Too afraid to quit? Welcome to job hugging
Amid economic uncertainty, employees are staying put for stability and security. What does this mean for employers?
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[SINGAPORE] Forget about the Great Resignation. These days, “job hugging” is in vogue, with resignation rates hitting record lows.
The term, likely coined by Los Angeles-headquartered consulting firm Korn Ferry, refers to when employees “(hold) on to their jobs for dear life” – typically out of caution and a desire for security, rather than genuine loyalty.
What makes this different from other periods of stagnation in the labour market is that this holding pattern is driven by a sense that global events are “unpredictable and unprecedented, combined with looming AI (artificial intelligence) disruption”, writes Korn Ferry senior client partner Matt Bohn in an article.
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