Among U.S. professionals, it appears job-hopping is diminishing — at least temporarily — and that the nation has entered the era of "The Big Stay."
That is according to LinkedIn's Workforce Confidence Index, which is based on a quantitative online survey distributed to LinkedIn members via email biweekly. About 3,000 to 5,000 U.S.-based members respond to each wave. Results from the latest wave were released July 12.
"Now it looks as if we've entered the era of 'The Big Stay,'" George Anders, senior editor at large for LinkedIn, wrote.
"Job transitions in May 2023, as tracked by LinkedIn members' activity, were down 34.3 percent from a year earlier. A growth slowdown in the tech sector has reduced pivots into tech, and professionals in general appear to be valuing job security more highly than career flexibility."
The "Big Stay" is among several workplace trends — including the "Great Resignation" and "quiet quitting" — that have gained traction since the onset of the COVID-19 pandemic.
According to the Workforce Confidence Index, hiring rates have increased about 3 percent to 7 percent as of May in industries such as hospitals and healthcare, government administration and construction. This is compared with their November 2022 levels.
However, hiring has decreased more than 10 percent during that same six-month period in sectors including wholesale, technology, information and media, and administrative and support services, according to the index.
To read more from the Workforce Confidence Index, click here.