Five years after UCL School of Management Professor Anthony Klotz coined the term the “Great Resignation”, predicting that millions of workers would quit their jobs following the disruption of Covid-19 lockdowns, the Financial Times has suggested that this period has now come to an end, with the global labour market instead entering what has been described as a “Great Hunkering Down”.
In a recent article for The Times, journalist Harry Wallop reflects on this market shift, suggesting that workers are now far more cautious about leaving their roles than they ever were during Covid. As Wallop writes, “most people are now grateful to have a job”, identifying that many of the perks introduced during the height of the “Great Resignation” are beginning to be scaled back.
Recent data supports this change in behaviour. Analysis by the Chartered Institute for Personnel and Development shows that by the end of last year, 86 per cent of workers were staying in their roles for more than a year, the highest level recorded outside of the pandemic period since 2010. Meanwhile, job switching rates have declined significantly compared with the peak levels seen in the years immediately following lockdown.
Speaking to Wallop, Dr Klotz highlights the importance of understanding why people choose to leave their jobs and why people stay. His research suggests that decisions to leave are often triggered by “jolts” – unexpected events at work or at home that prompts people to reassess their situation and consider change.
Dr Klotz’s recent book, Jolted: Why We Quit, When to Stay, and Why It Matters, explores these very dynamics in detail, challenging the idea that job mobility can be explained solely through economic market trends. Instead, individual decisions are shaped by a wide range of personal and public circumstances, from caring responsibilities to career aspirations.
While current conditions may be encouraging workers to prioritise stability, Klotz suggests that this does not necessarily signal a permanent shift. Periods of caution may be followed by renewed willingness to move, particularly as new technologies and AI work-transformation begin to reshape the types of opportunities available.
