Written by CMG News Contributor, Doug Carleton
No. Not me. But according to whichever stories or polls you read, more U.S. workers are quitting their jobs than they have in the last two decades. According to the Labor Department, the share of U.S. workers leaving jobs was at the highest level since 2000. A March survey by Prudential Financial determined that one-quarter of the people surveyed said they soon planned to look for a role with a different employer. The answers why have become pretty clear. Due to rising wages and shortages of labor in many industries, new opportunities are opening for potential employees. People are looking for jobs more suited for their skills, interests, and their personal lives. People are burned out from pandemic workloads caused by companies losing people and burdening the remaining employees with higher workloads. Another reason people are leaving their current job is to look for higher wages to make up for a spouse's lost income from a job loss. The job search site Glassdoor recently found that people who used to scan for "restaurant servers" are now more likely to search for jobs such as "office assistant," "data entry," or "Amazon," for example.
The Delta variant is seemingly sending us back to nearly the same place we were at the early stages of the pandemic. When people see headlines like the one that appeared in the Washington Post recently that "1 in 500 Americans have died of Covid-19 (to me, source unsure but still...), what will they think about going about as freely as they did a month ago?
A woman recently went to Walgreens in New Orleans for something simple. When she got to the store, there was a line outside of the door. After a quick "To __ with it," she returned home. Travel is slowing again. Prices on a wide variety of things, especially food items, are rising, which means that consumers have to spend more money on necessities and everyday items, thus increasing the desire to find a job with higher pay.
Bringing all of this down to a small business owner's level, could any of these factors have any impact on your sales? With people quitting and changing their jobs, one big unanswered question in my mind is, "how will these changes affect their spending patterns in the interim?". Will there be a short period where they want to conserve their cash until they either find or settle into a new job? Pay close attention to what is being said in the press - news sites, online, or other mediums. Much of it is garbage hype to sell ads, but if you begin to see a pattern - if it is something that may affect your business - pay attention. Stay focused on what you can control. Look ahead. Could something happen that could affect your sales and profits, and cash flows? Learn to love your cash flows to make sure you make it to the end of the tunnel.
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