Millions of workers left their jobs during the “Great Resignation” of the Covid-19 pandemic, but economic insecurity and uncertainty have once more turned the tides of the labor market toward the “Great Stay.”
Economists coined the term to refer to fewer employees leaving jobs, and fewer employers hiring or firing new workers.
“We had this ‘Great Resignation’ just a couple of years ago,” Nela Richardson, chief economist at ADP, told CNBC. But now, “workers aren’t going anywhere,” she noted.
“They’ve got their dream job, which is probably partly at home, maybe with a big salary pickup ... And what we actually see in the data is very low turnover, which is very unusual in the U.S.,” she added.
″I call it the ‘Great Stay.’ People are staying put. They’re not leaving. And they’re staying put in things like IT and software development, where you would normally see a lot of turnover,” she noted.
