Staffing Issues Remain Even After Unemployment Ends
Bloomberg just posted an article:
https://www.bloomberg.com/news/articles/2021-09-2…
I honestly saw this happening. Everyone was blaming unemployment benefits for the reason, but felt like there's more to the story.
Whats everyone's thoughts? I feel like its such a struggle to be an employer right now. Not only that but my cousin works at a warehouse in fulfillment (not Amazon) and is pulling in $80k a year with top notch benefits working about 50 hours a week. He's seen his pay go up like $20K in the last year in order to retain him and other employees.
I'm convinced that "labor shortages" do not exist, and are used as tools by capital to drive policies that are generally hostile to the working class.
"There is a labor shortage because benefits are too high", meaning the conclusion is to cut benefits (ignoring the actual damage this does to many communities)
"There is a labor shortage because Americans are lazy / entitled", meaning the conclusion is to open the floodgates on immigration (the biggest lobbies for this being the technology and food industries)
In either case, working class people get fucked.
American employers have enjoyed criminally low labor costs compared to most other developed countries ever since neoliberalism took hold (there are a number of reasons for this, some of them quite tragic). What you are seeing is not a labor shortage, but rather the market value of American labor is rising and employers are just complaining about it. However, things will eventually reach an equilibrium and wages will resume stagnating relative to value like they have been for the past 50 years.
Israel's population increased by 20% in 10 years in the 1990's due to immigration from the Eastern Bloc. There was no decrease of wages for the natives, no destruction of institutions, but Israel improved in many ways.
https://www.jstor.org/stable/2696462?seq=1#metadata_info_tab_contents
https://www.cato.org/publications/working-paper/does-mass-immigration-d…
"They're stealin our jerbs" is a myth.
The idea that Eastern Bloc Jews are representative of normal immigrants is a joke.
Outsourcing is probably the missing link
Well they do steal their jobs. But more importantly they steal the purchasing power of blue collar American workers as these immigrants would be ready to do the same work for lesser pay than the natives thus forcing them to accept lower pay than they should. Where do you think those additional $$ go? Should ask Papa Elon/Grandpa Jeff about that.
there is a labour shortage in the UK. particularly HGV driver.
Right, productivity made a sudden discrete jump in value.....that explains it.
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Dude if unemployment paid more than my cheap ass boss/owner, id be sitting my ass too. Fuck them.
dumbass deleted his comment lol. Sounded like a spoiled rich kid
There is a backlog of half a million immigrant visas, and several million nonimmigrant visas due to the pandemic. Biden needs to fix this ASAP, the country needs workers..... and wives ;)
Candid shot of Drumpfy:
No sympathy for these dumb fuck restaurant owners who pay their people $2.13/hr, or these retail shops paying $11/hr, and wonder why they’re having issues finding workers.
— CLEARLY THEY NEED TO PAY MORE —
there’s a reason why each IBD SA and FT job posting gets literally hundreds and thousands of applications. Money talks
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Exactly. I worked one of those 11-13 hour retail jobs in high school because it was just me and my friends mucking around 10hr/week and my bosses were chill (big retailer). My little brother tried to get a job there recently and they demanded he have open availability 6am-10pm. He was like???? I have school.
The problem isn’t that there are no jobs, it’s that the jobs are so shitty it isn’t worth it. The big retail ones cut hours to 20 hr/week to avoid having to have benefits while demanding an open availability making it impossible to have a second job. On top of that, you couldn’t pay me $15 to have Karen’s yell at me for taking too long to make their Starbucks because the store is understaffed. It just isn’t worth it. A bunch of my friends recently graduated and can’t find a (good) job. They would rather just live at home until they find something than go get a random dead end retail job.
Yeah, my neighbor decided to do seasonal help for Amazon for some extra money, and boy was it harder than he expected. Quit in a few weeks.
The pay for a SA and FT positions in IB are NOT why people apply. LOL that is a ludacris thing to say. Pay is hight to attract the best tallent, but people are not doing these jobs for the pay. They are doing these jobs for the future pay the job sets them up to get.
Dude are you fucking serious lol
tomato tomato
Investment banks are so short staffed right now. I do M&A consulting and have EBs and top MM firms reaching out to me all the time trying to fill roles in cities I dont even live in (as well as my own). My LinkedIn is IB friendly (littered with IB / PE internships) but only includes small boutiques you have never heard of. Top industries and firms (IB / Consulting) are being hit by the talent shortage as well.
Let’s be honest—it’s not due to workers on the sidelines that there are staffing problems, it is textbook inflation/ an over stimulated economy. Too many people are making goods and services for too little demand. There needs to be a contraction and businesses need to go out of business that aren’t operating sustainable business models. The labor shortage isn’t being cause by Biden, it’s being caused by the fed and the asset bubble blown during the past 13 years.
Amazon is turning warehouse jobs into McJobs because the work load is so hard that most people quit or get fired in no time, and they fight unionization tooth and nail. They pay higher starting salary but turn it into a dead end job with no advancement.
https://www.bloomberg.com/news/features/2020-12-17/amazon-amzn-job-pay-…
Gets paid $28 hr at 40 hours at regular pay a week. Works 50 weeks out of the year. This is $56K. In addition to this, he has average overtime of around 12 hours a week for 50 weeks which means his pay becomes 1.5x ($42/hr). So this is an average of 52 hours a week. This is $25,200 additional. So if you do the math, yes $80K+ and I can confirm this. I'm actually probably being a bit conservative because 2021 he might make more as he's probably averaging closer to 60 hours, which is about 20 hours of overtime a week. He said online orders are at record high during Covid so hes been busting a bit more. For reference, he has no degree, did a couple CC college classes and dropped out.
If we’re going to try socialism we should just do it now so I can stop pulling 90 hour weeks….not even trying to be funny.
You actually pulling 90s in S&T?
I work in investment banking division...just have the wrong title here.
This labor shortage is good. Companies will need to raise wages in the short-term to attract workers, and this shortage and increase in wages will also provide further incentivization for companies to quicken their adoption of automation for the long run.
At what point does the Democrat party begin demanding employers pay the machines a “livable wage”
They already are, well at least pay taxes for automation.
They will only push for a blanket minimum wage meant to bankrupt small businesses, while large corporations continue to outsource jobs away for $1/day.
It's always funny to see restaurants / the service industry complain about a "labor shortage." If you are paying people minimum wage (or $2/hr for tip-based workers) for very stressful jobs, how can you expect people to want to work for you? Not to mention these jobs typically have few to no benefits.
Same thing when companies complain about there being a "skills gap." I don't know, maybe you should actually spend time training your employees for the skills they will need on the job rather than outsourcing all your job training to other institutions. That might help a bit...
Those positions aren't meant to be long-term employment solutions. IMO they shouldn't be paid like one. Those jobs should be filled by young adults still in school, people in a transitionary phase in their life, or as a supplement to their day job.
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