The Great Stay: What it means for hiring in 2024
The job market now is being shaped by a trend we’re calling The Great Stay. While “The Great Resignation” saw waves of people leaving their roles for new opportunities, the pendulum has swung the other way. Now, more professionals are staying put, and job seekers are cautious about making a move. So, what does this mean for hiring top talent, especially in areas like digital transformation, marketing leadership, and analytics strategy?
Job market insights
Recent reports suggest that job openings have surpassed expectations, but the reality is that hiring has slowed significantly. Companies are still on the lookout for talent, but they’re being more selective about who they bring on board, largely in response to ongoing economic uncertainties.
Interestingly, around 80% of our placements this year have been with candidates currently employed at competitive firms. These individuals aren’t leaving because they’re dissatisfied with their current roles; rather, they are seeking career growth and alignment with missions that excite them. They want roles that challenge them and leaders who inspire them.
The Great Stay and its impact on hiring
So, why are people staying in their roles longer than they did a year or two ago? It comes down to risk. In a tougher job market, fewer people are willing to quit without certainty about their next move. With more selectivity from employers and fewer “sure bets” for candidates, people are thinking twice about jumping ship.
This has resulted in many roles remaining unfilled for longer. Many of our clients are coming to us after posting ads, reposting ads, and exhausting their own networks. They’ve realized that while their internal efforts haven’t yielded results, turning to a specialized executive search firm offers the best chance of finding the perfect candidate. These clients recognize that we have the industry knowledge and extensive network to source top-tier talent who are still open to the right opportunity, even in the midst of The Great Stay.
A market reality through 2025
Our prediction? This job market is here to stay well into 2025. The combination of cautious candidates and selective employers means it will take longer to fill roles, especially those requiring specialized skills like digital marketing leadership, MarTech expertise, and analytics-driven strategy. But the good news is that there are still fantastic candidates out there who are interested in growth, even if they’re being more discerning about their next steps.
What you can do now
If you’re looking to add digital transformation leaders, marketing strategists, or analytics experts to your team, know that the candidates who are open to change want to see strong opportunities for growth and alignment with your company’s vision. It’s more important than ever to focus on what your firm can offer in terms of culture, mission, and leadership.
And if you’ve had roles open for a while, it might be time to consider partnering with a search firm. The right recruitment partner can help you reach beyond job boards and LinkedIn posts to tap into a network of professionals who may not be actively looking but are primed for their next challenge.
The landscape has changed, and The Great Stay means more stability for employees—but with the right approach, you can still find the standout leaders who will help take your business into the future.
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