Welcome to the “Great Hunkering Down” in the Jobs Market
Welcome to the “Great Hunkering Down” in the Jobs Market
After the upheaval of the pandemic years, the global jobs market has entered a very different phase. Instead of workers moving freely between roles in search of better pay, flexibility, or perks, many are now choosing to stay exactly where they are.
Recent labour market data shows that voluntary job quitting has fallen sharply, reaching some of its lowest levels in nearly a decade. This marks a clear end to the much‑discussed “Great Resignation” and the emergence of what analysts are calling the “Great Hunkering Down.”
The shift reflects a growing sense of uncertainty. Economic instability, geopolitical tensions, housing constraints, and persistent warnings about AI‑driven job disruption are all weighing on worker confidence. Even without rising unemployment, many employees appear reluctant to take risks.
While low staff turnover can be positive for individual organisations, economists warn it may be less healthy for the wider economy. Productivity growth often relies on people moving from stagnant firms into expanding ones — a process that appears to have slowed significantly.
Artificial intelligence, frequently described as a looming “tsunami” for jobs, has so far resulted in more calm than chaos. Instead of mass layoffs or a surge in new roles, the labour market appears unusually still, raising questions about whether a larger shift is yet to come — or whether the impact of AI has been overstated.
📖 Read the full article in The Irish Times
👉 https://www.irishtimes.com/business/work/2026/05/08/welcome-to-the-great-hunkering-down/
