‘Job hugging’ has replaced job hopping, consultants say

The “Great Stay” is Here: Why Workers Are “Job Hugging”

The job market has shifted dramatically. Instead of the “Great Resignation” we’re now seeing a “Great Stay,” with workers clinging to their current positions. Here’s a breakdown of what’s happening:

• Job Hugging Defined: Workers are staying in their jobs, often for extended periods, a trend that contrasts sharply with the job-hopping seen in recent years.
• Stagnant Labor Market: Low hiring, quitting, and layoff rates indicate a lack of movement in the job market.
• Economic Uncertainty: Concerns about the economy, politics, and global events are making workers hesitant to seek new employment.
• Cooling Job Market: Higher interest rates and a slowing economy are impacting hiring rates and job growth.
• Risks of Job Hugging: Staying in a job can limit earning potential, hinder skill development, and potentially lead to stagnation.
• Impact on New Entrants: A lack of job openings can make it harder for recent graduates and other new job seekers to find employment.

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