We've all seen signs in front of shops, restaurants, and factories: "we're hiring!" "Help wanted!" And now, the Omicron variant is taking a toll on the already depleted workforce. We've wondered how there can be so many open jobs when nearly every employer seems to be offering better pay, benefits and even signing bonuses.
The government's jobs report released this past week tells us what has happened: well over 20 million people quit their jobs in the second half of 2021. Some are calling it the "big quit," others the "great resignation." But who can explain why this is happening? We found the best place to look for real-time answers is the huge online job site LinkedIn, which calls itself the world's largest professional network. Karin Kimbrough: People have been living to work for a very long time. And I think the pandemic brought that moment of reflection for everyone. "What do I wanna do? What makes my heart sing?" And people are thinking, "If not now, then when?" Karin Kimbrough is LinkedIn's chief economist. She has degrees from Stanford and Harvard and a Ph.D. from Oxford, used to work for the Federal Reserve, and now has a birds-eye view of the U.S. labor market. Karin Kimbrough: We have this unique view of the data. We can see across millions of members and what they share with us, and we can see from employers, millions of them that are posting jobs on our platform. There is one person hired every 15 seconds right now on LinkedIn. Read more...
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