Morristown, NJ

The Great Resignation

Morristown Minute

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Morristown Minute

Every month since April of 2021, nearly four million Americans are quitting their jobs.

In July there was an estimated 11 million job openings in the U.S.A.

Why?

Well, for years corporations have been bribing and campaigning the government forces that be to dismantle unions, rid jobs of benefits and pensions, and destroy workers' rights.

Meanwhile, wages are decreasing.

Yes, decreasing.

All this talk of raising the minimum wage and we find out we're actually getting paid less than we were twenty years ago! (If you count for inflation.)

If we standardize the dollar by converting the yearly federal wage to a 1996 standard price, in 1955 the value of the minimum wage would be about $4.39.

Comparably, in 2021, the value of the minimum wage (taking into account inflation, so this really represents buying power) is about $4.19.

Throw on top of that the fact that pensions are disappearing, and companies have a track record of hiring from outside the organization rather than promoting from within. (In about 55% of cases)

In the past, you may have worked for one company for your entire life, and the company would care for its employees like assets.

Today, the longer you are at a company and the higher you climb, the more likely it is for your company to begin viewing you as a liability.

As a result, companies are fighting to keep salaries low and resist the urge to raise pay in step with inflation. This has led to a public outcry that represents itself through a term coined in 2021 as “The Great Resignation.”

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