Are workers officially done job-hopping? Why 2024 marks the start of the 'Big Stay'

It seems any residual power employees had during the Great Resignation has been snuffed out — many Americans believe this year marks the start of the "Big Stay."

MyPerfectResume surveyed nearly 2,000 Americans, finding that 80% predict 2024 will be the year workers stay with their current employers. Given the waves of layoffs since the end of  2023 and into the first months of this year, it's unsurprising that workers seem more hesitant to job-hop. On top of that, 45% of survey respondents predict that the number of remote job openings will drop, too, making the labor market even less attractive to job seekers. 

"This shift away from the Great Resignation is likely a reaction to the turbulence workers experienced," says Kellie Hanna, career expert at MyPerfectResume. "Many workers, largely women, resigned during the pandemic due to school closures and child care challenges. Many others were laid off. That doesn't mean there won't still be job hoppers, but we expect more [employees] will be trying to stay put."

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Hanna notes that workers will focus on building applicable skills rather than job-shopping. According to MyPerfectResume, 70% believe re-skilling will be necessary, while 74% believe work experience will be more important than a college degree. However, employees do not expect to upskill on their own: 72% of survey respondents want their companies to embrace mentorship and coaching programs.

"Workers believe their work experience should count more than the degree they earned," she says. "More starkly, this shows that workers want and expect employers to provide more training and development opportunities in 2024."

But that's not the only benefit employees are still expecting from their employers. If the "Big Stay" is about workers sticking around, then employers will want to ensure their company is a place worth sticking with. Over 80% of workers believe organizations will further invest in mental health and well-being programs, and 79% believe DEI efforts will become a bigger priority this year. 

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"Companies will hopefully adapt their strategies to meet the needs workers have expressed," says Hanna. "This includes allowing remote work options, offering training and development opportunities, and prioritizing employee health and wellness initiatives to prevent burnout."

Even in a slow-hiring market, potential talent has a few expectations — notably, 71% of workers expect that more companies will include salary information in their job postings. Now that 10 states have salary transparency laws, clear salary ranges will become more common, and some employers outside of these states may even feel pressured to post their ranges to ensure their job ads are competitive.

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As workers head further into 2024, there's building anxiety about whether the job market will fall more securely into their favor again. Hanna reminds them that the pendulum is always bound to swing back in the other direction, and if employers are smart, they will design their retention strategies accordingly.

"The balance of power between employers and workers is in constant flux depending on the state of the economy," says Hanna. "Sure, employers may currently have a bit more leverage in a slower hiring market, but they can't rest on that because conditions can change at any time. Both employers and workers need to remember that it's a symbiotic relationship and treat it as such."