The Wall Street Journal’s Post

The Wall Street Journal reports a shift in the American job market as workers embrace what some economists are calling the "big stay." Recent data reveals a decrease in job-seeking behavior compared to the pandemic years, indicating a rise in job satisfaction among U.S. adults. Research from Robert Half shows a decline in the percentage of American adults planning to switch jobs, dropping from 49% to 35% within a year. Similarly, a study by MetLife found that 73% of working adults are now satisfied at work, up from 69% the previous year. According to Svenja Gudell, Indeed’s chief economist, job postings on hiring websites have decreased, making it challenging for individuals to transition to new roles. This trend is attributed to decreased wage growth and reduced efforts by employers to attract talent. Younger workers, especially Gen Zers and Millennials, are also showing a shift in sentiment towards staying in their current positions. Research indicates a significant decrease in the percentage of both groups planning to seek new jobs in the upcoming months. As the job market evolves, individuals are opting to stay in their current roles, citing challenges such as lengthy interview processes and automated application systems. The current landscape reflects a departure from the job-hopping trend observed in recent years, signaling a period of stability and contentment among American workers. #hcmtechnology #hroutsourcing #hr #paychex Paychex https://lnkd.in/ehHuhGUT

Good news and bad news about the Job market, depending on your perspective. The Wall Street Journal just published an article showing that job satisfaction is up and that the amount of people quitting their jobs is way down. For employers looking to hold on to talent, this is refreshing news. However if you are looking to grow and are in a hiring mode, those advertisements you are running on Linkedin or indeed are not getting as many eyeballs on them now. To find the talent you need you are going to have to get more proactive. This article is behind a paywall. So for those who don't have a subscription here are some key points from the article. Sure, here are the five main points of the article: 1. Decreased Job Switching: Fewer U.S. adults are currently seeking to leave their jobs compared to the job-switching frenzy during the pandemic years. Job satisfaction is rising, and workers are more content with their current positions. 2. Tightening Job Market: The job market is tightening, and the pay premium for switching jobs is shrinking. Federal data shows that the median pay bump for job switchers has decreased from 8.5% in previous years to 5.2% as of March 2024. 3. Worker Satisfaction: Surveys show increased job satisfaction among workers. For instance, a poll by Robert Half revealed that 77% of workers are happy with their jobs, and a MetLife study found that 73% of working adults are satisfied at work. 4. Lower Quit Rates: The U.S. rate of quitting jobs has fallen below pre-pandemic levels, with the rate holding steady at 2.2% in recent months. This decline comes amidst a white-collar job slowdown and less aggressive hiring efforts by employers. 5. Stark Shift Among Younger Workers: The sentiment shift is particularly noticeable among younger workers, with significantly fewer Gen Zers and Millennials planning to look for new jobs in the second half of 2024 compared to the previous year. https://lnkd.in/gWmV4XU8

According to this WSJ article, Americans are currently showing less interest in job-hopping compared to the peak pandemic years. Surveys and data indicate a decrease in the number of U.S. adults looking to change jobs, an increase in job satisfaction, and a better work-life balance. The job market has tightened, and the financial incentives for switching jobs have diminished. For instance, the pay increase for job switchers has decreased from 8.5% to 5.2%. This shift has been labeled by some economists as the "big stay," contrasting sharply with the earlier "great resignation." Workers now value the stability, compensation, and flexibility their current roles offer, making them reluctant to change jobs. Headwinds for recruiting and tailwinds for retention!

The "Big Stay" is Here: How to Thrive Without Job-Hopping   As Robert J. Crowder summarizes, this The Wall Street Journal reports a fascinating trend: Americans are staying put! Fewer job changes, higher satisfaction, and better work-life balance are replacing the "Great Resignation" with the "Big Stay."   Good news for companies, but what about ambitious employees who want to grow?   This shift doesn't mean giving up on career development. Here's where an executive coach can be your secret weapon: - Unlock your Potential: Don't be limited by your current role. Coaching helps you identify hidden skills and develop new capabilities, making you a more valuable asset within your company. - Navigate Internal Politics: Learn to navigate the internal landscape and position yourself for future opportunities. A coach can guide you in building strong relationships and advocating for your worth. - Sharpen Your Skills: Stay relevant and competitive by honing your leadership, communication, and strategic thinking skills. Coaching provides personalized strategies for continuous learning. - Boost Your Confidence: Feel empowered to take on new challenges and showcase your expertise. Coaching helps you overcome self-doubt and build the confidence to excel in your current role.   The "Big Stay" doesn't have to mean stagnation. Invest in yourself, activate your EXTRA, and unlock your full potential within your current company.   Are you ready to thrive where you're planted? Let's chat about how executive coaching can help! #executivecoaching #coachingbythebook #growthmindset

