The United States is gradually moving away from the Great Resignation era as fewer people are quitting their jobs in 2023, according to the ADP Research Institute. The rate of Americans leaving their jobs has decreased by 5% from the previous year, and job openings in the U.S. have fallen by 20% from 2022. This trend, known as the "Big Stay," indicates that workers are choosing to remain in their current jobs for longer periods of time.
Several factors are contributing to this trend, including economic and geopolitical events that have caused companies to tighten their belts and cut costs. The increasing interest rates, which dampen the economy, lead to job cuts as companies feel the effects of higher borrowing costs. Blue-collar workers may have more job security in 2023 than white-collar professionals, who are facing a recession. Meanwhile, layoffs are below pre-pandemic norms for blue-collar workers.
Job seekers may feel that it is safer to stay in their current jobs rather than take the risk of moving to a new company. Employers now have greater leverage due to the changing economic landscape, and pay increases for job switchers have slowed down. With fewer job opportunities available, workers may be holding off quitting their jobs to see how things play out or waiting for the job market to tip in their favor again, even if it means staying in a job they dislike.