Workers across the globe may not be seeking to leave their current roles in the near future, but not out of a sense of loyalty to their employer.

Instead, they’re focused on developing skills and progressing their career all whilst keeping one eye on the exit door should external forces swing back to their favor.

The Global Workforce of the Future Report 2024 from talent solutions provider LHH shows that the pivot from the ‘Great Resignation’ – when HR leaders struggled to hold on to their best talent – has since given way to the ‘Big Stay’.

Research among 30,000 workers from 23 countries and 25 industries found that 52% of workers cited external factors and 51% a “fear of the unknown” as holding back their professional growth – rising to 57% for both factors among US employees.

Meanwhile, other factors such as economic climate (23%), age (22%), and limited opportunities within their own industries (20%), mean three in four (75%) of employees currently plan to stay in their roles for the rest of the year.

Speaking to UNLEASH, LHH President Gaëlle de la Fosse explains she anticipates more employees to seek out career opportunities elsewhere when labor conditions stabilize.

“We are now entering the ‘Great Potential’ era where employers have the opportunity to invest more thoughtfully in talent, build stronger leaders, and fill critical skills gaps that will help improve employee engagement and retention for the long term.”

Professional development is not a one-and-done job

While it may be a short-term relief for HR leaders that their workforces are not actively looking to move on, they should not mistake this trend for satisfaction or loyalty.

By focusing on improving skills and progressing careers with their current employers, the vast majority of employees surveyed (86%) are confident they could find a new job within six months, either through their own networks (74%), an independent job search (71%), or a recruiting firm (68%).

“Our latest research tells us that workers are considering leaving their jobs not only because of salary, but for career growth opportunities, mental well-being, and more fulfilling work,” says de la Fosse.

Addressing these concerns “goes beyond just specific skills development programs”, she explains, as workers seek out managers that are invested in their long-term growth, stronger workplace cultures, and an ongoing investment in their skills” to stay competitive in a changing labor market.

Professional development can’t be viewed as a one-and-done effort. Even companies that already invest in skills development and mentorship will need to build proactive talent strategies that make continuous learning a priority.”

With a “passive talent pool” that are currently both looking at open roles and eager for new skills, talent retention will be a primary concern for HR leaders, particularly in technology and digital-first industries.

LHH found that workers are “especially optimistic” about tech-enabled futures and their outlook on digitalization, with 65% of workers feeling that it will have a positive impact on their jobs.

As such, focusing on improving skills in technologies such as AI will be paramount, as workers “want to feel confident that their skills remain valuable and won’t be easily replaced by automation” says de la Fosse.

“At the same time, it’s important to remember that while technical skills are important, problem-solving, critical thinking, and communication skills are also all the more crucial in an age of automation.

“HR leaders need to provide their teams the space to develop these soft skills by shifting them into roles that offer more strategic work.”

Look inward to move forward

In order to address the growing desire for more skills and support among workers, HR leaders will need to prioritize learning and development opportunities and ensure managers are equipped to take the lead on this.

LHH’s report shows workers are keenly aware of the responsibility that both managers and employers have in this regard, with 22% and 20% saying managers and employers respectively are responsible for making sure their skills are relevant for the future.

“Regular, supportive career conversations are crucial for employee growth and addressing skill gaps, but our data tells us that most employees feel they aren’t getting that level of support from their managers or leadership team,” comments de la Fosse.

While many employers have invested in talent platforms, LHH found that employees are not engaging with these systems.

Nearly half of workers (46%) said they don’t feel their managers would support them in moving to another role, and only 8% of those interested in new opportunities are using internal platforms.

“Internal mobility is an often overlooked talent strategy that can have a significant impact on an organization’s bottom line while helping retain valuable talent. Replacing just one employee can cost a company anywhere from one-half to two times their annual salary,” de la Fosse states.

“Employees are well aware that companies tend to look elsewhere before retraining their existing workforce, with 64% of workers saying companies should upskill internally before hiring externally and only 8% of workers considering internal platforms in their job search.”