After the record-breaking 'Great Resignation' of 2021-2022, the job market is experiencing a shift towards the 'Great Stay', marked by low hiring, quits, and layoffs. Businesses are hesitant to let go of workers due to past hiring challenges, while the Federal Reserve's interest rate hikes have made borrowing more expensive, leading to reduced expansion and hiring.
The" great resignation " of 2021 and 2022 saw unprecedented numbers of workers quit their jobs amid ample and better-paying job opportunities. Today, it's the" great stay ."
" of 2021 and 2022 has morphed into what some labor economists call the"great stay," a job market with low levels of hiring, quits and layoffs. Feeling out of the loop? We'll catch you up on the Chicago news you need to know. Sign up for the weeklyis"below what it was prior to the start of the pandemic, after reaching a feverish peak in 2022," said Allison Shrivastava, an economist at job site Indeed.This dynamic — more people stay in their jobs amid low layoffs and unemployment —"point to employers holding on to their workforce along with more employees staying in their current jobs," Shrivastava said.
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From Great Resignation to Great Stay: Why Workers Are Sticking AroundThe 2021-2022 'great resignation' saw record numbers of workers leaving their jobs for better opportunities. Now, a 'great stay' is emerging, with fewer job openings and workers choosing to remain in their current positions. This shift is attributed to employer reluctance to lay off workers after pandemic-era hiring struggles, coupled with the Federal Reserve's interest rate hikes that have cooled business expansion and hiring.
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