In an interview with CanadianSME Small Business Magazine, Martin Fox, Managing Director – Canada at Robert Walters, discussed the emerging workplace trend he calls “The Big Stay.” This phenomenon marks a shift from the “Great Resignation,” with employees increasingly choosing to remain in their current positions due to concerns about job security amid economic uncertainty. Unlike the resignation wave, where employees sought better pay and opportunities, “The Big Stay” reflects a cautious approach to career moves, influenced by fears of economic downturns and job instability. While this trend benefits companies by reducing turnover and retaining experienced staff, it could potentially stifle innovation and slow economic growth by limiting new talent influx and fresh ideas. Martin highlighted that a significant percentage of Canadian professionals now prioritize job security over higher salaries, driven by the current economic climate’s uncertainties and the rising cost of living.
Martin Fox joined Robert Walters in Dublin in 2006 focusing on recruiting accounting professionals for the financial services sector for 6 years. He then spent 5 years in the Group’s global head office in London (UK) where he started and grew numerous specialised Accountancy & Finance teams before returning home to Toronto to establish RW’s first office in Canada in 2016. The business focuses on recruiting top calibre finance & operations, legal, risk & compliance and technology professionals across the Greater Toronto Area and Canada-wide. They offer a highly specialized service to candidates and clients, leveraging the long-established track record the group holds with many of the world’s leading institutions.
Could you elaborate on the concept of “The Big Stay” that you mentioned? How does this phenomenon contrast with the previously popular “Great Resignation” and what implications does it have for the labor market?
“The Big Stay” is all about employees deciding to remain with their current role and employer due to concerns about job security. This is quite different from the “Great Resignation,” where people were leaving jobs in droves for better pay and opportunities. What we’re seeing now is a hesitation to move, driven by economic uncertainty.
This trend has its pros and cons. On one hand, companies benefit from reduced turnover and the retention of experienced staff. On the other hand, it can lead to stagnation, as both employees and companies miss out on the fresh ideas and innovation that come with new hires. This could potentially slow down economic growth since labor movement is a key driver of a dynamic economy.
Recent studies suggest that a significant percentage of Canadian professionals now value job security more than the potential for higher salaries. What factors do you believe are driving this shift in priorities?
The shift towards valuing job security over higher salaries is largely due to the current economic climate. People are cautious about making big changes in uncertain times, and the economic instability we’ve seen recently has made job stability more appealing. Factors like inflation, unemployment concerns, and general economic uncertainty are making employees prioritize a secure job over the potential benefits of a higher salary.
The cost of living is also a big factor—people need to know they have a steady income to manage their expenses.
In what ways do you see the current economic climate influencing professionals’ decisions to stay put in their jobs or seek new opportunities?
The current economic climate is making many professionals more cautious about changing jobs. With high inflation and fears of a downturn, the security of a known job is very appealing. Many are afraid of layoffs, particularly in new positions where they haven’t yet built a strong rapport or proven their value.
There’s also a noticeable decline in new permanent roles, which further discourages job changes. In these conditions, staying put feels like the safer bet for many professionals.
It’s noted that many professionals continue to interview for new roles without the intention of leaving their current positions. What do you think motivates this behavior, and what can employers learn from it to enhance their retention strategies?
When professionals interview for new roles without intending to leave, they’re often looking to understand their market value and stay informed about industry trends. This behavior shows that while employees appreciate the security of their current job, they are still on the lookout for better opportunities.
Employers can take this as a cue to focus on improving job satisfaction through competitive salaries, opportunities for growth, and transparent communication about the company’s stability and future plans. By addressing these areas, companies can better attract top talent and encourage potential candidates to accept a new job offer.
How important is leadership transparency and communication in maintaining employee loyalty and retention?
Leadership transparency and communication are absolutely crucial for building trust and retaining employees. When leaders are open about the company’s performance and future prospects, it gives employees a sense of security and belonging. Clear and consistent communication helps employees feel aligned with the company’s goals and more invested in its success.
This level of transparency creates a sense of loyalty and reduces the likelihood of employees looking for opportunities elsewhere.
