Just 36 percent of US workers are planning to look for a job in the near future, according to HR consulting firm Robert Half. A new workplace trend, the Big Stay, rivals other movements such as the Great Resignation; Robert Half's 2024 Job Optimism report reveals that, when the Great Resignation was in full swing, almost half of US employees planned to look for a new job. According to ADP Research Institute, more than 4 million Americans quit their jobs each month between June 2021 and December 2022.

The Big Stay represents a stark contrast from the previous landscape, and job-hopping has slowed down significantly. Robert Half's research found that the most significant reasons workers are staying in their current roles are flexibility, already feeling fulfilled, and already feeling well compensated. What would convince those employees to leave for greener pastures? A higher salary, better benefits and perks, and greater remote flexibility.

The new economic shift is squeezing the talent pool. Although 57 percent of hiring managers are actively seeking talent for new roles to support company growth, 90 percent of those managers have found it difficult to find and hire skilled talent, according to Robert Half. Thirty-four percent of managers have called the process "very challenging."

Furthermore, ADP Research Institute found that job openings in 2023 decreased 20 percent from 12 million in 2022 to 9 million in March 2023. The Indeed Hiring Lab found that's partly due to job opportunities, labor shortages, and pay increases at new positions all abating since 2022.

Because the talent pool continues to shrink, employers risk missing out on top talent if they don't speed up their hiring processes. According to Indeed, a typical interview process can take approximately two months from submitting an application to receiving a job offer.

Robert Half's research shows that the hiring process is one of the top three reasons companies miss out on top talent. The other two are a candidate's salary expectations are too high and the organization didn't offer enough flexibility.