The 'Big Stay' But For How Long?
From “Quiet Quit” to “Big Quit” and “Big Unretire”, and now “Big Stay”: But is that here to Stay?
In recent years, the working world has undergone seismic shifts, with trends like the “Quiet Quit”, the “Big Quit”, the “Big Unretire”, and now the “Big Stay” entering the lexicon of business professionals. For bookkeepers and accountants in the UK, understanding these trends is crucial, not just for their own personal career trajectories or those of their staff, but also for advising their clients. Let’s delve into these phenomena, explore their causes, effects, and speculate on what the future might hold.
The Quiet Quit
The term “Quiet Quit” emerged as employees, disillusioned by the lack of progression and job satisfaction, began doing only what was required of them, no more, no less. This wasn’t about disengagement or laziness, but a conscious decision to prioritise work-life balance over the relentless pursuit of career advancement. A 2021 Gallup survey found that only 36% of employees were engaged in their work, a significant drop from previous years. This trend was particularly pronounced in high-pressure professions like accounting and bookkeeping, where burnout rates were already high.
Causes:
- Burnout. Long hours and high stress, exacerbated by the pandemic.
- Lack of Career Progression. Limited opportunities for advancement in many firms.
- Work-Life Balance. A shift in priorities, valuing personal time over professional achievements.
Effects:
- Productivity. While productivity didn’t necessarily plummet, innovation and proactive problem-solving took a hit.
- Turnover Rates. Increased as employees eventually sought more fulfilling roles.
The Big Quit
Following the “Quiet Quit” came the “Big Quit” or the “Great Resignation,” a period where employees left their jobs in droves. In 2021 alone, over 47 million Americans voluntarily quit their jobs, according to the U.S. Bureau of Labor Statistics. The UK saw similar trends, with a 2022 report from the Office for National Statistics (ONS) indicating record high job vacancies.
Causes:
- Pandemic Reflection. The pandemic prompted many to reassess their career choices and seek more meaningful work.
- Remote Work Preferences. Many employees preferred remote work, but not all employers were accommodating.
- Better Opportunities. A competitive job market with higher wages and better benefits.
Effects:
- Skill Shortages. Many industries, including finance, experienced significant skill gaps.
- Increased Hiring Costs. Firms had to invest more in recruitment and retention strategies.
The Big Unretire
Interestingly, the trend of “Big Unretire” followed, with many retirees re-entering the workforce. The ONS reported an increase in the number of over-65s working part-time or full-time, a trend that started gaining traction in 2022.
Causes:
- Financial Necessity. Rising living costs and insufficient pensions.
- Boredom and Purpose. A desire to stay active and engaged.
- Demand for Experience. Employers valued the experience and stability older workers brought.
Effects:
- Workforce Diversity. A broader age range in the workforce, bringing varied perspectives.
- Mentorship Opportunities. Older employees often took on mentoring roles, aiding in the development of younger staff.
The Big Stay
Currently, we’re witnessing what some are calling the “Big Stay.” Employees are now showing signs of settling into their roles, valuing stability after years of upheaval. A 2023 survey by PwC found that 76% of employees in the UK planned to stay with their current employer for at least the next year.
Causes:
- Economic Uncertainty. Concerns over a looming recession and job security.
- Improved Work Conditions. Employers have enhanced working conditions to retain staff, including flexible hours and mental health support.
- Career Growth. More opportunities for upskilling and internal mobility.
Effects:
- Stability. Companies benefit from lower turnover rates and the retention of institutional knowledge.
- Employee Satisfaction. Higher job satisfaction and engagement levels.
Comparisons and Global perspectives
While these trends are prominent in the Western world, different regions have experienced unique variations. For instance, Japan’s concept of “Shūkatsu” (lifetime employment) is being challenged as younger generations seek more flexibility. In contrast, in countries like India, the pandemic saw a surge in entrepreneurial ventures, with many opting to start their businesses rather than stay in traditional roles.
What does the future hold?
Predicting future work trends is challenging, but several possibilities emerge:
- Hybrid Work Models. Likely to become the norm, blending both remote and office work to balance flexibility and collaboration.
- Continued Focus on Well-being. Mental health support and work-life balance will remain priorities for employers.
- Technological Integration. Increasing reliance on AI and automation, especially in accounting and bookkeeping, necessitating continuous upskilling.
- Diverse Workforce. An inclusive approach to hiring, leveraging the strengths of a multi-generational workforce.
For bookkeepers and accountants, staying informed about these trends is crucial to not just survival but thrive of their practices and the successful achievement of their core purpose. Not only does it help in managing employee careers, but it also enables them to provide better advice to clients navigating the complex landscape of workforce management. Embracing change, prioritising continuous learning, and maintaining a flexible approach will be key to thriving in this evolving work environment.
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