Job Market

 This is arguably the strangest "prelude" to a recession that we have seen in our lifetimes. Jobs are aplenty as inflation continues. The Washington Post (and others) claim there are 2 jobs available for every job seeker.

Sounds enticing for the job seeker. But before we start frothing at the mouth, what type of jobs are "available"? Let's define the job classifications (industry, level of skill) and pay rates that need to be filled before we start declaring this to be an "employees" market.

https://www.washingtonpost.com/business/2022/07/06/jobs-quits-hires-layoffs/

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Return to the Office - Kinda like "Dating"

 From Today's LinkedIn News:

Companies are in an awkwardly desperate “baby, come back!” phase with their employee relationships, hoping to make #RTO official. But they’re not winning many over, argues Bloomberg. Office occupancy is at about 41% — an almost stagnant number even with flashy, persuasive events like Google's Lizzo concert for staff and Qualcomm's in-office fitness classes. Turns out, free swag isn’t enough to erase concerns about expensive commutes and COVID-19. So what's the solution? Companies striving to provide meaning to work will win compared to those that simply provide a place to work.

This is somewhat comical - sounds like dating...

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Job Dissatisfaction

 In response to today's LinkedIn posting, Americans have been leaving their jobs at record rates. Those who walked off the job in 2021 did so for two main reasons, according to a recent Pew Research Center survey, 35% cited feeling disrespected at work

AB- This is common - poor management, combined with the fact that many companies view employees as "commodities". The trickle down effect results in poor morale, stress, excessive politics and ultimately job dissatisfaction.

37% cited low pay -

AB - Validates the fact that in many situations, the only way to increase your compensation is to get a job offer so you have leverage over your employer. Why is this important? In most cases, you will not get the compensation you warrant unless you go outside and secure a job offer with a another company.

FYI (related but secondary topic) - About 56% reported earning more money while 53% reported having an easier time balancing work and life.

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The Great Resignation (Point to Ponder)

Point to Ponder: As people are showing great dissatisfaction with their compensation, job duties, company culture and limited internal opportunities, one would think the C-level executives would factor in the damage (fiscal, organizational development, employee relations) as part of their business planning.

I must think that for these folks, it is more about the stock price and venture funding. It has really been this way for decades, going back to Black Monday 1987.

What can forward - thinking leaders do to reverse this trend? Thoughts?

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