Too afraid to quit? Welcome to job hugging

[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.