New research indicates a substantial shift in professional landscapes. According to a recent study, 71% of professionals are hesitant to change jobs due to job security concerns.
This phenomenon, termed as ‘The Big Stay,’ suggests a significant focus on stability over career advancement, potentially impacting both individual career progression and broader economic growth.
Prioritising Stability Over Advancement
The study reveals that 75% of respondents consider job security a crucial factor when evaluating new opportunities. Interestingly, 16% of professionals admitted that insecurity in a new role has completely deterred them from applying.
Chris Eldridge, the CEO of a leading recruitment firm, contrasts this trend with ‘The Great Resignation’ period, when job changes were frequent due to the allure of higher salaries. He notes that this hesitancy might be short-lived as market confidence rebounds post-election.
Staying in a stagnant role could hinder career development and economic dynamism. Eldridge emphasises that labour mobility is essential for economic growth and that employees changing jobs tend to earn more over their working lives.
Shift in Professional Priorities
The survey indicates a shift in priorities, with 77% of UK workers now ranking job security above salary. Among these, 16% stated that this concern has only recently become significant.
Employers have also noticed this change, with 74% reporting that candidates are increasingly bringing up job security during recruitment.
Economic conditions play a major role in this trend, with over two-fifths of respondents citing the state of the economy as a crucial factor in their decision-making. Concerns include inflation, unemployment rates, and GDP growth.
Challenges for Employers
The report highlights the challenges faced by employers. In 2024, 79% of hiring managers observed an increase in job offer rejections.
The main reasons for these rejections include salary expectations and cultural fit, followed by company security and job stability issues.
To address these concerns, 75% of companies have adjusted their recruitment strategies. These adjustments include transparency about growth plans and industry challenges.
However, only 13% of firms are transparent about their financial performance, fearing potential deterrence of candidates. Despite this, some companies are recognising the value of transparency. Over a third claim to be very open about their financial health and long-term plans, although a quarter still prefer a guarded approach.
Implications for Employees and Employers
This trend has significant implications for both employees and employers. Professionals who avoid changing jobs may miss out on opportunities for advancement and higher earnings.
Furthermore, a lack of labour mobility can result in stagnation within organisations, as fresh perspectives are essential for competitiveness.
Employers are under pressure to create an attractive environment to retain talent. They need to find a balance between transparency and maintaining a positive image.
Economic Factors Influencing Job Security Concerns
Economic factors significantly influence job security concerns. Inflation, unemployment rates, and GDP growth are among the top concerns for professionals.
Even companies offering job security find that the current economic climate causes delays in career changes.
Chris Eldridge acknowledges these pressures, noting that the challenging economic conditions make it difficult for professionals to make significant life or career changes.
Recruitment Strategies in a Changing Market
In response to these trends, companies are evolving their recruitment strategies. Transparency about growth plans and industry challenges is becoming more common.
Despite fears that transparency about financial performance might deter candidates, some firms find it beneficial for securing the right talent.
Eldridge asserts that transparency helps attract candidates who are not only resilient to challenges but eager to contribute solutions.
The Path Forward
As market conditions stabilise, there may be a shift back towards greater labour mobility. Companies and professionals alike will need to adapt to these changing dynamics.
The trend of ‘The Big Stay’ underscores the significant role of job security in professional decision-making today.
While stability remains a priority for many, the evolving economic conditions and market confidence may soon influence a shift towards greater career mobility once again.
