Next time you see the truck, check out the driver.
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| Economy |
| 2024 will be 'toughest' labor market 'in our lifetime': Report |
| 2024-04-22 |
| [FoxBusness] RedBalloon CEO Andrew Crapushettes said 'a lot of different factors' are to blame for difficult market in a Fox News Digital exclusive An "alarming" new study on the future of the labor market puts a spotlight on the lack of employees and a rise in workplace litigation this year. "The report talks about how 2024, we believe, is going to be one of the most challenging years in the labor market in our lifetime," RedBalloon CEO Andrew Crapuchettes said in a Fox News Digital exclusive. "There's a lot of different factors that are driving that. We see population decline. We see baby boomers retiring. We see a Gen Z workforce that is coming in and not doing productive things in the workplace… The thing that I think is the most alarming fact, though, in the entire report, and one of our big findings was the amount of litigation that's happening in the American workplace today." RedBalloon's report "2024: The Toughest Labor Market," released Monday, breaks down the factors contributing to the challenging road ahead, but also provides employees with a possible solution. "To summarize the situation employers face: there are less people overall, fewer working-aged people willing to work, more retirements, a higher number of jobseekers with mental health challenges, and an explosion in labor-related lawsuits against employers," the report says. One of the predominate factors is the evolving employable demographic. The study notes a decline in population growth is paired with an increasing number of boomers retiring, leaving the labor force to rely on more millennials and Gen Z. The study observed, however, that there are seven million working-aged men who should be "leading in the labor market" but are unemployed or not actively looking for employment, leaving a "huge hole." placeholder "[Working-age men] should be leading in the labor market," Crapuchettes said. "They should be helping the Gen Zers… Working age men, 25 to 65, those are people who should be engaged in labor market and leading in their economies, in their businesses, in their communities. And unfortunately, we're seeing that a lot of them are not engaged in the labor market." Gen Z workers present new issues for employers. "Part of that is they've grown up on social media. Forbes believes that the average Gen Z spends four hours a day on social media, and that just gives you a distorted view of reality. And then many of them have gone off to university and also gotten a distorted view of reality, because those universities are not focused on meritocracy in the way that you really have… to be successful in the workplace," Crapuchettes argued. The study explained the Gen Z labor force is increasingly defined by job hopping, mental health challenges and voluntary sidelining. A March 2024 survey by RedBalloon found that of business owners in the study, 68% said Gen Zers are the "least reliable" employees and 64% said Gen Zers are likely to cause division and toxicity in the workplace. |
| Posted by:Skidmark |
| #8 Mr. Wife is similar, Frank G, though not back with his previous employer. After six years he is tying up that first round of post-retirement projects and thinking about what he wants to turn his hand to next. |
| Posted by: trailing wife 2024-04-22 23:10 |
| #7 If you have skills there's a market. I retired for the 3rd time last month. My 2nd lasted an hour and 15 minutes. They want me back around the end of the year for my "last" bridge construction project, once all permits are secured. I get bored easily. |
| Posted by: Frank G 2024-04-22 13:43 |
| #6 A friend about 88 at the time retired and had a bucket list. One effort was an e book. Last time we talked she had made $50,000. She exclaimed; I had no idea sex sold so well. |
| Posted by: Dale 2024-04-22 13:27 |
| #5 ...My employers - demanding, tough, and absolutely looking out for me and taking care of me for the last 16 years -know full well that on April 15, 2027, I will be retiring. I'm lucky; between SSI, USAF pension, and my 401k, TRICARE/Medicare, I'll be fine - no world cruises, but fine. There have been a few discreet questions about me staying on past that, but it's not happening. I've been working since my 13th birthday and if I have anything to say about it, it's time to throttle back. And quite honestly, if it's earlier it won't be because of the job proper or my coworkers, it'll be because of my customers. They are - and I do not exaggerate - getting worse on a daily basis. I spend a disturbing amount of time saving them from themselves, and at least one or two are still in business only because of our efforts to bail them out. I can only imagine the horrors of actually working there. Mike |
| Posted by: MikeKozlowski 2024-04-22 13:09 |
| #4 /\ White men are not getting hired Next time you see the truck, check out the driver. |
| Posted by: Besoeker 2024-04-22 13:01 |
| #3 Companies are paying less and treating employees worse. White men are not getting hired, so many are walking away from corporate America altogether. Qualified applicants can go months to over a year without landing a job. Many job postings are not real. Have a look at /r/recruitnghell on Reddit. To the extent there is a crisis, it's manufactured. |
| Posted by: Angstrom 2024-04-22 12:54 |
| #2 Yea, well. The labor markets are shrinking whilst the AI replace office workers. Next step is automated factories destroying China/Asian tigers labor markets. |
| Posted by: Grom the Reflective 2024-04-22 10:28 |
| #1 I wonder how survivors of The Great Depression will see it. |
| Posted by: Skidmark 2024-04-22 10:14 |