With hiring paused, wage hikes curtailed and reports of job slashes – is the job market leveling out?
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For months, there has been talk of the Great Resignation, with chatter about how there isn’t enough staff and that bosses will keep you around so long as you have a pulse and send one or two emails out per day. Even Wall Street veterans like JP Morgan’s CEO Jamie Dimon, who was firmly against any WFH situation, have allowed their workforces to operate on a hybrid model moving forward to keep employees happy.
But now, it seems as if the glory days for workers are coming to an end. With economic fears looming over the heads of corporate execs, as many worry that the Fed can’t tamp down inflation without sparking a recession and supply chain woes continue to plague boardroom discussions, there are now more reports of hiring and wage hikes being paused and job slashes making it to headlines. Experts say that more employers may start issuing ultimatums like the one Elon Musk issued on Friday, demanding workers come back to the office or find elsewhere to work.
Key comments:
“Workers have had the balance of power over the course of the pandemic. Companies are still holding tight to workers, but we’re starting to see an uptick in layoff movement. The demand to be in the office could certainly be a way of cutting those workers voluntarily. Even if a recession does not occur, employers may start making similar demands as Musk,” said Andrew Challenger, senior vice president of Challenger, Gray & Christmas, a firm that offers outplacement and executive coaching services.
“We’re still in a labor shortage, but there are signs we are moving to a more normal market, with workers coming in one door and out the other,” Challenger said.
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