Te-Ping Chen

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373 appearances 7 recordings 1 series first heard Mar 2022 last heard Oct 2024

Te-Ping Chen’s voice in public audio — every appearance, attributed to the second.

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WSJ Your Money Briefing · These Workers Are Quitting Because They Don't Have Enough Work · 1 Mar 2022 podcast

And it's had a huge impact on companies.

You can see that from your neighborhood Starbucks having to cut hours even in the morning because they can't keep their store going with the number of workers they've got.

You know, shops and restaurants that have had to close.

For certain hours, other periods, yeah.

We've seen companies having to raise wages, that kind of thing.

It's had ripple effects across the board.

Yeah, well, one thing that experts have been saying is that in this sort of environment, when you have really high rates of turnover, as well as folks falling sick, some companies are compensating by trying to hire more.

And in some cases, even over hiring in rates up to one expert was estimating 40%, right, to essentially make sure that you have enough

bodies on the ground to keep operating.

But from a worker's perspective, if you are hired along with a lot of other people at the same time, you end up jostling with other workers for hours, and in many cases, not getting enough hours, which in turn might drive you to quit, which just continues the cycle.

This is really happening more in sectors that rely a lot on hourly workers.

So we're talking restaurants, we're talking retail, that kind of thing, hospitality.

Not at all.

This is something that's been going on for a long time with hourly workers, really for decades.

And this is something that in recent years we've seen a lot of companies do, especially to try and minimize the expense of paying for benefits that might accompany having a full-time worker on your payroll, right?

So it's absolutely a long-standing practice in a lot of these industries, right?

What's been made more complicated by the pandemic and COVID is, of course, you have a much more challenging operating environment.

You have people falling sick.

You have a ton of people quitting.

And so all that transpires and makes it even harder to forecast in some ways your labor needs.

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