does everyone really think theyre saving on payroll short- and long- term by not doing COLA?
People accept an annual pay cut. They have for decades. Employees don't leave, and whether they're happy or not generally doesn't matter so long as the work gets done. Have a look at a graph of the net worth of wealthy people over the past 40 years and then ask yourself if it works long-term because it obviously does.
Except this past year it hasn't. Seen any articles about 'The Great Resignation' lately? The pandemic helped change employee attitudes and they're much more willing to quit for a better deal now (and there's plenty of companies desperate enough to give it to them).
Companies have always (at least the past few decades) been more willing to pay more for a new hire than to increase compensation to keep an existing employee, so now that everyone is short staffed, people are taking advantage of that reality and quitting their jobs for a new one much more frequently and getting the increases they're being denied from their former "stuck in pre-pandemic mindset" companies.
Seen any articles about 'The Great Resignation' lately?
Yep, and very few mention money as the reason why people are leaving their jobs. It's much more often about a re-evaluation of people's priorities. There's no reason to believe people will find new jobs that give cost of living adjustments.
Wanting to make more money to keep up or get ahead versus staying put in the same job for years or sometimes decades is a re-evaluation of people's priorities. But it's not the only factor or only priority for a lot of people, sure.
There's people in this very thread that say they're planning to interview because they're not getting a COLA adjustment.
I already switched jobs and got a significant raise in the process this year, or else I might be joining them if I get a sub-COLA raise (it's sounding like I might based on what I've heard of the process so far). Hell, I still might later this year, I don't know. It wouldn't be the only factor for me, just a factor. Things are mostly good here, but I've stunted my income trajectory quite a bit already by staying way too long at previous jobs, and probably should play a bit more catch-up, and I'm only likely to get that by switching jobs again.
Well, actually, people quite often mention pay as a reason to quit on forums like reddit. It isn’t the trigger, but low pay and difficulties coping financially, even with multiple jobs, is one of the top reasons that makes people leave their employment.
Not really, I think people who are silly enough to quit their jobs over a free vaccine are hopefuly in a small enough (but unfortunately very visible) minority that this isn't a huge factor. I may be wrong, though.
Unlikely. JPM and Citi are about to let quite few go, about 3% of workforce, due to Anti-vaccination recalitrance. While 3% feels like a lot, it's less than great resig.
No, mandatory vaccination triggered the "Great Self-Dismissal of Fanatical Antisocial Psychopathic Science-Denying Anti-Vax Menaces to Society and Dangers to Themselves and Others", not the "Great Resignation".
Many of them go on to overcrowd the ICUs and morgues, so they are actually unwittingly doing their former employers and co-workers and evolution itself a huge favor by resigning and letting natural selection take its course, to smugly "own the libs".
It's kind of like Mitt Romney's idea of "Self Deportation", but for Trump supporters and gullible Fox News suckers instead of immigrants, and they're self-deporting themselves from the Earth, not just the USA.
> Many of them go on to overcrowd the ICUs and morgues, so they are actually unwittingly doing their former employers and co-workers and evolution itself a huge favor by resigning and letting natural selection take its course, to smugly "own the libs".
Considering the majority of people quitting are in places that have no mandatory vaccinations (service sector in general), it's mostly a negligible factor.
In specific industries it might be a somewhat larger factor (health care I do think is more significant, for example). But even in those industries, there's far greater effects leading to people quitting, like quitting to become a traveling nurse and making 3x the pay, or just getting burnt out from the demands of the pandemic.
The Great Resignation was already in full force before any vaccine mandates were even in place, also.
For the places that have enforced mandatory vaccination, it seems to end up around ~1% or so of employees that are willing to go that route. And frankly, a substantial number of those are older workers that are probably at retirement age anyway. The "Great Resignation" is much more substantial.
Right. When someone with essentially no skin in the game is yelling to the internet about how dumb the people with massive skin in the game who spend all of their time trying to optimize a specific situation, and how they just don't get it, you've got to wonder if it crosses their mind that they are they one with much more limited info who is less likely to "get it".
Then again for the most part these people aren't trying to understand what is going on. They just are angry about something and want to yell.
Good people don't accept annual pay cuts. That's why companies looking to retain the best talent are doing yearly salary evaluations. Look at what Basecamp and Netflix are doing. Your managers job is to ensure that you're being paid in the top 10% of people in your field in the most expensive COL city in America. That's how you retain the best talent.
Your managers job is to ensure that you're being paid in the top 10% of people in your field in the most expensive COL city in America. That's how you retain the best talent.
Everyone's manager should be making sure that everyone is in the top 10% of earners in their field? I'm not very good at math but I'm fairly sure that's impossible.
People accept an annual pay cut. They have for decades. Employees don't leave, and whether they're happy or not generally doesn't matter so long as the work gets done. Have a look at a graph of the net worth of wealthy people over the past 40 years and then ask yourself if it works long-term because it obviously does.