Key points

Low employee engagement today could mean high costs tomorrow.

Stability masks disengagement that could come back to bite companies in the future.

When loyalty fades, performance and innovation suffer.

Employers may point to a calmer labor market as a sign of stability and, internally, as a sign of happy, motivated employees. Indeed, attrition is down overall, and employees appear to be staying put.

But beneath the surface, a different story is unfolding. Employees, it seems, are not staying because they are deeply engaged or fulfilled, but rather because of the risks inherent in an unpredictable market. Many, I understand from a CHRO contact, are nervous about moving in a time of uncertainty—worried about landing a new role only to be “last in, first out.”

This lack of mov

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