Why Employees Are Choosing To Stay in 2023

How Employees Can Take Advantage of the Big Stay

The Great Resignation of 2021-2022 seems to be coming to an end, as more and more people are choosing to stay at their jobs. This is partly due to the rising cost of living, the desire for job security, and the increasing importance of work-life balance. As a result, companies are finding ways to create more engaging and rewarding workplaces to retain their employees. For this study, we surveyed 1,000 HR professionals and employees to gain a better understanding of the present phenomenon—the Big Stay.

Key Takeaways

• 70% of employees aren’t currently looking for a new job. Work-life balance (51%) is the top reason they are staying.
• Over 1 in 8 employees are staying at their current job to avoid the interview process.
• Baby boomers’ top reason for staying at their current job is insurance coverage (48%), while work-life balance is the key factor for Gen Xers (52%), millennials (52%), and Gen Zers (51%).
• For women, work-life balance (54%) is the primary factor in their decision to stay at their job, while men cite job stability (52%) as their top reason.
• How long Americans are planning to stay at their current job, by generation:
• Baby boomers:
• 1-3 years: 29%
• 4-6 years: 38%
• 7+ years: 29%
• Until retirement: 5%
• Gen Xers:
• 1-3 years: 16%
• 4-6 years: 22%
• 7+ years: 40%
• Until retirement: 23%
• Millennials:
• 1-3 years: 27%
• 4-6 years: 25%
• 7+ years: 31%
• Until retirement: 17%
• Gen Zers:
• 1-3 years: 43%
• 4-6 years: 38%
• 7+ years: 14%
• Until retirement: 5%

Key Takeaways

• 80% of HR professionals say their company has good employee retention, with those at medium-sized businesses most likely to say so (85%).
• 51% of HR professionals say voluntary turnover stayed the same over the last year, while 17% say it decreased.
• The top ways HR professionals are taking advantage of the Big Stay to retain employees by company size:
• Large-business: Flexible work schedules and remote work options (50%)
• Medium-business: Opportunities for advancement and career growth (52%)
• Small-business: Competitive salary and benefits packages (43%)

The Importance of a Culture of Trust and Respect

The Great Resignation may be ending, but that doesn’t mean employers can become complacent about retaining their employees. Companies need to continue to offer competitive salaries and benefits, as well as flexible work schedules and advancement opportunities. They must also create a culture of trust and respect, where employees feel valued and appreciated. By doing these things, companies can ensure that their employees are happy and productive, and that they will remain with the company for years to come.

Methodology

B2B Reviews surveyed 490 HR professionals and 522 employees about employee retention. Among the HR professionals, 49% worked at a large company (250+ employees), 28% worked at a medium business (50-249 employees), and 23% worked at a small business (1-49 employees). Of employees, 5% were baby boomers, 23% were Gen Xers, 61% were millennials, and 11% were Gen Zers.

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