November 30, 2022
This week, a new report on 2023 hiring trends is released, workers don’t want to work, and the words and phrases that successful people never say.
In the News
Hiring Trends: Economists from Indeed and Glassdoor released a report on 5 important labor market trends for 2023.
Here is a high-level summary of their findings:
- Limited supply of workers will continue because this issue preceded the pandemic. One reason is simple demographics.
- Remote work will continue. In 2022, Indeed job postings that advertise remote work are 3x higher than they were in 2019. In the U.S. 8.6% of job postings advertise remote work, compared to 2.9% in 2019. This trends holds in multiple countries.
- Wage expectations have increased because of inflation and because employees still tend to value handsome compensation above all. Companies can differentiate from competitors with generous benefit packages, but they will still need to pay high wages.
- Company culture is an crucial factor to job seekers. Indeed’s Work Wellbeing 2022 Insights Report revealed that 86% of people say how they feel at work affects how they feel at home. A Glassdoor survey found that workers who rate their companies 2/5 stars for employee satisfaction are twice as likely to seek new employment.
- Company diversity initiatives continue to generate interest from employees. In 2022, 41% of Glassdoor benefit reviews mention a company’s diversity program. This compares to just 27% in 2017.
The Pause Goes On: As President Biden’s Executive Order on student loan forgiveness gets held up in the court system, the administration has extended the pause on repayment of student loans.
What I’m Thinking About
Not Working or Hardly Working: Do we have an opportunity shortage or an interested worker shortage? How widespread is the disinterest in wanting to work?
- ‘No One Wants to Work:’ Mike Rowe suggests that a lack of employee interest in work is the biggest story that no one is talking about. He and others have pointed out that pandemic-era relief programs exacerbated a growing disinterest in work.
- Blame Game: 60 Minutes did an analysis that tended to suggest that a lack of good job opportunities with high pay and work-life balance were mostly to blame for a disinterested workforce.
- Good Florida Man: A good “Florida man” tried to do the right thing by applying to jobs. Unfortunately, he hardly got any call backs.
What do you think? Is the lack of labor force supply related to a lack of good job opportunities or a disinterest in work?
Quote to Consider
“Authenticity is not about being unfiltered. It’s about staying true to your principles. The goal isn’t to voice every opinion you hold. It’s to stand up for ideas that are consistent with your ideals. Being genuine is closing the gap between what you value and what you express.” – Adam Grant
What I’m Reading
Everything is F*&^ed: A Book about Hope – by Mark Manson
I resisted reading this book for a while because it sounded gimmicky. But as time went on, I came to greatly enjoy Manson’s writing on his blog and gave it a try. it is a deeply entertaining and humorous journey through the fallibility of human beings. Give it a read if you haven’t yet. It is guaranteed to capture your interest in a way that most non-fiction books do not. It is as engaging and entertaining as its title.
Get it in print or audio format.
Articles of the Week
- You may say, “I don’t have time for that” but what you’re really saying is “that is not a priority.”
- Are you lost in your thoughts? Try making a mind map.
- Successful people never say these things.
New DDC Article this Week: Lessons on Uncertainty from Power Politics that will Improve Your Life
- What happens when you think you know things, only to find out it was all nonsense? The recent midterm election results were an excellent example. Your response to these sort of scenarios matters.
Other Fun Stuff
8 Billion Bodies: There are now over 8 billion people on planet earth. The debate about whether we have too many people or not enough rages on. What say you?
- Related: The global population is expected to peak around the year 2100.
Brandon, Karen, and Alexa: Fewer parents are choosing these baby names. Unless you’ve been living under a rock, you likely know exactly why.
Thanks for reading. I’ll catch you next week.
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