November 9, 2022
This week, a new pay transparency law comes with pros and cons, job hopping helps careers, and Harvard’s endowment loses money.
In the News
Jobs for the Youth: Companies plan to hire 14.7% more recent college grads, according to a new employer survey by the National Association of Colleges and Employers.
Pay Transparency: A New York City law now requires employers to post expected salary in job descriptions.
- Pros:
- Prospective applicants will know whether or not applying is worth their time.
- Proponents argue that the regulation will require companies to engage in more fair compensation practices, including so-called, “pay equity.”
- The law may also give employees more bargaining power in the job offer negotiation process.
- Cons:
- Companies may be forced to discuss pay with all of their employees and will likely need to raise pay for existing employees.
- Enforcement may be difficult. Many companies have already attempted the tactic of listing absurdly large salary ranges.
- On a macro-economic level, any broad-scale pay increases may contribute to inflation.
Less Money, More Problems: During the Covid-19 pandemic, many folks famously left their jobs to receive higher pay elsewhere. One study shows that 32% of those who changed jobs made less money. Of those who left for less pay, some have grown to regret it, as inflation rises.
Intentionally Impossible Commute Distance: The median distance between where employees work and where they live has skyrocketed. According to data from the National Association of Realtors, 48% of home purchases were in small towns and rural areas. This was an increase from 32% just one year earlier.
Other News:
- Just how corrupt is the United States government? A lengthy, new bombshell piece from The Intercept describes how individuals within the Department of Homeland Security have colluded with the private sector to influence the dissemination of information for political purposes.
- Midterms have come and gone and people are glad. For those who were sick of hearing about the midterms, your wish has finally arrived.
What I’m Thinking About
Job Hopping:
Although it has faded recently, traditionally there has been a stigma attached to switching jobs too frequently. Perhaps unsurprisingly, there is a correlation between older and younger people and how often they switch jobs. According to data gathered by CareerBuilder, each generation’s typical tenure breaks down as follows:
- Baby Boomers – 8 years, 3 months
- Generation X – 5 years, 2 months
- Millennials – 2 years, 9 months
- Generation Z – 2 years, 3 months
Before we start engaging in generational warfare, let’s consider one reason for this that may not be obvious at first glance. Older workers may be more loyal to employers, but they are also more likely to be settled into their careers. Conversely, younger workers are still finding their way.
No generation is better than any other, we are just different. One thing is for certain, the decline in traditional pension arrangements and lackluster private sector cost of living increases, has influenced this trend. The days of staying at an employer out of sheer loyalty are likely gone forever.
Employees have rightfully learned that career advancement often requires changing companies and the stigma is now far less of a deterrent, especially in a tight labor market.
What I’m Reading:
IGen: Why today’s super-connected kids are growing up less rebellious, more tolerant, less happy – and completely unprepared for adulthood – and what that means for the rest of us – Jean M. Twenge
- There is a dramatic difference between older and younger Millennials. Why? The smart phone. This book dives into a bunch of fascinating statistics that paint a descriptive and surprising picture of how this technological change and other factors have impacted the older Millennials who were influenced by the smart phone. This group is known as IGen.
- This group of teenagers is also more likely to ‘grow up slowly.’ For example, did you know that when IGen hang out with their high school friends, their parents are frequently there as well?
Get it in print or Audio
Quote to Consider:
“The “bad” -vs.- “good” question depends a lot on one’s cultural perspective.” – Jean Twenge, in IGen.
Articles of the Week:
- Here are some bad ideas on how to combat inflation if you are too lazy to search for a new job.
- Harvard’s endowment has shrunk by $2.3 billion, or 1.8% year-over-year. The fund is now (only…?) $50.9 billion. Here’s why Harvard claims the fund advances social good. You be the judge.
- What comes first, passion or a fulfilling job? The answer is likely not passion.
DDC Article of the Week: How to Overcome Barriers in a Passionate Life
- Passion can be blinding. To achieve things that matter, we must look beyond our fleeting passions and focus on developing skills instead.
Thanks for reading. I’ll catch you next week.
Be well,
Ryan
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