Why Job Security Is Winning Over Job Switching

Just a few years ago, job hopping was common. Now the trend has flipped. Consultants at Korn Ferry are calling it “job hugging,” clinging to your current position “for dear life.”

This is a sharp reversal from the great resignation of 2021 and 2022, when workers felt emboldened to chase better opportunities. Now, people are staying put, and the numbers back it up.

According to Laura Ullrich, director of economic research in North America at the Indeed Hiring Lab, voluntary quits have dropped to lows not seen consistently since around 2016, outside the early months of the pandemic.

Earn $1,370 a month while you’re watching TV

Lots of companies let you earn money for testing apps, playing games and taking surveys. But FreeCash is in a league of its own.

They list thousands of offers from companies with most taking only around 5-10 minutes to complete. Ready to swap a little spare time for extra money?

Turn your spare time into cash, sign up now and get $5 just for starting your first offer!

Take a sec and check it out

What’s driving the shift?

CNBC highlighted that the job market has cooled. High interest rates make it harder for companies to borrow and expand, slowing hiring to its weakest pace in more than a decade, according to government data.

The ratio of job openings to unemployed workers has also slipped, from 2-to-1 in 2022 to about 1-to-1 today. That shift leaves many employees less confident about finding new roles.

Laura Ullrich of the Indeed Hiring Lab said the quits rate reflects that caution, with fewer people leaving voluntarily. Matt Bohn, an executive search consultant at Korn Ferry, compared it to investors waiting on the sidelines during uncertain times.

That uncertainty is visible at the top too. A Conference Board survey found 34% of CEOs plan workforce cuts in the next year, compared with 27% who expect to expand — the first such reversal since 2020.

The hidden cost of playing it safe

Staying put may feel secure, but it can carry a cost. Workers who switch jobs usually see bigger pay increases than those who remain. New employers often pay more to bring in talent, while long-term staff are limited to standard raises that rarely keep pace.

The gap grows over time. Missing a 10% raise today means not only less money now, but also a lower base for future raises, bonuses, and retirement contributions.

There are career risks too. Workers who get too comfortable may stagnate, taking on fewer responsibilities and failing to build new skills. That weakens their marketability and, in some cases, can lead employers to see them as underperforming. A sluggish job market also makes it harder for new entrants like recent graduates, who face fewer openings when existing employees stay put.

Maximizing your current role

If you find yourself job hugging — whether by choice or necessity — it pays to be proactive. Treat your position as if it were new. Ask for responsibilities that stretch your skills and make you more valuable. Document your achievements in detail, from cost savings to project milestones, so you have clear evidence when raise discussions come up.

Consider internal transfers as well. Moving sideways within your company can refresh your career path, often with pay adjustments, and expose you to different areas of the business. Those experiences make you more versatile and better positioned for future promotions.

Think of this period as a paid education. Online certifications, professional development courses, or advanced training can help you emerge stronger once the job market loosens. Building transferable skills ensures that when you eventually do move, you are not just another applicant — you are the candidate employers need.

How to prepare for jumping if it makes sense

Even if you are holding tight now, there may come a time when making a move is the right choice. Preparing in advance makes the leap less risky.

• Build a financial cushion. Aim to save at least three to six months of living expenses. Having that buffer gives you breathing room if a job search takes longer than expected. SoFi Checking pays a competitive APY on savings, plus a cash bonus for new members who set up direct deposit. (May change without notice.)
• Keep skills sharp. Invest in training and certifications that align with industry needs. Employers are more likely to take a chance on candidates who bring fresh expertise.
• Track your market value. Use salary comparison tools to see where you stand. If you discover you are being underpaid, you will know what to ask for — or whether to look elsewhere.
• Strengthen your network. Stay in touch with colleagues, mentors, and industry peers. A strong professional network often provides the best leads when opportunities appear.
• Explore side income. Freelance work, consulting, or a small business can provide a backup stream of earnings while also boosting your skills and professional network. Or maybe earn income with barely any effort. This company's members take surveys in their free time and collectively earn of $55,000 daily.

The job market freeze has many workers gripping their desks tighter than ever. But if you play it too safe, you could miss opportunities, stall your career growth, and lose out on thousands in future earnings.