If you want to work for a company where your salary is 100% tied to yearly profit, by my guest. But even a 2 second critical thinking exercise will demonstrate why that is a bad idea.
One of my friend literally work in a worker co-op for consultants. He has a base salary a bit lower than mine, but double it each year (2024 might be different though)
those are also resetting. Profits are in decline, resetting. Need a new batch of workers, reset the old ones right away. Resetting benefits. Reset workers back to the office. Reset PTO policy.
My pet theory is that outside of the recent tech salary bubble decade, anyone with a "normal" salary in the US can't really get ahead without at least investing in market index funds/ETFs. Otherwise, all an employee gets is time-for-money pay (which is constantly under pressure as a business cost) with little if any upside from high industry profits. Either that or play the startup equity lottery.
That's how high (or "realistic") interest rates feels like. Another way to think about it is that the low interest rate environment was a sort of bonus, not a base pay raise - for those who were correctly positioned to take advantage of it.
Still lots of help wanted signs in windows so anecdotally it still seems relatively easy to get a bump from $12/hr to $15/hr working retail. But the types of jobs posted on ziprecruiter.com aren't increasing like they were in the past.
No, but they're a substantial fraction of all jobs. They are also important because if you can't get one of those jobs the alternative is likely unemployment.
> The tightening labour market has left US workers with fewer options than just years earlier.
I thought a tight labor market was where demand for labor was higher than supply whereas a slack labor market had supply of labor than demand. This sounds like a slackening of the labor market, not a tightening.
Even if we accept that as true, it means we've allowed businesses to collect that overspending while not passing it on to workers. How convenient for them.
If employees equally owned the businesses they work for, falling salaries wouldnt be as tragic a event as the employees would be compensated still by the company being worth more.
Employee ownership is moral imperative. Worker owned co-ops should be de rigueur, not a rarity. It's absurd that companies like Amazon force people to work for peanuts and pee in bottles and yet reap enormous profits that aren't shared with those who made them.
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[ 3.3 ms ] story [ 81.5 ms ] threadAnd the Fed lowers interest rates when unemployment rises.
https://www.statista.com/statistics/1351276/wage-growth-vs-i...
Still lots of help wanted signs in windows so anecdotally it still seems relatively easy to get a bump from $12/hr to $15/hr working retail. But the types of jobs posted on ziprecruiter.com aren't increasing like they were in the past.
I thought a tight labor market was where demand for labor was higher than supply whereas a slack labor market had supply of labor than demand. This sounds like a slackening of the labor market, not a tightening.
[0] https://fred.stlouisfed.org/graph/?g=1hYJD
[1] https://fred.stlouisfed.org/graph/?g=1hYK4