According to new data, fewer people are quitting their jobs in 2023 in tandem with a decline in job openings compared to last year. Some say this indicates the end of the Great Resignation labor trend when workers were quitting their jobs to seek better pay and opportunities, and they have labeled this new trend the "Big Stay." One reason that many workers are hunkering down and staying in their current jobs is due to the recent economic and geopolitical events that have caused companies to cut costs. As a result, workers seeking new jobs now have less bargaining power than they did following the tight pandemic labor market, which has also contributed to the decline in job switching.
See "More and more workers remaining in their current jobs as the Great Resignation gives way to the "Big Stay" labor trend", Jack Kelly, Forbes, May 15, 2023