New research reveals that a staggering 71% of professionals are refraining from job switches due to concerns over job security, a trend dubbed as ‘The Big Stay.’
This shift indicates that many workers are prioritising stability over career advancement, a choice that could have wide-ranging implications for both their professional futures and the broader economy. The survey highlights that three-quarters of respondents consider job security a key factor when evaluating new opportunities, with 16% admitting that fear of insecurity in a new role has completely deterred them from applying.
Chris Eldridge, a prominent voice in the recruitment industry, contrasts this with the wave of ‘The Great Resignation’ a few years ago, when professionals were changing jobs at record rates, lured by higher starting salaries. He notes, “While there was initial concern about ‘The Big Stay,’ this may be a short-lived phenomenon as market confidence appears to be rebounding post-election.” Nevertheless, Eldridge warns that staying in a stagnant role could hinder both individual career development and economic dynamism. “Economic growth relies on labour mobility. Organisations need fresh perspectives to remain competitive, and employees who shy away from new opportunities risk stagnating in their careers. Statistically, those who change jobs more frequently tend to earn more over their working lives.”
The findings also reveal a notable shift in professional priorities. A significant 77% of UK workers now rank job security above salary, with 16% indicating that this concern has only recently come to the forefront of their minds. Employers have noticed this shift as well, with 74% stating that candidates are increasingly raising the issue of job security during the recruitment process. Economic factors are a major driver of this trend, with over two-fifths of respondents citing the state of the economy as a crucial consideration in their decision to move roles. Inflation, unemployment rates, and GDP growth are among the top concerns influencing their hesitancy. Eldridge acknowledges the pressures facing professionals, noting, “Even when a company can offer job security, the current economic climate is causing many to delay making significant life or career changes.”
The report also sheds light on the challenges facing employers, with 79% of hiring managers observing an increase in candidates declining job offers in 2024. The primary reasons cited are salary expectations or cultural fit, followed by concerns over company security and job stability. In response, 75% of companies have adjusted their recruitment strategies to address these concerns. These adjustments include being more transparent about growth plans and openly discussing industry challenges. However, only 13% of firms are candid about their financial performance during the recruitment process, fearing that such transparency might deter potential hires. Nevertheless, some companies are recognising the value of transparency. Over a third now claim to be very transparent about their financial health and long-term plans, with a quarter still opting for a more guarded approach. Eldridge concludes, “While companies may hesitate to disclose financial details or challenges, my experience shows that transparency often helps secure the right candidate—those who are not only undeterred by these challenges but are also eager to contribute solutions.”
The findings signify a shift in professional priorities, with job security taking precedence over salary. This evolving landscape poses challenges for both employees and employers, emphasising the need for transparency and adaptability.
