September 8, 2022 |
A leverage shift |
This isn’t a controversial statement nor a political one: In this upheaved economy, workers have become more valuable and they know it.
The number of job openings tracked by the U.S. Bureau of Labor Statistics has been above 10 million for 13 straight months. Some pundits say that measure is artificially inflated because listing costs have fallen thanks to the internet. But it’s worth noting that the number of unemployed people per opening (0.5 since late winter) was below 1 for two years prior to the pandemic – far lower than the 1.4 ratio of mid-2007, six months before the Great Recession officially began.
It sure looks like we’re dealing with a more structural change. A recent St. Louis Fed paper said labor constraints from an aging U.S. population and historically low international immigration are the biggest obstacle to continued manufacturing growth – just as COVID has sidelined some workers and as a growing number of industrial companies are looking to reshore capacity. A Brookings researcher, meanwhile, has lifted to more than 2 million her estimate of people out of the workforce because of long COVID.
So it’s no surprise to see workers such as those at an Amazon warehouse in California asserting themselves more than they might have a few years ago. And with the federal government more regularly stepping into the ring – including alongside several U.S. unions in a dispute involving a Mexican unit of Stellantis – workers pushing for more can increasingly count on having a very powerful ally in their corner.
Endeavor’s writers and editors spend a lot of time thinking and writing about workforce issues. Below is a group of recent pieces that get at the topic from several angles. I hope they spark a few ideas that help you.
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Geert De Lombaerde, Senior Editor |
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