"Economic anxiety: The primary driver is economic uncertainty, with many workers fearing a potential recession or layoffs. A more stable economy is cited as a key condition for many to feel confident in changing roles. Frozen labor market: Due to a combination of high interest rates and caution among businesses, hiring has slowed considerably, and fewer workers are quitting. One analyst described it as a "frozen" market where there's "not a lot of hiring, but there's not a lot of firing either"."
"This can lead to resentment and disengagement, sometimes referred to as "quiet quitting," where employees only do the bare minimum. Housing market impact: Higher mortgage interest rates are contributing to the trend by making it too expensive for many people to move. This "stay put" mentality extends to both jobs and homes. Stagnation risk: The lack of turnover poses a challenge for companies, with the risk of "Great Stagnation" where a workforce becomes disengaged and complacent."
Economic uncertainty, slowing hiring, and fears of layoffs are causing employees to stay in current jobs rather than seek new opportunities. High interest rates and business caution have frozen the labor market, reducing both hiring and quitting. Many workers remain in unsatisfying roles for lack of better options, producing resentment, disengagement, and quiet quitting. Elevated mortgage costs make relocating costly, reinforcing a stay-put mentality for homes and jobs. Reduced turnover can improve stability but risks a Great Stagnation as disengaged workforces become complacent. Employers face the opportunity to improve culture and retention, or the risk of declining satisfaction and productivity paradoxes.
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