How to Feel Less ‘Stuck’ in Your Job
Digest
The podcast discusses the current state of the labor market, where workers are feeling stuck in their jobs due to a cooling job market and a decrease in hiring and promotions. This is causing a sense of stagnation among workers, which can negatively impact their performance and engagement. Companies are recognizing this issue and are implementing strategies to address it, such as increasing internal mobility budgets, offering job swaps, and providing opportunities for employees to develop new skills. The podcast highlights the importance of open communication between employees and their managers, as well as the need for companies to create a culture that encourages growth and development. The podcast concludes by emphasizing the importance of employees taking initiative to explore opportunities within their companies and to proactively engage in conversations with their managers about their career goals.
Outlines
Introduction
This Chapter introduces Claude, an AI assistant developed by Anthropic, capable of assisting with various projects, from brainstorming to software development. It also introduces the topic of the money briefing for Tuesday, July 9, focusing on the current state of the labor market and the challenges workers face in advancing their careers.
The Cooling Labor Market and Worker Stagnation
This Chapter delves into the shift from the 'Great Resignation' to a cooling job market, where workers are finding it harder to secure new positions or promotions. The podcast discusses the decline in turnover and promotion rates, leading to a sense of stagnation among workers. The chapter explores the reasons behind this shift, including a slowdown in hiring, a push for efficiency, and the increasing use of AI in the workplace.
Companies' Responses to Worker Stagnation
This Chapter examines how companies are responding to the growing concern of worker stagnation. It highlights the use of engagement surveys to gauge employee happiness and the implementation of strategies to address the issue. The chapter discusses examples of companies like McKinsey and Synchrony Financial, who are increasing internal mobility budgets, offering job swaps, and creating opportunities for employees to explore different roles within the organization.
Advice for Employees in a Cooling Job Market
This Chapter provides advice for employees navigating the current job market. It emphasizes the importance of open communication with managers, proactively seeking opportunities for growth and development, and exploring different roles within the company. The chapter encourages employees to be proactive in their career development and to seek out opportunities to enhance their skills and knowledge.
Keywords
Labor Market
The Labor Market refers to the supply and demand for labor, encompassing all workers and employers in an economy. It includes factors like job availability, wages, unemployment rates, and worker skills. The current labor market is experiencing a cooling phase, with slower hiring and promotion rates, leading to a sense of stagnation among workers.
Great Resignation
The Great Resignation was a period of high employee turnover, where millions of workers voluntarily left their jobs, often seeking better opportunities, higher wages, or a change in work-life balance. This period was characterized by a strong job market with high demand for workers. The current cooling labor market is a shift from this period, with less job mobility and a decrease in employee turnover.
Job Swapping
Job swapping is a strategy employed by companies to address worker stagnation and provide employees with opportunities for growth and development. It involves allowing employees to temporarily switch roles within the organization, gaining new skills and experiences. This can be a short-term or long-term arrangement, with employees returning to their original roles after a set period.
Internal Mobility
Internal mobility refers to the movement of employees within an organization, including promotions, transfers, and job rotations. Companies are increasingly focusing on internal mobility as a way to retain talent, provide career development opportunities, and address worker stagnation. This involves creating programs and initiatives that facilitate employee movement within the company.
AI
Artificial Intelligence (AI) is a branch of computer science that focuses on creating intelligent machines capable of performing tasks that typically require human intelligence. AI is increasingly being used in the workplace, automating tasks, improving efficiency, and changing the nature of work. This has led to a rethinking of roles and a focus on skills that complement AI capabilities.
McKinsey
McKinsey & Company is a global management consulting firm that provides advice to businesses on a wide range of topics, including strategy, operations, and technology. The podcast mentions McKinsey as an example of a company that is increasing its internal mobility budget to address worker stagnation and provide employees with opportunities for growth.
Synchrony Financial
Synchrony Financial is a consumer financial services company that provides credit cards, loans, and other financial products. The podcast mentions Synchrony Financial as an example of a company that is implementing job swaps to provide employees with new experiences and opportunities for skill development.
Employee Engagement
Employee engagement refers to the level of commitment, motivation, and enthusiasm that employees have towards their work and their employer. Companies are increasingly recognizing the importance of employee engagement, as it is linked to higher productivity, lower turnover, and improved customer satisfaction. The podcast highlights the importance of employee engagement in the context of a cooling job market, where companies need to find ways to keep employees motivated and feeling valued.
Q&A
Why are workers feeling stuck in their jobs despite the recent years of high turnover and raises?
The job market is cooling off, leading to a decrease in hiring and promotions. This makes it harder for workers to secure new positions or advance their careers, creating a sense of stagnation.
What are companies doing to address the issue of worker stagnation?
Companies are implementing strategies like increasing internal mobility budgets, offering job swaps, and providing opportunities for employees to develop new skills. These initiatives aim to keep employees engaged, motivated, and feeling valued.
How can employees navigate the current job market and avoid feeling stuck?
Employees should have open conversations with their managers about their career goals, proactively seek opportunities for growth and development, and explore different roles within the company. Being proactive and engaged in their career development is crucial.
Why is it important for companies to address worker stagnation?
Worker stagnation can lead to decreased engagement, lower productivity, and higher turnover. Companies need to create a culture that encourages growth and development to retain talent and maintain a motivated workforce.
What are some examples of companies that are implementing strategies to address worker stagnation?
McKinsey is increasing its internal mobility budget, while Synchrony Financial is offering job swaps. These initiatives demonstrate how companies are adapting to the changing job market and finding ways to keep employees engaged and motivated.
Show Notes
After several years of changing jobs and scoring pay increases, many workers feel stagnant in their careers as the labor market cools off. Wall Street Journal workplace reporter Chip Cutter joins host J.R. Whalen to discuss steps to achieve more flexibility.
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