The Wall Street Journal July 4th 2022 11:05AM |Opinion|Commentary (U.S.)|”A Rude Awakening Is Ahead for Young Employees” “A recession will hand the bargaining power to their bosses” by Daniel E. Greenleaf
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Image from motivcare.com
After an extended period of job growth, low unemployment, low interest rates and a booming stock market, the economic tide has turned. Americans are now facing the fallout from a stretch of rising prices, a plunging stock market and the reflexive increase in interest rates by the U.S. Federal Reserve (FED). The FED’s moves intended to slow the economy may trigger a recession that could spell the first hard time for younger workers. According to this WSJ piece “Rising inflation and a market downturn guarantee layoffs.”
When the job market was hot “employees [developed] an unrealistic sense of their irreplaceability” and the majority, as a result of the pandemic, enjoyed working from home (WFH). Employers “found less loyalty among technical staffers, who often jumped employers for a slight increase in salary or change of scenery.” Some work consequently moved offshore. Now the author, Daniel E. Greenleaf,(CEO of Modivcare), believes that “job security will again take precedence over job hopping” and that workers will “think about moving up rather than moving on.”
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