Tom Gimbel

speaker

667 appearances 10 recordings 1 series first heard Jul 2018 last heard Dec 2023

Tom Gimbel’s voice in public audio — every appearance, attributed to the second.

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WSJ Your Money Briefing · Will Workers Retain the Upper Hand Over Employers in 2022? · 27 Dec 2021 podcast

And that is over and over again.

I keep saying it's because unemployment is so low.

And that is while this economy is on fire right now.

And again, if the stock market continues to dip and if we have situations with supply chain, if COVID doesn't go away, you're going to see that companies won't be growing as fast.

Unemployment will increase.

And then you'll see that the perks and the flexibility will start to wane a little bit.

As long as the stock market's up and unemployment's low, you're going to see that companies are going to bend over backwards to do whatever they can to attract people.

What they look at now is overall package.

So that includes what the benefits are, what the retirement is, and the skill classification.

So what companies are saying now is if somebody's got everything we want, there's almost no limit to what they'll pay.

So if somebody's got all the skills in the world and a stable resume and experience and they make $125,000, that person could probably easily get $150,000, $160,000, $170,000.

begins to think that they're at the same level as the superior employee and they try to negotiate for more and eventually they push the level too high and they end up being unemployed.

Yeah, there's no doubt about it.

And you're seeing that now that companies, whether it's professional services firms or certain type of tech companies, or if it's private equity backed versus VC backed, where they're saying, you know, we've got to change our model.

We can't pay this exorbitant amount, which is why you're seeing the quit rate.

So somebody might be making a certain amount of money and they'll say, you know what, I'll sit out for six months.

Because I know I can get a job because I'm really talented.

And so you're seeing that companies, certain companies aren't willing to keep paying forever and ever and ever, whatever the going rate is.

And that's why what will end up happening is similar to the startup community.

You're going to see them go to young people and they're going to go to recent college graduates and they'll say, well, we'll get scrapes and cuts and bruises with young people, but we'll have so much more money in the kitty to be able to take advantage of situations versus going and overpaying for other people.

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