It seem seems every business is hurting - for employees.
I don't think this is a regional impact for me. I noticed Now Hiring and Help wanted signs everywhere I looked. It was started to feel like the end of 2019 again when businesses could not fill open positions because of a lack of potential qualified candidates.
Who Isn't Hiring?
I was running errands over the weekend, a couple of quick trips to stores to get a few things needed for some spring projects. Nothing major, but as I sat at red lights and stop signs I noticed one thing.... everyone was hiring.
- Gas Station - always hiring
- Post Office - used to never - ever have openings.
- Red Lobster
- Wendy's
- Every other Fast Food place I drove by
- Walmart
- 2 different home improvement stores
I will grant you - these business seem to always have a few openings, but these sings where bigger, and more aggressive than I remember seeing. They were trying to get your attention. Most of the wages I saw were already approaching the narrative of $15 an hour. While not something that make one wealth, it shows the market is moving that direction.
I know several big corporations are losing people quickly this spring. It appears employees now feel safe enough to take other jobs, or are being recruited to work for a raise remotely. These are not entry level positions either, these are upper level leader roles in finance and business, that pay well and grant career opportunities.
I don't think this impact is just from college kids staying remote, or not attending college this year. I think this is bigger - it feels like we are moving closer to full employment.
March Unemployment 6%
I know this number is higher than the prepandemic number but given the increased unemployment benefits and stimulus checks, there is more money floating around to keep those now earning high enough wages to stay unemployed.
I also understand, towns, cities, and states may all have different impacts. Given that some businesses are still shut down, or may never come back, the number may be higher in those locations. It isn't like those people looking for work are willing to move across the state, or country for a job at fast food join making $14/hr.
I know several big corporations are losing people quickly this spring. It appears employees now feel safe enough to take other jobs, or are being recruited to work for a raise remotely.
Drivers - Baby Boomers Making Room
It is estimated until 2030 10,000 boomers retire each day. 70,000 per week and more than 280,000 per month leaving the work force. COVID may have given it slight jump ahead, but that still leaves a large hole to fill each and every month. A drop in workforce potential and it looks like it may be a good for employees for a little while.
Sure Automation is coming for our jobs, but cost and technology are not here today for many of these jobs but the already reducing workforce may help to soften the blow. The job landscape will be interesting as we move forward, but for now it looks like we have more demand than supply for many job openings.
sincerely,
This post NOT financial advise, it contains my personal opinion and experience and is intended for educational purposes. Perform your own research and analysis prior to making investment decisions.