WEDNESDAY, SEPTEMBER 7, 2022, LABOR MARKET

 WEDNESDAY, SEPTEMBER 7, 2022 - LABOR DAY CONTINUED

Today, really less Labor “Day” and more Labor Trends!!!

From: https://fee.org/articles/7-workforce-trends-workers-can-expect-in-2022/

 

So, what are the seven trends this organization is expecting?

1.  THE GREAT RESIGNATION

Baby Boomers are considered those born from 1946 to 1964.  The oldest boomers are now 76 and the youngest 58.  These folks are retiring.  (Yes, I’m 75 and I’m not working full-time - and “work” is getting to be more of a hobby!!).  

Many workers are looking for new jobs.  Maybe as boomers leave the work environment openings come open farther up the job ladder than before.  The next generations (considered Millennials and GenZers) are saying “Hey - it's our turn to run the companies”.  If there was a good time to look, this might be the best time.  Some surveys have indicated that 44% of workers are looking - either casually or seriously.  That’s almost half of the workforce in a state of flux.

There are some different reasons given for this great resignation - higher salaries, better work/life balance (some people who worked from home during the pandemic liked not fighting the daily commute to “downtown”), new or additional skills (some got more education online as Covid swiped through the world).

2. WORKERS WANT MORE FREEDOM

The Covid pandemic allowed (forced?) people to look back and say “What do I want in life?”.  Some want to spend more time with their kids as they grow up.  

I know a “soccer Mom” - who follows her son to every game - home or away.  The son plays for an elite team that plays other elite teams around Texas - so it is not unusual for her to be in Houston, Dallas, San Antonio, or other locations for a weekend tournament.  For her, watching her son play soccer is more important than working at her job from 8:00 to 5:00.  

People who worked from home during COVID like the flexibility of working from home.  During their coffee break time at work, they can get a cup of coffee from their Keurig Coffee Maker and also throw a load of laundry into the washing machine!!  That hour in the morning and hour in the evening that they used to spend in their cars means they can be flexible and work earlier or later.  They might even run to the grocery store during their lunch hour!!!

3. AUTOMATION WILL INCREASE

So a person who worked from home during Covid decided he or she had about ten hours to improve themselves.  Many took online classes in automation, in information systems, and even artificial intelligence and robotics.

The article I’m using as the basis for my analysis says this:

“Many companies acquire, process, store, and sell vast amounts of information. New opportunities also have appeared for workers that are more closely trained in these technology-based areas. Workers with experience in object-oriented programming languages are increasingly in demand. Today, there are job titles and fields that never even existed 30 years ago.”

4.  THE DEMAND FOR BETTER BENEFITS

Coupled with the above reasons for job change is that of benefits.  Many want better retirement options and also better health plans. The article states, “with inflation approaching 8%, more employees are looking for jobs that can guarantee them sufficient income to cover their retirement years.”

5.  EXPECT MORE JOB HOPPING

It used to be that you got hired at company A, and at retirement age, you retired from company A.  You stayed with a company, that rewarded you with promotions and gave you a gold watch at retirement.  But, that is no longer the case.  I worked for five academic institutions - and stayed 18 years at Dakota State and 13 years at Quinnipiac.  I would have been content to stay with either of those, but my wife wanted to move!!  My son has been with the same company for 24 years.  But some people realize that you can generally get a better salary by moving to a different company.  With COVID, people found that corporate loyalty didn’t really exist - companies don’t seem to be retaining their employees.

6. MORE SIDE HUSTLES

More people are finding their ‘side hustles’ - building websites, investing in bitcoin and other e-currencies, and even driving for Uber or Lyft.  As an educator, I did well with consulting for other academic institutions and for working with Citibank in the summers.

7. CORPORATE STRUCTURES ARE CHANGING TOO

Some employees are moving from companies that don’t fit their political or other values.  Some LGBTQ+ people are moving away from conservative states to states where their viewpoints are supported. Many companies are moving to a more balanced leadership - not just older, white males.

*****

Overall, the COVID pandemic caused the “pot to boil over” in terms of the job change.  Finding a good match, getting more education, moving up in a different company, and finding one that fits their culture is important.

The experts say “It isn’t over yet” (and … it may not be ever over - in terms of changing jobs.)

LOVE WINS

DO WHAT YOU LOVE AND YOU WILL NEVER HAVE TO “WORK” A DAY IN YOUR LIFE!!!

Karen White, September 7, 2022, ©