After years of record quit rates, US workers are hunkering down for the Big Stay

Stuck to the swivel chair… During the stimulus-packed pandemic, employers navigated record worker turnover and struggled to hire as wages rose. Now, some companies are facing the opposite problem: nobody wants to quit anymore. For four months in a row, quitting #s have held steady at the prepandemic rate of 2.3% as workers put a lid on the Great Resignation and ushered in the Big Stay.

• Peacing out: During the “see ya” days of labor, the monthly quit rate reached highs of 3% as workers searched for greener, more-remote-friendly pastures.

• Staying put: Over 50M US workers quit last year, up from 2021’s ~47M. But this year, 73% of workers said they’ll stay at their jobs, up from 61% — even as return-to-office mandates intensify.

• Passive pushout: Bank of America announced plans to cut headcount through a wait-’em-out approach this year, but so far it’s seen record low attrition. Elsewhere, hiring has slowed significantly (seasonal hires are the lowest since 2013). Now layoffs are climbing — up 24% last month from October.

The devil you know… Don’t get it twisted: workers aren’t sticking around for the stale coffee. Job satisfaction has slumped 10% this year — the lowest since early 2020 — as inflation waters down paychecks and RTO plans have workers remembering why they don’t sit in traffic by choice. Meanwhile, 40% of Americans have run out of their pandemic savings, student-loan repayments have resumed, and folks have racked up a record $1T+ in credit-card debt. It’s hard to give up a stable paycheck.