The Wall Street Journal, American WORKERS HAVE QUIT QUITTING, for now. “Applying for jobs right now, it’s like hitting your head against the wall,” The job-hopping frenzy of the pandemic years has given way to what some economists are calling the ‘big stay.’ Americans aren’t as restless in their jobs as they were a couple of years ago. Numerous surveys show that fewer U.S. adults are currently seeking to leave their roles, compared with the job-switching frenzy of the pandemic years. Other data suggest job satisfaction is rising, and in interviews, formerly job-hopping workers say they’re content with the balance they’ve struck in the positions they have. Those who are tempted to make a jump face a tightening job market and shrinking pay premium for switching jobs, federal data show. “Applying for jobs right now, it’s like hitting your head against the wall,” says Heather Sundell, a director of social strategy and copywriting in Los Angeles. #jobsearchtips #jobs #thefutureofwork #technology #humanresources #recruiters

Americans aren’t as restless in their jobs as they were a couple of years ago. Numerous surveys show that fewer U.S. adults are currently seeking to leave their roles, compared with the job-switching frenzy of the pandemic years. The current mood is a turn from recent years, when a red-hot labor market helped spur a wave of quits among American workers, or the “great resignation.” So different is the current mood that some labor economists have dubbed it the “big stay.”   Other data suggest job satisfaction is rising, and in interviews, formerly job-hopping workers say they’re content with the balance they’ve struck in the positions they have. Those who are tempted to make a jump face a tightening job market and shrinking pay premium for switching jobs, federal data show. A poll from April shows that 35% of U.S. adults plan to look for another job in the second half of this year, down from 49% a year ago, according to Robert Half, the workplace consulting and recruiting firm. Of 1,000 workers polled, 77% said they were happy with their jobs and 85% reported a good work-life balance. “People feel really satisfied with their compensation and they are very happy with their flexibility, which are two big drivers,” says Dawn Fay, Robert Half’s operational president. Another recent study of 2,800 working adults by MetLife found 73% were satisfied at work, up from 69% a year ago. The number of U.S. workers who quit their jobs in one month peaked at 3% in April 2022, according to Labor Department data, prompting many employers to boost salaries, give more time off and offer flexible schedules in an attempt to retain talent. Since then the U.S. rate of quitting has drifted below prepandemic levels to 2.2%, where it has held steady so far this year. The lower quits rate comes alongside a white-collar job slowdown and shriveling pay for new hires. Two summers ago, job switchers got a median pay bump of 8.5% for making the leap, compared with a 5.9% raise for those who stayed at their jobs, according to the Atlanta Federal Reserve’s wage tracker. As of March, job switchers were commanding a median 5.2% jump in pay, while job stayers were getting 4.5%.  “It lines up with where confidence in the labor market is at this point, and that makes sense because the hiring rate is slowing,” says Brett Ryan, a senior U.S. economist at Deutsche Bank Securities. Job postings on hiring website Indeed have steadily fallen over the past year, making the prospect of jumping ship to a new company harder, says Svenja Gudell, Indeed’s chief economist. “There’s just less out there,” Gudell says. “Employers don’t have to work as hard to attract talent. Wage growth has cooled, so you’re less likely to be enticed to switch jobs. There’s a little bit of that ‘I’m gonna sit pretty here for a while.’”

Several factors are influencing American workers to stay in their current jobs, including improved work-life balance, better compensation, and limited job prospects. These elements contribute to the trend known as the "big stay," where workers are choosing to remain in their positions rather than seeking new opportunities. This shift reflects a notable increase in worker satisfaction and a strategic response to the current job market landscape. #LabourTrends #JobMarkets #IndustryTrends

This may be true in general but there are many, many people who are job-hunting. As a separate, but related, topic...there is a great need for "returnships," especially in creative fields and positions. I believe this need is overlooked but imperative. The level of knowledge that can be gained by hiring a "returnee" is immense and key to the U.S. moving forward in a more comprehensive way. Companies need to realize that returnee knowledge is extremely valuable. It embodies the concept of inclusivity in hiring.

Yesterday's Wall Street Journal featured an article discussing the trend of American workers staying in their current jobs. Surveys suggest that many workers are not planning to seek new opportunities in the latter half of this year, with a notable increase in worker satisfaction in 2024. Factors such as improved work-life balance, better compensation, and limited job prospects have contributed to what some are calling the "big stay." What implications does this have for the staffing industry? The balance between candidates and job orders is currently evening out, but I anticipate a sudden shift later in the year as economic conditions improve. This shift could lead to a shortage of available candidates to meet the growing demand from clients. It is crucial for the staffing industry to acknowledge this upcoming change and take proactive measures to prepare for the impending shift. Be ready, as change is on the horizon. Read more about this trend in the Wall Street Journal article: [Insert Link] #AmericanWorkers #JobMarket #StaffingIndustry