Unless you've been living under a rock lately I'm sure you've heard about a shortage in labor. Just

• 10/15/21

Unless you've been living under a rock lately I'm sure you've heard about a shortage in labor. Just hearing "labor shortage" doesn't do anything to truly reveal what's happening though. A lot of people immediately jump to conclusions but I always prefer collecting some evidence before forming an opinion. Today I came across a treasure trove of insights into the labor market. I'd like to share these insights with you so we can look under the hood and see what's actually going on. The following information was taken from a survey conducted by Joblist who surveyed 25k job seekers from across the country over the past three months in order to answer several pressing questions about today’s job market. I've enclosed the link to view all of the findings but I'm only going to share some specific highlights that I found intriguing. ⭐ Inhospitable Hospitality Sector⭐ One-third of current hospitality workers report being “dissatisfied” or “very dissatisfied” with their jobs, which is twice the pre-pandemic level. As a result, 58% of hospitality workers say that they are planning to quit their jobs before the end of 2021. The dissatisfaction breaks down like this •Low pay (55%) •Desire for a new career path (50%) •Lack of benefits (39%) •Difficult customers (38%) •Schedule inflexibility and long hours (34%) •COVID-19 risk (23%) •The physical demands of the work (23%) ⭐ Generation Z says this ain't for me ⭐ American workers are quitting their jobs at unprecedented rates in 2021. In April alone, 4 million people quit their jobs and millions more have followed suit since. While 22% of job seekers overall quit their last jobs, this share is even larger among unemployed job seekers (35% compared to 14% of full-time employed), indicating that many workers quit their jobs without having a new one lined up. Additionally, workers in their twenties are more likely to have quit their last jobs than both teenagers and older workers. In fact, about one-third of workers in their twenties quit their previous jobs, compared to only 20% of workers aged 50 and older. There was no difference in resignation rates along gender lines. ⭐ Only the beginning? ⭐ Workers in almost every industry are considering leaving their jobs at high rates. At 77%, the hospitality industry has the highest share of workers thinking about quitting. Retail and healthcare workers are not far behind, with 74% and 73% thinking about quitting, respectively. Over one-quarter would feel comfortable quitting their job without a new one lined up. Workers currently employed as drivers are the most likely to say they would be comfortable quitting without already having a new job (37%), while people working in education are the least likely (15%). ⭐Is there anything that employers can do to counteract the quitting trend?⭐ Despite the widespread quitting phenomenon, about one-third of Joblist job seekers indicate that they would change their minds about quitting if just some of their job grievances were addressed by their employer. Another 14% of job seekers thinking about quitting say they would stay in their jobs if everything changed, while one-quarter would not stay under any circumstances. ⭐ Get these kids out of here!!!⭐ The return to in-person school is expected to improve the job prospects for a segment of working parents. 22% of job seekers whose kids are returning to in-person instruction this year say that the return to school will make their job search easier while another 23% say they aren’t sure of the impact. Nearly half of parents say that the return to school will not impact their job search, with full-time employed parents more likely to fall in this group (56% compared to 38% of part-time employed parents). Mothers are more likely than fathers to say that their kids’ return to school will make their job search easier (25% compared to 17%) and less likely than fathers to say that it will have no impact (56% to 42%). Again I'm including the link to the full results as well as the methodology for the survey. I encourage you to check it out because there are some pretty deep insights into what is going on in the labor market right now. The labor shortage is one of the most pressing issues facing businesses heading into the holidays with the potential to make or break company's plans. Link to the full results: https://www.joblist.com/jobs-reports/q3-2021-united-states-job-market-report ///// Join us on discord for discussion of this and other pressing issues https://discord.gg/emntYaQkD //// #tcardizzle #laborshortage

All of your investing.All in one place.

All of your investing.
All in one place.