1/8
The August "JOLTS" (Job Openings and Labor Turnover) Survey was out the morning.
As these charts show, a record 4.27 million, or 2.9% of the labor force, "quit" their jobs in August.
The August "JOLTS" (Job Openings and Labor Turnover) Survey was out the morning.
As these charts show, a record 4.27 million, or 2.9% of the labor force, "quit" their jobs in August.
2/8
More than 20% of quits were in "accommodation and food services." This category is usually the largest, as the chart shows, this was a record for this group.
With some employers desperate for employees and willing to pay $21 to $22/hr for new hires, why work in fast food?
More than 20% of quits were in "accommodation and food services." This category is usually the largest, as the chart shows, this was a record for this group.
With some employers desperate for employees and willing to pay $21 to $22/hr for new hires, why work in fast food?
3/8
This type of report is often an indication of a strong labor mkt, employees are comfortable quitting thinking they can find another job.
But as the weak Aug and Sept payroll reports suggest, these newly minted "quits" are not running to new jobs.
reuters.com/world/us/us-jo….
This type of report is often an indication of a strong labor mkt, employees are comfortable quitting thinking they can find another job.
But as the weak Aug and Sept payroll reports suggest, these newly minted "quits" are not running to new jobs.
reuters.com/world/us/us-jo….
4/n
As I have been harping on recently, something else might be at work, as this story on CNBC from earlier today details.
cnbc.com/2021/10/12/why…
As I have been harping on recently, something else might be at work, as this story on CNBC from earlier today details.
cnbc.com/2021/10/12/why…
5/n
Highlights from the CNBC story above ...
Over half of the employees want to leave [their jobs], and there’s really two reasons that came out of the survey,” ...
Highlights from the CNBC story above ...
Over half of the employees want to leave [their jobs], and there’s really two reasons that came out of the survey,” ...
6/n
... “One is if they felt that their employers did not understand them, that they weren’t providing empathy. This is especially true for working parents, male or female. They didn’t feel good about the experience, and they’re looking to leave. ...
... “One is if they felt that their employers did not understand them, that they weren’t providing empathy. This is especially true for working parents, male or female. They didn’t feel good about the experience, and they’re looking to leave. ...
7/n
... Approx 41% of those surveyed say they are considering leaving their job because their company has not cared about their concerns during the pandemic and a whopping 76% say they want their company to make work permanently flexible in terms of schedule and/or location.
... Approx 41% of those surveyed say they are considering leaving their job because their company has not cared about their concerns during the pandemic and a whopping 76% say they want their company to make work permanently flexible in terms of schedule and/or location.
8/8
In other words, my boss sucks and I quit.
So, instead of asking what is with employees (don't they need $$$, are they lazy), start asking what's wrong with managers and why they are not adapting to 2021?
Maybe we need new bosses?
In other words, my boss sucks and I quit.
So, instead of asking what is with employees (don't they need $$$, are they lazy), start asking what's wrong with managers and why they are not adapting to 2021?
Maybe we need new bosses?
Bonus
Are boomer managers obsolete by insisting on a return to 2019?
Should they be sent into retirement for a new generation better suited for the post pandemic economy?
This also applies the economists forcing pre-pandemic models that no longer seem to explain the economy.
Are boomer managers obsolete by insisting on a return to 2019?
Should they be sent into retirement for a new generation better suited for the post pandemic economy?
This also applies the economists forcing pre-pandemic models that no longer seem to explain the economy.
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