In April, about 649,000 retail workers left their jobs—a record number of resignations for the industry. It was yet another inflection point in a broader trend sweeping workplaces, as employees reevaluate their relationship to work and act on the burnout induced by the pandemic.
Interesting perspective from an “essential” worker. And the trend is not limited to retail.
Hospitality jobs are unpopular, and raising the wage may not be enough to lure many former workers back. 38% of former hospitality workers report that they are not even considering a hospitality job for their next position. These workers are transitioning out of the industry in search of a different work setting (52%), higher pay (45%), better benefits (29%), and more schedule flexibility (19%). Over 50% of former hospitality workers who are looking for other work say that no pay increase or incentive would make them return to their old restaurant, bar, or hotel job.
Total individual life insurance policy sales increased 11% in the first quarter, compared with first quarter 2020. This is the highest growth in the number of policies sold in a quarter since 1983. New annualized premium also experienced significant growth, up 15% from prior year, according to LIMRA’s First Quarter U.S. Individual Life Insurance Sales Survey.
I don’t know who you are. I don’t know what you want. If you are looking for ransom, I can tell you I don’t have money. But what I do have are a very particular set of skills; skills I have acquired over a very long career. Skills that make me a nightmare for people like you.
Bryan Mills, played by Liam Neeson in the film Taken
I have multiple relatives who have lived well into their 90’s. My maternal grandmother lived to 100. I’m going to need another source of retirement income. And for all of my friends and colleagues who never thought I would make it this far…
The term “third place” was first dubbed by Ray Oldenburg, a world-renowned sociologist who wrote The Great Good Place in 1989. In his book, which was a direct response to the privatization of home life that came with the increase in suburb growth, he claimed that if our homes were the “first” place, and our offices the “second” place, then the “third” place was most everything in between- or the more informal places where community gatherings would occur. These spaces are easily accessible by all and serve as anchors to modern society.
A nice look at the future of work from Kaley Overstreet. Kaley has a B.S. in Architecture and Master of Architecture from Ohio State Knowlton School and is a Senior Contributor at ArchDaily. Third spaces and places have been happening for some time. The pandemic merely accelerates the trend.
As it turns out, protecting students from Covid was never a top priority for University Presidents. The American Council on Education (“a membership organization that mobilizes [ha] the higher education community to shape effective public policy and foster innovative, high-quality practice”) has published periodic surveys on what University Presidents consider pressing issues.
The author of this article doesn’t attempt to hide his bias or contempt for the so-called leaders of our colleges and universities. I’ve made no attempt to hide my disdain either (sharp eyed readers will note my title above deletes two words from the original article title). The college clusterfuck has been one of my recurring themes:
The full article contains some pretty sorrid stuff. Enjoy!
Online education will become the standard operating model for higher education. Thousands of colleges and universities will go belly up. Professor Galloway at NYU says it’s simple math. See Galloway’s comments here: Post Pandemic Changes in Consumer Behavior
I have been a WFH (work from home) warrior since 2006. There is absolutely nothing radical about the plan outlined above. I’ve been patiently waiting all these years for the business world to come around to my way of thinking. To be be clear, a lot of businesses would not adopt WFH without a nasty virus driving the agenda.
Too bad I’m currently a W2 worker. If I was still consulting I would make a MINT advising companies how to do the WFH thing effectively.
Airlines want more from the government printing press.
American Airlines was also the airline that blew, incinerated, wasted, and trashed more than any other airline on share buybacks. Buybacks ceased in the second quarter, but from 2013 through Q1 2020, American Airlines incinerated $13.1 billion in cash on share buybacks. That cash would now come in very handy. 2013 was also the year Mr. Parker became CEO of American Airlines. Delta blew, wasted, and incinerated $11.7 billion in cash on share buybacks over the period; Southwest Airlines, $10.9 billion (starting in 2012); and United $8.9 billion. In total, the big four airlines blew, wasted, and incinerated $44.6 billion in cash on share buybacks from 2012 through Q1 2020, and now the airlines want an additional $25 billion bailout, for a total of $50 billion, much of it in forms of grants, from taxpayers (data via YCharts)
In July, 52% of young adults resided with one or both of their parents, up from 47% in February, according to a new Pew Research Center analysis of monthly Census Bureau data. The number living with parents grew to 26.6 million, an increase of 2.6 million from February. The number and share of young adults living with their parents grew across the board for all major racial and ethnic groups, men and women, and metropolitan and rural residents, as well as in all four main census regions. Growth was sharpest for the youngest adults (ages 18 to 24) and for White young adults.
