The Big Stay: 54 % hesitate to change jobs

Published date: 30 October 2024

6 % say their concern about job security completely prevents them from applying for new roles.
24 % are very worried about applying for a job.
24 % express mild concerns about job security.
50 % of respondents state that unemployment figures are the most significant economic factor influencing their decision to change jobs.
33 % see inflation as a crucial economic factor.
70 % of businesses report an increase in declined job offers from candidates.

A quarter of professionals surveyed say that job security is always their top priority when choosing a new role. Furthermore, 38 % of respondents report that this wasn't always the case, but they now place more emphasis on security.

These findings come from a recent pulse survey conducted by Robert Walters in Germany, highlighting a trend that the recruitment consultancy refers to as "The Big Stay". This development could have long-term negative effects on the labour market and the competitiveness of the German economy.

Thomas Hoffmann, Managing Director Germany at Robert Walters, comments:

"On one hand, we are seeing companies being more cautious with hiring due to risk aversion and cost concerns. On the other hand, employees are clinging to their current roles, even if it means forgoing better salary and career opportunities, as they believe this offers them more security," says Hoffmann.

"Nevertheless, many employees remain open to change. According to our survey, nearly 70 % of respondents plan to change jobs within the next 1–2 years at the latest."

"Labour market mobility is crucial for economic growth. Businesses need fresh perspectives to remain competitive, and employees need to stay on the move to avoid career stagnation. Statistically, employees who change jobs more frequently earn more over the course of their careers than those who choose to stay."

"A continued trend of 'The Big Stay' will be counterproductive for the German economy in the long run," Hoffmann warns.

Shifting priorities

80 % of respondents would prioritise job security over other factors when seeking a new role. Furthermore, 38 % now rank job security above salary and other factors, despite previously having different priorities. Currently, only 20 % place other reasons for switching jobs as more important.

Moreover, 71 % of employers in Germany have noticed that candidates are increasingly expressing concerns about job security and company stability during the recruitment process, a trend that has intensified in 2024.

The economic situation plays a significant role in this. Half of the professionals surveyed say that unemployment figures influence their decision to change jobs, followed by inflation (33 %).

Companies struggle to attract talent

70 % of businesses surveyed have observed a growing number of candidates rejecting job offers. Reasons cited include a lack of job security, concerns about company stability, as well as unsatisfactory salary or corporate culture.

In this tense climate, many businesses are increasingly focusing on transparency to build trust with potential candidates. 67 % of companies in Germany report being highly transparent about their financial position and future plans during the hiring process. A further 33 % are at least "somewhat transparent". This openness aims to alleviate concerns about job security and provide candidates with a clear picture of the company's stability and future prospects.

Hoffmann adds: "It is often difficult for companies to weigh up what information they should disclose in the recruitment process without scaring off potential applicants. However, in my experience, it helps enormously when companies act transparently - this ensures that the 'right' candidates accept the position and are prepared to face the challenges that await them. As recruitment consultants, we provide support here and act as a trustworthy intermediary between our candidates and clients. Our job is to address concerns and uncertainties on both sides at an early stage in order to avoid false promises or drop-outs in the final stages."