| Submit your comments on this article |
| Economy |
| What Quitters Understand About the Job Market |
| 2021-06-22 |
| h/t HotAir [The Atlantic] - Quitting your job is hot this summer. More Americans quit in May than any other month on record going back to the beginning of the century, according to the Bureau of Labor Statistics. For every 100 workers in hotels, restaurants, bars, and retailers, about five of them quit last month. Funemployment! Low-wage workers aren’t the only ones eyeing the door. In May, more than 700,000 workers in the bureau’s mostly white-collar category of "professional and business services" left their job—the highest monthly number ever. Across all sectors and occupations, four in 10 employees now say they’ve considered peacing out of their current place of work. Why the sudden burst of quitting? One general theory is that we’re living through a fundamental shift in the relationship between employees and bosses that could have profound implications for the future of work. Up and down the income ladder, workers have new reasons to tell their boss to shove it. Lower-wage workers who benefited from enhanced unemployment benefits throughout the pandemic may have returned to the job and realized they’re not being paid enough. Now they’re putting their foot down, forcing restaurants and clothing stores to fork over a higher wage to keep people on staff. ...Quitting gets a bad rap in life, as it’s associated with pessimism, laziness, and lack of confidence. In labor economics, however, quits signify the opposite: an optimism among workers about the future; an eagerness to do something new; and a confidence that if they jump ship, they won’t drown but rather just land on a better, richer boat. |
| Posted by:g(r)omgoru |
| #5 I think it's important to have another job offer before quitting your job. A bird in hand, as they say. But I also believe it's important to know when to start looking for that other job to keep from getting stuck in a rut. |
| Posted by: Abu Uluque 2021-06-22 15:10 |
| #4 Not quitting so much as trading their employer in for a better model. |
| Posted by: trailing wife 2021-06-22 10:55 |
| #3 ....What's going to be interesting is how this plays out. It seems to me that it can really only go one of two ways: 1) The employers grudgingly give in and jack up wages - which will increase prices and therefore fuel inflation. 2) The employers will wait it out...and they can last longer than the workers, but how long is the question. Mike |
| Posted by: Mike Kozlowski 2021-06-22 10:41 |
| #2 Angst at Exxon as managers begin employee performance reviews |
| Posted by: Skidmark 2021-06-22 09:35 |
| #1 McDonald's will hire 20,000 staff and open 150 new restaurants across UK and Ireland as lockdown eases |
| Posted by: Skidmark 2021-06-22 07:45 |