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Workers are choosing to leave their jobs at the fastest rate since the internet boom 17 years ago and getting rewarded for it with bigger paychecks and/or more satisfying work.
Labor Department data show that 3.4 million Americans quit their jobs in April, near a 2001 peak and twice the 1.7 million who were laid off from jobs in April.
Job-hopping is happening across industries including retail, food service and construction, a sign of broad-based labor-market dynamism.
Workers have been made more confident by a strong economy and historically low unemployment, at 3.8% in May, the lowest since 2000. Ms. Enoch started getting interview opportunities the same day she began sending out applications online.
The trend could stoke broader wage growth and improve worker productivity, which have been sluggish in the past decade. Workers tend to get their biggest wage increases when they move from one job to another. Job-switchers saw roughly 30% larger annual pay increases in May than those who stayed put over the past 12 months, according to the Federal Reserve Bank of Atlanta.
[...] The resurgence of job-hopping is particularly helpful for younger workers looking for footholds to launch their careers, said Erika McEntarfer, an economist at the Census Bureau. About 6.5% of workers under age 35 changed jobs in the first quarter of last year, versus 3.1% of those ages 35 to 54, according to census data.
"The people who are changing jobs, they skew young and they skew being placed in what you might call bad jobs, where the average pay is quite low relative to other jobs in the economy," Ms. McEntarfer said. Job-hopping could lead them into higher-paying industries, she said.
Source: https://www.wsj.com/articles/in-this-economy-quitters-are-winning-1530702001
(Score: 0) by Anonymous Coward on Friday July 06 2018, @09:03PM (5 children)
Buzzard may be interested to know that what he is describing is part of Marx's Theory of Surplus Value. [google.com]
"They won't pay me what I'm worth" is something you will hear repeatedly from people who are employees (non-owners being exploited by Capitalists).
A Capitalist CAN'T pay you what you're worth.
If he did, Capitalism would stop working.
In order for him to pay you $7.25/hr, you have to produce more than $7.25/hr worth of goods|services.
The Capitalist's existence depends on his being able to keep the surplus (and the greater the surplus, the richer the already-rich guy gets).
Now, if you remove from the picture any non-workers (e.g. absentee stockholders; unnecessary layers of management; hired-in boards of directors) and make sure that ONLY The Workers are owners of the operation and ONLY The Workers receive a portion of the profits, then there's more money available for The Workers.
That's called a worker-owned cooperative.
It's also called Socialism.
It's an ownership model that stands in contrast to Capitalism.
Oh, and with The Workers being the owners and making the decisions about how the operation is run, there's no bullshit trickling down[1] from a class of managers|a class idle absentee owners.
[1] The only kind of stuff that ever trickles down.
We covered a portion of this in a previous story.
Swedish Worker Cooperative Software Development Company Has No Boss [soylentnews.org]
-- OriginalOwner_ [soylentnews.org]
(Score: 0) by Anonymous Coward on Friday July 06 2018, @10:12PM (3 children)
There are many worker owned companies under capitalism. Why aren't there more?
(Score: 0) by Anonymous Coward on Friday July 06 2018, @10:56PM (2 children)
Here's your chance to name ONE such company which has owners who are ONLY The Workers.
(One that does -not- have absentee stockholders who are -not- part of the production process and who -won't- send all the jobs to another country if it will increase profits.)
N.B. A company such as that is Socialist.
It is NOT an ESOP such as Publix Markets or Dunn-Edwards Paints.
Your understanding of "Capitalism" is extremely weak.
-- OriginalOwner_ [soylentnews.org]
(Score: 0) by Anonymous Coward on Saturday July 07 2018, @03:04AM (1 child)
Many law or medical practices are like that. Car shops, small businesses, too.
(Score: 0) by Anonymous Coward on Saturday July 07 2018, @04:08AM
ALL of The Workers at those place are NOT owners of the business.
...and certainly NOT -equal- owners (NOT 1 person==1 vote).
N.B. I already mentioned ESOPs, where the actual owners (non-worker majority shareholders) can sell the company to an entity in another city or another state or another country who then choses to replace all of The Workers.
Capitalism sucks.
-- OriginalOwner_ [soylentnews.org]
(Score: 2) by The Mighty Buzzard on Saturday July 07 2018, @06:50AM
Beg to differ. Physically making a thing is not remotely all that goes into said thing's cost or value. You simply have massive envy issues and no clue about business.
My rights don't end where your fear begins.