{"id":10619,"date":"2023-05-18T18:17:14","date_gmt":"2023-05-18T22:17:14","guid":{"rendered":"https:\/\/ifintechworld.com\/news\/so-long-great-resignation-the-big-stay-is-the-new-workplace-trend-this-economist-says\/"},"modified":"2023-05-18T18:17:15","modified_gmt":"2023-05-18T22:17:15","slug":"so-long-great-resignation-the-big-stay-is-the-new-workplace-trend-this-economist-says","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=10619","title":{"rendered":"So long, Great Resignation: \u2018The Big Stay\u2019 is the new workplace trend, this economist says"},"content":{"rendered":"
\n

The Great Resignation is coming to a close, as far as one prominent economist is concerned \u2014 and \u201cthe Big Stay,\u201d as she dubs it, could be here to, well, stay.<\/p>\n

Nela Richardson, chief economist at ADP
\n ADP,
\n +0.69%<\/bg-quote>,<\/span>
\n the payroll-service company, says that workers are increasingly sticking with their jobs (aka the Big Stay) in the current economic environment. And she cites a number of factors behind this transition from last year, when more than 50 million employees quit their positions (aka the Great Resignation).<\/p>\n

\n

Richardson\u2019s argument is rooted in some key U.S. government and ADP labor statistics. In a recent ADP Research Institute posting, for example, she pointed to the rate of job \u201cquits\u201d having fallen 5% in the first three months of 2023 versus the previous period \u2014 and by an even greater percentage versus a year ago.<\/p>\n

Richardson also told MarketWatch that the Great Resignation was clearly fueled by a period when many workers benefitted from the pandemic-related financial assistance provided to them by the government, and therefore could afford to leave their jobs altogether \u2014 at least for a while. It \u201cgave people a breather,\u201d she says.<\/p>\n

In that sense, the movement wasn\u2019t even about job-switching but a true, if temporary, resignation from the workforce. But now, without that government aid, many people need to get back to work to support themselves.<\/p>\n

\u201cIt wasn\u2019t \u2018the Great Resignation and never work again,\u2019\u201d Richardson says.<\/p>\n

Richardson\u2019s view comes at a time when some workers might be feeling a little uneasy about their job situation \u2014 and therefore may be all the more inclined to stay put. The tech sector, in particular, has been affected by massive layoffs: A recent MarketWatch analysis showed that nearly 200,000 workers in the tech industry have lost their jobs since the start of 2023. <\/p>\n

But Richardson\u2019s view is not shared by some other economists and experts who track the job market. They still see an environment \u2014 perhaps even a permanent shift in the culture \u2014 that has people leaving companies in a way that was unthinkable generations ago.<\/p>\n

And some point to figures that suggest, at the very least, a job market that doesn\u2019t exactly encourage loyalty.<\/p>\n

John Leer, who leads global economic research for Morning Consult, a decision-intelligence company, cites one telling government statistic: Wage growth for \u201cjob switchers\u201d currently stands at 6.9%, based on a three-month moving average. That\u2019s solidly ahead of wage growth for \u201cjob stayers,\u201d which registers at 5.7%.<\/p>\n

Still, that 1.2% gap isn\u2019t as large as it once was: In July 2022, \u201cswitchers\u201d saw wage growth of 8.5%, while \u201cstayers\u201d saw growth of 5.9% \u2014 a gap of 2.6%. But the current gap is not insignificant, Leer says.<\/p>\n

The bottom line? \u201cIt still pays for people to quit,\u201d Leer says.<\/p>\n

Richard F. Moody, chief economist for Regions Financial Corporation
\n RF,
\n +0.77%<\/bg-quote>,<\/span>
\n also sees something of a generational shift at work. Decades ago, people believed in the idea of staying with a company for many years, if not their entire careers \u2014 and companies often rewarded them for their loyalty. But the younger workers of today have become accustomed to quitting jobs \u2014 and seeing they may even reap financial benefits by making such moves.<\/p>\n

\u201cSo they may think that\u2019s the new normal,\u201d Moody says.<\/p>\n

Aaron Terrazas, chief economist for Glassdoor, a web-based job-search and recruiting platform, argues that the reality probably sits somewhere in the middle. It\u2019s hard to ignore the drop in quitting that Richardson cites, he says, but it\u2019s also hard to ignore the fact many workers no longer see the value in staying put.<\/p>\n

\u201cWe\u2019ve had a generation who has come of age in a labor market where the returns for loyalty aren\u2019t there,\u201d he says.<\/p>\n

Terrazas adds that the growing shift to remote work has also changed the picture \u2014 meaning workers may have more opportunities that are not wedded to geography.<\/p>\n

But Richardson sticks by her Big Stay theory, even as she acknowledges some shifts in the workforce culture of late. She says the Big Stay term itself is \u201cdefinitely resonating with folks,\u201d noting none of her other ADP posts have gotten as much attention.<\/p>\n

Of course, hardly a week goes by these days without some buzz phrase about the workplace, from \u201cquiet quitting\u201d to \u201cbare-minimum Monday,\u201d making waves. But Richardson insists her aim was just to paint an accurate picture of the current job market.<\/p>\n

\u201cI wasn\u2019t trying to coin anything,\u201d she says.<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The Great Resignation is coming to a close, as far as one prominent economist is concerned \u2014 and \u201cthe Big Stay,\u201d as she dubs it, could be here to, well, stay. Nela Richardson, chief economist at ADP ADP, +0.69%, the payroll-service company, says that workers are increasingly sticking with their jobs (aka the Big Stay) […]<\/p>\n","protected":false},"author":1,"featured_media":10620,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[236],"tags":[83],"class_list":["post-10619","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-news","tag-featured","post_format-post-format-gallery"],"yoast_head":"\nSo long, Great Resignation: \u2018The Big Stay\u2019 is the new workplace trend, this economist says | iFintechWorld<\/title>\n<meta name=\"description\" content=\"The Great Resignation is coming to a close, as far as one prominent economist is concerned \u2014 and \u201cthe Big Stay,\u201d as she dubs it, could be here to, well,\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, 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