According to the Bureau of Labor, an estimated 3% of the workforce quit in August. This is a huge problem because it highlights part of the supply chain breakdown that is happening in the world economy. An example of this is the ships stranded offshore waiting to be offloaded that don’t have truckers to take goods to their final destination.
Here are a few of my points about the current situation:
- If your company constantly has you fearing for your job, reshuffles every year, and basically works you to death, you need to upgrade your situation. As I’ve said in private social media, companies don’t give a crap about you so stop caring about the company. Look out for you and your family.
- Companies that have done this in the past/present will be at a severe disadvantage in attracting and keeping new talent. Look for them to stagnate and lag their competitors who innovate and lead.
- Look for the current shift away from the office to stick. Employees continually say they like working from home at least a couple days a week. With the current labor situation, this is a perk not likely to go away anytime soon.
Lastly, this is a shift that is just starting. Wages have been stagnant for a long time but we can expect that to change given the current situation. With wages going up, people have more disposable income to spend, so in the end this is a good thing for future economic growth.