A recent poll conducted by Robert Walters, has found that an unprecedented number of professionals are choosing to remain with their current employer, a phenomenon which the recruitment firm calls ‘The Big Stay’.

Over two-thirds of UK professionals (71 per cent) have admitted that fears around job security are preventing them from moving jobs. However, Robert Walters is warning professionals that ‘hanging onto a job’ which no longer serves your career could not only be detrimental to the economy but also to careers.

Three-quarters (76 per cent) have stated that job security is a concern (on varying scale) when considering a new role, with 16 per cent admitting that fears around new job security has stopped them from applying for a new role in its entirety.

Shift in Priorities

An overwhelming 77 per cent of UK professionals state that they would now prioritise job security over pay – with 16 per cent admitting that this was only something that ‘crossed their mind’ recently.

In fact, 74 per cent of UK employers have stated that prospective employees now bring up the topic of ‘job security’ during the hiring process – with 53 per cent stating that this has been a more recent occurrence in 2024.

When probing further on this increased focus on job security, over two-fifths of professionals (43 per cent) stated that the state of the economy plays a ‘significant role’ in their decision on whether to move roles – with inflation (22 per cent), unemployment rates (18 per cent), and GDP growth (4 per cent) being primary considerations.

Companies Struggle to Attract

Over three-quarters (79 per cent) of hiring managers stated that they have noticed an increase in prospective employees declining job offers in 2024 – with the large majority (55 per cent) stating that this is down to salary or culture fit, followed by concerns around company security (14 per cent) or job stability (12 per cent).

As a result, 75 per cent of companies have stated that they have made changes to their recruitment strategies in an attempt to address concerns prospective employees may have over job security. These include sharing growth plans (38 per cent) and being more open about industry challenges (25 per cent).

Just 13 per cent have stated that they are being more upfront about company performance – with many companies worried this may deter professionals from joining them.

When it comes to financial health and long-term company plans, organisations are increasingly taking a more transparent approach – over a third claim that they are now very transparent (39 per cent), followed by somewhat transparent (26 per cent) and slightly transparent (10 per cent). A quarter (25 per cent) state that they are not at all transparent about the financial health of the company during the recruitment process.

Chris Eldridge,  CEO of Robert Walters UK & Ireland commented: “It was just three years ago where we saw evidence of The Great Resignation – where professionals were taking new job opportunities at a record high, which was also matched with high starting salaries.

“Whilst there was an initial fear around ‘The Big Stay’ – this is potentially a short-term trend with market confidence already returning post-election.

“Economic growth is underpinned by labour movement – organisations need fresh perspectives  to remain competitive, maximise revenue opportunities and drive profitability. Equally employees reluctant to pursue progression opportunities risk stagnating their careers or pigeonholing themselves. Statistically, professionals who move jobs more often will earn more over their working life than someone who has chosen to stay put.”