A majority of young adults in the U.S. live with their parents for the first time since the Great Depression — https://pewrsr.ch/351SVs1
And to think the number of young people living with their parents was based upon data from July. This percentage will go higher since a lot of kids are moving back home from college earlier than expected.
The problem with college during the coronavirus pandemic is not just what’s happening on campuses and in college towns. It’s also that colleges may end up spreading the virus to dozens of other communities. In recent weeks, as students have returned to campus, thousands have become infected. And some colleges have responded by sending students home, including those known to have the virus.
Last week, after hundreds of students came down with the virus, the State University of New York at Oneonta ended in-person classes and sent students home. Colorado College, North Carolina State, James Madison (in Virginia) and Chico State (in California) have taken similar steps. At Illinois State, Georgia Tech and the University of Georgia, administrators have encouraged some students who have tested positive to leave campus, so they don’t infect other students, and return home.
These decisions to scatter students — rather than quarantine them on campus — have led to widespread criticism. “It’s the worst thing you could do,” Dr. Anthony Fauci, the federal government’s leading infectious-disease expert, said on NBC. “When you send them home, particularly when you’re dealing with a university where people come from multiple different locations, you could be seeding the different places with infection.” – Zach Morin, a University of Georgia student, told WXIA, a local television station, “Once it is open and people are there and spreading it, it doesn’t make sense to send it across the nation.” Susan Dynarski, a University of Michigan economist, wrote on Twitter that “unloading students onto home communities” was “deeply unethical.”
There are no easy answers for colleges, because creating on-campus quarantines brings its own challenges. At the University of North Carolina in Chapel Hill, one student who tested positive — Brianna Hayes — said that no employee checked on her during her week in isolation. “Feverish and exhausted from the virus, she made four trips up and down staircases to move her bedding and other belongings to her isolation room,” The Times’s Natasha Singer writes, in a story about campus quarantines.
Still, many experts say that the colleges that chose to reopen their campuses despite the risks, often for financial reasons, have a moral responsibility to do better. “Universities are not taking responsibility for the risks they are creating,” Sarah Cobey, an epidemiologist at the University of Chicago, said.
Last spring, the meatpacking industry became a vector for spreading the disease, when it quickly reopened and caused hundreds of new infections. This fall, higher education may end up being a similar vector.
David Leonhardt – The New York Times The Morning newsletter email 09.09.20
The collapse of economic activity in 2020 from COVID-19 has been immense. An important question is how much of that resulted from government restrictions on activity versus people voluntarily choosing to stay home to avoid infection. This paper examines the drivers of the collapse using cellular phone records data on customer visits to more than 2.25 million individual businesses across 110 different industries. Comparing consumer behavior within the same commuting zones but across boundaries with different policy regimes suggests that legal shutdown orders account for only a modest share of the decline of economic activity (and that having county-level policy data is significantly more accurate than state-level data). While overall consumer traffic fell by 60 percentage points, legal restrictions explain only 7 of that. Individual choices were far more important and seem tied to fears of infection. Traffic started dropping before the legal orders were in place; was highly tied to the number of COVID deaths in the county; and showed a clear shift by consumers away from larger/busier stores toward smaller/less busy ones in the same industry. States repealing their shutdown orders saw identically modest recoveries–symmetric going down and coming back. The shutdown orders did, however, have significantly reallocate consumer activity away from “nonessential” to “essential” businesses and from restaurants and bars toward groceries and other food sellers.
I admit to having a short attention span. My mind tends to wander a bit, sometimes a lot. The reason for my cognitive wandering is usually a question which sends me down yet another path of discovery. So here’s another post in my intermittent series on Post Pandemic Changes in Consumer Behavior
My July 4th weekend will be a quiet weekend. I’ve downloaded the pdf of this working paper to read. I’m hoping for some insights that I might have missed.