Denver, Colorado 2021-10-24 10:24:45 –
Apologizing to country songwriter David Allan Coe, the theme song for the 2021 job market is “Take This Job and Quit It”.
During September 4.3 million American workers quit their jobsAccording to the Bureau of Labor Statistics, it is the highest number on record, evidence that the public is broadly rethinking employment, and whether it is a valuable endeavor.
Why is the “I’m here” movement such a hot workplace trend? Nowadays, the easiest way to get a better salary increase is to switch jobs.
This unfortunate career tactic comes from my trusted spreadsheet Detailed wage statistics from the Federal Reserve Bank of Atlanta.
Job changers (those who change their employer or job, or change jobs to another profession or industry) saw a 5.4% increase in median annual salary during the three months ended in September.
Now, compare it to those who continue their work just to see their wages go up 3.5%. Or overall US wage growth is 4.2%.
This is the biggest gap between “switcher” and “stayer” raises in 23 years. Talk about your motivation to quit.
Therefore, perhaps the boss should ask himself if they are part of the problem.
Find a raise
Workplace analysts, policy makers, and business leaders have discussed the motivations behind all resignations.
The suggested factors range from fear of catching the coronavirus at work to the many openings to choose from and the lack of childcare for young members of the workforce. The seemingly illogical tactics of whether a boss pays a new person or gives more cash to an existing staff must be part of the debate.
According to statistics, employers have become incredibly stingy during and after the Great Recession.
Take a look at the weird workplace statistics tracked by the Federal Government of Atlanta: Workers who didn’t raise their salary at all. For the decade of 2010, wages stagnated at 15% of the workforce. This has increased since the 2000s, when only 12.3% had no salary increase.
Then there was a pandemic economic turmoil, and surprisingly, the workers were once again worth it. By August, the percentage of “no salary increases” had dropped to 13.4%.
We are witnessing another chapter of give and take evolving between bosses and workers.
Prior to the pandemic, career stability and work culture felt like the most desired trait, not wages. High-paying workers were often forced to find employment while their bosses had a stable herd of ping pong tables and gourmet coffee machines.
Today it all seems like a matter of money. Take a look at the different sizes of financial carrots offered to those who insist on new jobs.
Between 1998 and 2007, the year of the bubble-burning boom, those who changed jobs achieved a 4.9% salary increase, while those who did not achieved a 4.1% salary increase. This is the reason for 0.8 percentage points to change jobs.
When these good times, the era of the Great Recession of 2008-2012, worsened, the influence of career changers fell by 3%, slightly above the 2.9% of “residents.”
After that, the economic recovery in 2013-19 took place, and the edge of wage increases for switchers returned. The increase was 3.3%, while the number of residents was 2.6%, a difference of 0.7 points.
And these premium increases only increased during the pandemic era. Switchers were up 3.2% on average since March 2020, compared to 4.2%. This is a full point gap.
No uniform payment
So who is getting a better raise?
Only two this summer According to my spreadsheet analysis of the characteristics of the 32 workers tracked by the Atlanta Federation using a 12-month moving average, the job market slices have resulted in a significant increase over job changes.
You must be among the youngest workers (typical wages jumped 9.5% in a year from 16 to 24 years old) or among the lowest wage workers with a 4.8% salary increase. not.
Workers in difficult-to-fill, entry-level, or low-wage positions received about the same wage increases as retirees. Wages in the leisure and hospitality industry rose 3.9% in a year, while workers without college degrees and workers in “low-skilled” positions received a 3.8% wage increase.
And only two groups got smaller salary increases than those who were with their employer. High-wage workers received a salary increase of only 2.8%, while the oldest workers over the age of 55 received a salary increase of only 1.9%.
The boss is learning that workers know that jumping a ship will jump wages, especially in low-paying positions. And in 2021, salary is everything.
Leaving is a new labor movement.
Jonathan Lansner is a business columnist for Southern California NewsGroup.He can reach at firstname.lastname@example.org
Why workers quit? Blame the stingy boss! – The Denver Post Source link Why workers quit? Blame the stingy boss! – The Denver Post