LinkedIn’s chief economist on ‘the great reshuffle’ in the workforce — Transcript

Full transcript

1. 0:00new weekly jobless claims came out in
2. 0:02yet another pandemic era low this
3. 0:04morning 269 000 people filed new claims
4. 0:07that's down from the prior week as we've
5. 0:10been reporting many american businesses
6. 0:12are now competing for workers and we're
7. 0:14seeing a wave of resignations karen
8. 0:16kimbrough linkedin's chief economist is
9. 0:18here to explain who's hiring and where
10. 0:21and why so many people are leaving the
11. 0:23job market welcome back to the show
12. 0:25karen now today's jobless claim seemed
13. 0:28like a good sign for the economy
14. 0:29companies are hiring is this a small
15. 0:31blip or part of a bigger trend
16. 0:34i think it's part of a bigger trend
17. 0:36we're at the point now where
18. 0:38fewer and fewer people are looking to
19. 0:41claim unemployment insurance
20. 0:43some of them have not yet come back and
21. 0:45stepped into the labor market to
22. 0:47actively look but we um i think we're at
23. 0:49the point now where the tide is going to
24. 0:50turn and we're going to start to see
25. 0:52some shifts in the labor market and in
26. 0:55which industries in particular are you
27. 0:56seeing the most hiring
28. 0:59so hiring has been the most robust
29. 1:02throughout the entire pandemic in some
30. 1:04really resilient sectors like tech
31. 1:07in the finance sector but where we're
32. 1:09seeing the biggest comeback has been in
33. 1:12entertainment recreation travel all
34. 1:15those sectors that have a lot of
35. 1:16face-to-face interaction and we're
36. 1:18largely suppressed during the height of
37. 1:20the pandemic they're starting to come
38. 1:21back really strongly
39. 1:24and with all of this great news about
40. 1:25jobs and hiring we also fear that
41. 1:27companies can't find the employees they
42. 1:29need to fill these positions what's
43. 1:31going on here
44. 1:33that's right we're in the process of
45. 1:35seeing a lot of people
46. 1:37go through a moment where they are
47. 1:39rethinking how they work where they work
48. 1:43and why they work and at linkedin we
49. 1:45call this the great reshuffle this is
50. 1:47essentially this moment where they're
51. 1:49thinking what makes my heart sing
52. 1:51what we're seeing is that some people
53. 1:53are actually quitting and taking a break
54. 1:55because of burnout
55. 1:56other folks are actually making
56. 1:58transitions either to a job with better
57. 2:00benefits better salary more flexibility
58. 2:04possibly remote
59. 2:06and then some people are actually
60. 2:07retiring
61. 2:09the great reshuffle i guess that's a
62. 2:10good name for people want to do a job
63. 2:12that they say wow i actually get paid to
64. 2:14do this um it seems to be the direction
65. 2:16that many people are heading in lately
66. 2:18what will it take to lure workers back
67. 2:20into the economy
68. 2:22that's a great question i think that's
69. 2:23the question on everybody's mind right
70. 2:25now employers are realizing that that
71. 2:28contract between employer and employee
72. 2:31is being rewritten as we speak the
73. 2:34balance of power has shifted in favor of
74. 2:37the employee
75. 2:39and what they're looking for are a
76. 2:40couple things what we can see at
77. 2:42linkedin is they're looking to change if
78. 2:44they can get a higher salary because we
79. 2:46know that in some cases for certain
80. 2:48groups of folks wages haven't really
81. 2:50kept up with inflation um for other
82. 2:53people they're looking for real career
83. 2:55opportunities a sense that the company
84. 2:58is going to invest in them that they
85. 2:59have
86. 3:00an investment in their skills and their
87. 3:02training and that they have a real
88. 3:04viable career path ahead of them and
89. 3:06then lastly we're seeing people who are
90. 3:08making shifts are willing to come in
91. 3:10because they're getting the amount of
92. 3:11flexibility they want maybe they have
93. 3:13caretaking responsibilities uh maybe
94. 3:16they actually just need a more flexible
95. 3:18schedule in terms of which hours they
96. 3:20work or which days they work or whether
97. 3:22they go into the office every day or
98. 3:24just a few days and when you have the
99. 3:26ability to have those options available
100. 3:28to you you're going to take them
101. 3:30so we're seeing um a lot of workers vote
102. 3:32with their feet and going where they can
103. 3:34get the flexibility yeah and certainly
104. 3:36we've been seeing some indications of
105. 3:37that with regard to the the money anyway
106. 3:39the salary end of it with john deere and
107. 3:41many of us have been kind of seeing that
108. 3:43as indicative of a larger trend across
109. 3:46the country lastly i want to talk about
110. 3:47women in particular who have left the
111. 3:49u.s workforce in higher numbers than men
112. 3:51will they ever come back and what will
113. 3:53it take to get them back
114. 3:55well i'm happy to report that we are
115. 3:57seeing them come back um they're
116. 3:59actually one of the most robust groups
117. 4:01in terms of making
118. 4:02changes women are transitioning from one
119. 4:04job to another faster than men they're
120. 4:06definitely looking for that flexibility
121. 4:09what you said is true absolutely they
122. 4:11had a really tough time during the
123. 4:12pandemic because school shut down
124. 4:14because elder care wasn't available and
125. 4:15a lot of those burdens were suddenly
126. 4:17shifted back onto them but we've seen
127. 4:19them pretty resilient a lot of women are
128. 4:21coming back um what i think
129. 4:24would make a would be a real game
130. 4:25changer here would be to see that
131. 4:29in the future
132. 4:30women aren't necessarily carrying all
133. 4:32the burdens that men carry at home
134. 4:35but in the meantime
135. 4:37what is i'll leave you with one last
136. 4:38piece of good news we are seeing that
137. 4:40women are striking it out on their own
138. 4:42their rates of starting new companies
139. 4:44and being entrepreneurs is actually
140. 4:46higher than men's um they're growing
141. 4:48faster than men in this space and i
142. 4:50think that's a real bright spot because
143. 4:51when they can kind of carve out their
144. 4:52own space do it on their own terms
145. 4:55and still earn a salary that is good
146. 4:57news indeed glad to end this on a bright
147. 5:00spot karen kimbrough chief economist for
148. 5:02linkedin thank you so much as always
149. 5:05thank you
150. 5:07hi everyone george stephanopoulos here
151. 5:08thanks for checking out the abc news
152. 5:10youtube channel if you'd like to get
153. 5:11more videos show highlights and watch
154. 5:13live event coverage click on the right
155. 5:15over here to subscribe to our channel
156. 5:17and don't forget to download the abc
157. 5:19news app for breaking news alerts thanks
158. 5:20for watching