Lauren Weber

speaker

740 appearances 12 recordings 1 series first heard Jul 2017 last heard Dec 2024

Lauren Weber’s voice in public audio — every appearance, attributed to the second.

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WSJ Your Money Briefing · More Overtime Means More Money, And More Problems · 22 Sep 2021 podcast

And what we've seen in the data from the Labor Department is that the rate of people quitting their jobs has been higher over the last few months than it's ever been before since the department started collecting this data in the year 2000. matched

So you can tell from the numbers that people are just overworked and starting to get frustrated and just vote with their feet and walk. matched

That's the thing. matched

They want to take advantage of the fact that the economy is doing really well. matched

As one economist I spoke to said, GDP is miraculously above pre-pandemic levels. matched

So we know the economy is doing pretty well. matched

The companies are getting lots of business, lots of orders, everything from a fast food restaurant to a manufacturing company. matched

There's no shortage of business for them, but they do have to balance that out with how to make sure that they retain the staff they have. matched

So it is definitely a balancing act. matched

And it's also matched

financially, you know, they are paying that extra 50% for the overtime hours. matched

So it can be a financial hit for companies. matched

Another thing several managers I spoke to brought up is that people actually get less productive as they work longer hours. matched

So the exhaustion catches up with them. matched

Maybe they get less careful, more errors at work. matched

And, you know, so the employers, business owners that I talk to, they feel like they're getting those extra work hours, but not at the performance level that they really need. matched

The main thing that workers get for working those extra hours is the time and a half pay. matched

But I was also noticing that a lot of employers are offering retention bonuses to try to keep people to stay. matched

Not only are they trying to hire more staff by offering signing bonuses and other kinds of incentives, but in order to keep the people they do have. matched

I spoke to the head of HR at Providence, which is a medical system, healthcare system based in the Northwest. matched

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