COVID-19 scenario has left a significant impact on the global economy. Hence this pandemic has changed the work-life of most Americans. Many are staying back at home and earning money through the best au online casino.
In mid-October, a recent survey was conducted on 5,800 working adults, which shows that the transition to home working had been accepted for most. With a COVID-19 mass vaccination on the horizon, many employees have preferred not to return to the office. Almost half of the workforce said the flexible option to stay at home 2 to 3 days every week was worth up to 15% of their pay.
Companies are even considering offering hybrid arrangements to the employees as they prefer to quit their current job to get more flexible work-from-home options. Early evidence shows enhanced jobless benefits are another factor that is keeping people from work. But, these labor day jobless benefits have ended. Then, why aren’t people willing to join the workplace?
Economists suggest a few factors play a crucial role in the changed behavior of employees in the current job market.
Covid
As per economists, the health risks involved in the Covid pandemic have been significant in recent months. Job growth had slowed down in August and September when the number of Covid patients spiked due to the latest delta variant.
“The September jobs report is a reminder that the pandemic is still what controls our recovery,” said Daniel Zhao, senior economist at a reputed job site. “The pandemic is still keeping workers out of the labor force.”
In August, 4.3 million people left their jobs. This trend is witnessed more in sectors like restaurants, bars, and retail outlets where front-line workers directly contact customers. Hence the risk of contagion and health hazards of in-person work is keeping them from work.
Early retirements
Early retirements played a crucial role in the shortages of workers. Older adults are more prone to severe illness and even death from Covid. They may have found drawing Social Security safer and living off their bank savings instead of taking a risk at work.
Compared to the report before the pandemic, in current days, nearly 3.6 million more people are out of the labor force in September who prefer not to join the workplace right now. People over The age of 55 accounts for 89% of the increase.
Increased Savings
American Households across various income scales have been able to accumulate higher savings compared to pre-pandemic days. Cash balances have increased to 50% for the typical household in July 2021 compared to two years earlier. That plays a significant role in why people have decided to wait a little longer before rushing to get a job.
