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What we're seeing here has been predicted for a long time as the Baby Boomers--otherwise known as the Rat through the Python--continue to age. We have had an excess of labor in this country for forty years, and now that excess is beginning to disappear. Plus the continued steady process of reshoring industry to this country is beginning to accelerate, making things more acute.
It boils down to this. If you can't find a job in this current market, it's not the market's fault. It's on you. Gain useful skills or gain people skills. Because right now, employers are absolutely begging for workers, anybody with a pulse.
In fact, I was wrong in the first post, 5.0-5.2 is "full employment", once we get in the 1s, 2s and 3s, the job market becomes too tight and employers have a harder time filling vacancies, which is problematic for growth.
I know this is anecdotal, but in December I was able to negotiate a nearly 20% pay increase as I was being offered positions at two other companies. I know my story isn't unique to Indianapolis, or any other metro area, but it is true to say the market here is bonkers.
Yes, this. I was able to also negotiate a 20% raise plus retention bonus by staying with my current company (versus taking an offer from another company) in November. Employees are dictating the pay rate currently. If you're not willing to give your employees a decent raise at year end they're as good as gone unless you have other incentives to keep them. This seems to be happening nationwide for the most part, but I can attest to it being true here in Indy.
Our office has been down numerous people for a considerable length of time now, and those of us who remain are feeling run-down and burnt out. I expect more to jump ship this year for greener pastures because pay increases look unlikely.
What we're seeing here has been predicted for a long time as the Baby Boomers--otherwise known as the Rat through the Python--continue to age. We have had an excess of labor in this country for forty years, and now that excess is beginning to disappear. Plus the continued steady process of reshoring industry to this country is beginning to accelerate, making things more acute.
It boils down to this. If you can't find a job in this current market, it's not the market's fault. It's on you. Gain useful skills or gain people skills. Because right now, employers are absolutely begging for workers, anybody with a pulse.
This goes beyond Baby Boomers. Baby Boomers began hitting retirement age over a decade ago. The labor participation rate has been slowly declining since then, but it cratered in the span of a couple months at the beginning of 2020.
Beyond the direct impact of global event, inflation is being addressed unevenly by the economy as wages try (and usually fail) to keep up. That’s led to much churning in the labor market as people and companies try to figure out the new value of jobs. Some industries will likely never get back to where they were employment wise (looking at you restaurants).
Our office has been down numerous people for a considerable length of time now, and those of us who remain are feeling run-down and burnt out. I expect more to jump ship this year for greener pastures because pay increases look unlikely.
This goes beyond Baby Boomers. Baby Boomers began hitting retirement age over a decade ago. The labor participation rate has been slowly declining since then, but it cratered in the span of a couple months at the beginning of 2020.
Beyond the direct impact of global event, inflation is being addressed unevenly by the economy as wages try (and usually fail) to keep up. That’s led to much churning in the labor market as people and companies try to figure out the new value of jobs. Some industries will likely never get back to where they were employment wise (looking at you restaurants).
Yes, but Covid was the accelerator of the trend of retirements. The last of the Baby Boomers was born in 1964, which puts them at 57-58.
We have to consider where the employment growth is and if the jobs are paying what people need to sustain life. Low unemployment doesn't indicate a strong economy. Indianapolis, Salt Lake City and Oklahoma City are all places with a decent quality of life and good cost to income ratios. Some of the other cities offer no upward mobility once you get to the city and very little opportunity to purchase a home on entry level wages.
We have to consider where the employment growth is and if the jobs are paying what people need to sustain life. Low unemployment doesn't indicate a strong economy. Indianapolis, Salt Lake City and Oklahoma City are all places with a decent quality of life and good cost to income ratios. Some of the other cities offer no upward mobility once you get to the city and very little opportunity to purchase a home on entry level wages.
Housing in SLC is not affordable to most Utahns as Utah is generally a lower wage state.
Oklahoma's labor force participation rate is 1.5% below the national average. I'd take OKC's low unemployment rate with a grain of salt.
OKC's hourly average earnings are significantly below the national average.
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