06-12-2024, 02:48 PM
(06-12-2024, 09:12 AM)pally Wrote: Its all in a quest of never ending ever growing profits. Used to be a company could show stable profits and pay comfortable dividends. CEOs in the 1970s made about 20-30% the average worker salary. Now they make 200-300%. Stock holders are no longer individuals but now it all belongs to the Board of Directors , Hedge Funds, and other institutional holders. The oly goal for companies now is to make as much profit as possible before they implode. They don't care who they leave in the wake.
Employees have finally gotten wise. They are no longer going to devote their lives to a job that will screw them down the line. They don't see the benefit because in many cases there is none. In a country where the unemployment is 4%, another job is easily found
That is the lazy answer that does not scratch the surface of the issue.
Workers are still not applying, and when they do, they usually do not show up to interviews.
Facilities are short handed due to a sense of entitlement, people getting free money for doing nothing so they do not see the value of working, and a poor work ethic in general.
If you took everything the CEO's made and dumped it into employee salaries, what would be the impact on the hourly pay of employees? My guess is it barely moves the needle, pennies. The labor force participation rate is 62.5% currently, which is lowest it has been since the late 1970's, with exception to covid years. Unemployment is low because people are not jumping back into the workforce due to reasons mentioned above.
https://fred.stlouisfed.org/series/CIVPART
