The birth of a new kind of worker…
It’s probably fair to say that people are thinking longer and harder about their careers, what they want from their employer and what kind of job will satisfy them, more than any past generation; in fact, the American workforce is experiencing Labor Day labor pains!
This Labor Day, the American workforce is a blend of resilience and transformation. Workers are increasingly prioritizing flexibility, work-life balance, and purpose in their roles, fueled by the pandemic’s lasting impact. The pursuit of fair compensation, mental well-being, and meaningful work has redefined expectations, with employees seeking environments that align with their values. There’s a growing demand for transparency and diversity, with an emphasis on inclusivity. While economic uncertainties persist, the mindset is one of empowerment, where workers are more willing to voice their needs and take control of their career paths.
According to CNN, the shape of the U.S. Labor market is changing and job growth is slowing. In a new survey from the New York Federal Reserve, the average expected likelihood of becoming unemployed rose to 4.4% — the highest in 10 years of recordkeeping. Well, Labor Day is here and it sounds like an ideal time to take a break, chill out and not think about the job. Monday is a day off for most U.S. workers, but do you even know why it is celebrated as a national holiday?
Labor Day acknowledges the social and economic achievements of American workers. According to the U.S. Department of Labor, “it constitutes a yearly national tribute to the contributions workers have made to the strength, prosperity, and wellbeing of our country.”
Labor Day got its start more than 100 years ago and is believed to have first been celebrated on September 5, 1882 in New York City as a parade and public exhibition of the trade and labor unions of the day, followed by a day of amusement for the workers and their families. (Some things never change. Keep those BBQs coming.) By 1893, the idea of a “workingmen’s holiday” had spread to more than half the states and Congress passed a bill to establish it as a federal holiday in 1894. President Grover Cleveland signed the bill and the first Monday in September was designated as the date to celebrate. Thanks, Grover.
Here are a few more facts to mull over on your Labor Day break as they relate to today’s workforce.
Who’s Laboring?
76% of Americans are working and most fall into the ages of 25 to 54. They are known as the “prime-age” workforce. Of the 76% who work, 63.5% work full time; 13.4% part-time.
Put it in my Paycheck
The BLS reports the average annual earnings for the American worker is $63,795, BUT – according to a recent survey from the Federal Reserve Bank of New York, the minimum salary now required to accept a new job offer is $$81,822 a year.
Going Hybrid
Once workers got accustomed to working from home during the pandemic, they decided they liked it. In fact, so much so that 63% of high growth companies have instituted it as a work model. 58% of Americans report having the opportunity to work from home at least one day a week.
Staying or Going?
63% of companies say retaining employees is harder than recruiting new hires.
Who are Today’s Workers?
A few years back, McKinsey & Co. put out an insightful article describing modern day talent pools and encouraged employers to align their workforce strategies with 5 distinct personas in the workforce:
- Traditionalists: motivated to work full time in return for competitive compensation, comprehensive set of benefits, a good title and a career path.
- Do-It-Yourselfers: those who value workplace flexibility, meaningful work and competitive compensation (typically 25-45 year old age group)
- Idealists: these workers embrace flexibility, career development, a meaningful purpose, a community of collaboration and supportive colleagues – compensation is not the priority, rather culture – having a “tribe” is most valued.
- Careergivers: put focus on health and mind. Flexibility is key to address needs for parenting, eldercare, and maintaining a healthy work/life balance.
- Relaxers: this group has completed traditional careers and are enticed to the workplace by meaningful work and flexibility; they are not putting career first anymore, but want to remain productive and useful.
Got any Travel Plans this weekend?
CNN says that Labor Day 2024 will be incredibly busy with domestic travel forecast to be up 9% compared with last year. At US airports, the Transportation Security Administration is preparing for its busiest Labor Day travel period on record, with an 8.5% increase in passenger volume over 2023. United Airlines and American Airlines said they are expecting their busiest Labor Day operations ever.
Breaking Fashion Rules
Finally, that old rule of only wearing white between Memorial Day and Labor Day seems to have totally disappeared. This was a rule born of function, not fashion, when white attire and summer fabrics were just plain cooler for American workers. So, whether you work in an office, in your house or on a mountain top, what you’re wearing is far less important than the contributions you are making each day and the satisfaction derived by the job at hand.
If you are ready to make a CAREER MOVE, check out Lloyd’s latest job posts.
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