A new career movement emerges, the Great Talent Stagnation

Michelle Prado
·2 min read

TMX contributed to this article. McClatchy is compensated as a part of our syndication partnership with TMX. McClatchy newsrooms were not involved in the creation of this content.

In 2021 we heard of The Great Resignation, a movement which was characterized by employees resigning from their jobs at-will. But recently, as the job market and economy shift, we are seeing a new career movement emerge, Great Talent Stagnation. The University of Phoenix Career Institute® released its 2024 Career Optimism Index®, a comprehensive study examining the state of American workers’ career trajectories and sentiments about the future of their job and career opportunities.

This year’s Index reveals that workers and employers are facing a critical moment of talent stagnation in the workplace.

Some key findings from the study show that:

  • The last year of layoffs, strikes, and economic uncertainty has caused tension for workers.

  • More than half (53%) of Americans say they are easily replaceable.

  • There is a wide disconnect between employer perceptions and worker realities on opportunities for advancement.

  • However, workers do see a need to continue acquiring skills and they highly value employer investment in skilling.

  • Yet, with a lack of career support, workers are feeling stagnant.

  • Despite stagnation, workers continue to feel optimistic about their abilities — a belief in themselves to propel the future of their careers — which is an opportunity for employers to capitalize on that optimism.

John Woods, Provost and Chief Academic Officer, University of Phoenix says “As U.S. companies cut jobs and reduce expenses, they are fixating on the next best thing available to them outside of their organization to drive growth. This perspective is perpetuating a stagnant talent environment.”

This possess a problem for employers as the 2024 Career Optimism Index® study reveals that statistical modeling to this year’s report reveals that if employers don’t adjust to solve talent stagnation, they’ll miss out on significant business savings: up to $1.35 trillion across businesses and organizations in the U.S. Which leaves employers wondering what they can do to tackle the Great Talent Stagnation? The study offers these insights for employers to implement:

  • Close Gaps in Awareness Around Internal Growth Opportunities: workers who do have awareness of career support options report high levels of satisfaction with them.

  • Create a More Personalized Workplace Experience: Workers benefit from enhanced job performance and career advancement when their workplace experience is highly tailored to the ways they want to work and learn.

For more information about the University of Phoenix Career Institute® and the complete Career Optimism Index® Study, visit www.phoenix.edu/career-institute.