[HN Gopher] Workers are stuck in place because everyone is too a...
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Workers are stuck in place because everyone is too afraid of a
recession to quit
Author : paulpauper
Score : 23 points
Date : 2024-08-12 21:36 UTC (1 hours ago)
(HTM) web link (boredbat.com)
(TXT) w3m dump (boredbat.com)
| throwuxiytayq wrote:
| > "I feel trapped here," Amanda said. "I'm financially screwed if
| I leave, and that's why I don't, or can't leave."
|
| This is so common. People are afraid of and unprepared for income
| and status setbacks. Sometimes you need to take a couple steps
| back to get back on track. (I'm currently taking a step back and
| I'm intimately familiar with the uncertainty of it.)
| bix6 wrote:
| Which companies have great training programs and happy lifetime
| employees?
|
| The main one that comes to mind is Costco.
| lotsofpulp wrote:
| If you read /r/costco, supposedly the new bosses have changed a
| lot of things for the worse, especially for the non floor
| employees.
| Spastche wrote:
| the only thing I can think of is the military and that's only
| in some circumstances
| silisili wrote:
| Anymore, it's rare to find. UPS used to create lifers because
| their benefits were so good, including free education and a
| stipend for an apartment even. That's all gone, I think, as
| they were paring it back in the late 90s already.
|
| And nearly everyone has gotten rid of pensions, sadly.
| fundad wrote:
| It seems like the employers have a lot to gain by spreading the
| fear of a recession to make the job market to be more favorable
| to them.
|
| Didn't the Treasury secretary quip "The enemy keeps postponing
| when the recession's going to come... They are dying to have a
| recession. They can't bear going into next year's election with
| the economy the way that it is."
|
| https://www.vanityfair.com/news/2019/07/wilbur-ross-democrat...
|
| Wait, that's the former Treasury secretary, they sure knew how to
| do petty.
| prewett wrote:
| And now the wheel turns... Two or three years ago everyone was
| quitting.
| robotnikman wrote:
| Just one part of a cycle that keeps repeating, hopefully.
| rachofsunshine wrote:
| We hear this from candidates pretty often (it's the second most
| common specific reason for a candidate to turn down outreach for
| a job, after "please don't match me with crypto companies"),
| although we're new enough that I can't make an apples-to-apples
| comparison for how common it was prior to the current
| environment.
|
| What's odd is that, on paper and for the engineering jobs we work
| with specifically, it doesn't seem like that's actually more
| justified now than it was a year or two ago. The tech hiring
| market seems to have bottomed out and to be (unsteadily) on its
| way back up. Two years ago, prediction markets [1] were pretty
| confident a recession would occur by this point, but it hasn't.
| They're now down to about 25% that it'll occur by the end of this
| year, although the fact that the percentage has stayed flat even
| as time has run out suggests markets are a bit more bearish now
| than they were six months ago. And they think [2] that large
| interest rate cuts are coming.
|
| But perhaps a few years of frustration and seeing others struggle
| has taken its toll in ways that go beyond object-level economic
| predictions. Experience with rough conditions might've made
| people more risk averse, or make them feel more secure in the job
| they do have (after all, there's a good chance they've survived
| some layoffs at this point), both of which could (rationally)
| make them stick where they are even if their opinions of the
| broader economy were the same or better.
|
| [1] https://manifold.markets/chrisjbillington/will-the-us-
| enter-... [2] https://manifold.markets/barak/by-how-much-will-
| the-fed-cut-...
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(page generated 2024-08-12 23:00 UTC)