HelpWanted.com

Data shows that boomers are driving the labor shortage

Data shows that boomers are driving the labor shortage
One of the myths that spread around this year was that young people didn't want to work just because they were getting by fine with government aid. A handful of politicians and pundits created the narrative that people had too much money. But the numbers don't add up. Whether forced by the pandemic or made possible otherwise, early retirements have left a huge impact on the labor market. People have left their jobs for a myriad of reasons. But among the workers who have left the workforce and are least likely to return, the vast majority are older Americans who accelerated their retirement.

Last month, 3.6 million more Americans who had left their jobs said that they didn't want a job compared with November 2019. A whopping 90% of them were over 55. There are a few reasons for this. Nela Richardson, ADP Chief Economist says that soaring home prices and the strong stock market have given higher-income people especially Boomers more options. In addition to this, the pandemic has also created a situation where the risks of going to work are higher for older people. Another reason for boomers adding on to this shortage is that employers aren't doing enough to lure workers out of retirement. Employers are creating jobs, but just not the ones that people want. 

Even the White House has recognized the retirement issue and the labor market. Jared Bernstein, a member of Biden's Council of Economic Advisers said once that 'non-prime age' workers, those above 55 are excluded from the metrics, a much clearer picture of how the labor recovery is doing emerges because it strips out the retirement narrative.

Source: CNN 

Tags In
Redundant Jobs

Previous days news

Dec 17 Dec 16 Dec 15 Dec 14 Dec 13

You might also like

Best tech jobs in the United States : BLS data

For several reasons, the IT sector is appealing to job seekers. ...Read more

Salaries for Californian fast food employees might rise to $22 per hour

Despite the opposition of restaurant owners who worried it would raise customers' bills, California Governor Gavin Newsom on Monday signed a nation-leading law providing more than 500,000 fast food employees additional authority and rights. ...Read more

Workers leave as job dissatisfaction grows

Demands for improved pay and workplace environments are coming from workers in California to New York. ...Read more

Microsoft offers graduates from African nations job prospects in the US & Canada

New graduates from institutions in Nigeria and other African nations have been made aware of job prospects by Microsoft. ...Read more

Casper is hiring professional sleepers

A mattress company is searching for a role where napping while working is not only acceptable but also required. 'Casper Sleepers' are being hired by Casper, a New York-based business established in 2014. ...Read more

Others news
Category
Tags
Unemployment Rate Jobs In Bengaluru Caste Verification State Bank Of India Tejas Fighters Andhra Pradesh Govt Business News Work Struggle Remote Workers Salary Breakdown Odd Jobs Startup Mafia RPSC Digital Job Market Media Jobs Google Jobs Work Stress World Bank MyGate App Covid-19 Vaccine Indian Tourism Hiring Tips For Freshers Salary Delay FICCI Deloitte India Data Scientists RTI ISRO Jobs Office Setup Hyderabad Jobs Employee Retention Road Accidents Job Sector In India Ludhiana Jobs VDA Pune Jobs Edtech Business Pandemic Coal India Robotics Employability Skills Software-as-a-service IT Hiring Gujarat Employment Airport Jobs West Bengal International Jobs Logistics Trends Government Jobs Kendriya Vidyala
Articles

What Are the Costs to Consider While Planning A Recruitment Budget?

If your organization is on a hiring spree too, one of the key things to consider is the recruitment ...Read more

25+ Hiring Strategies To Help You Source Talented Candidates

Companies have resorted to digital hiring processes to ensure health, safety, and convenience to jo ...Read more

Here Is How to Answer These 5 Tricky HR Questions

During an interview, you’re not only asked questions according to your credibility and qualificatio ...Read more

What Why and How of Background Checks A Useful Guide for Staffing Agencies

Background checks are one of the pre-employment requisites to prevent bad hires. About 96% of emplo ...Read more