping their employees invested in the organization long beyond the short-term.
So, as we continue to learn what the Big Stay will truly mean for business, keep your foot on the gas and double-down on your talent commitment.
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