Wages are rising and unemployment hit a 50-year low. But while that’s good for job seekers, it’s potentially challenging for policymakers fighting inflation. At the heart of this dynamic is a tight labor market–one where the demand for workers is greater than the supply of jobs. In this episode, we ask: where did the workers go? 

To answer that, we talked to John Challenger, CEO of Challenger, Gray and Christmas, the nation’s first executive outplacement firm. John’s firm helps companies support workers transitioning careers or finding new jobs, giving him a unique and broad view of the labor market. And the story is more complicated than just more jobs and fewer workers. In recent months, John has seen differing trends develop across industries like tech, manufacturing, and distribution while changes to remote work and hybrid productivity have added new nuances for workers and employers alike. Together, we unpack who has left the labor force, why, and what industries were hit hardest. Plus, what to make of recent layoffs at some of the nation’s biggest companies. 

Join us as we explore what this means for companies, the marketplace, and you.

Highlights:

• Why high employment is seen as a problem (2:13)
• Who has left the labor force (4:32)
• The pandemic changed how we work (7:14)
• How inflation will affect this expansionary period (10:12)
• What layoffs signal about the economy (12:48)
• How to retain workers in a tight labor market (18:18)

Links:

• Northern Trust - Wealth Management
  • https://www.northerntrust.com/united-states/what-we-do/wealth-management
• Northern Trust Twitter
  • https://twitter.com/NorthernTrust
• Katie Nixon Bio
  • https://www.northerntrust.com/united-states/insights-research/wealth-management/experts/nixon-katie
• Katie Nixon LinkedIn
  • https://www.linkedin.com/in/katherine-nixon-61783816
• Challenger, Gray, & Christmas Website
  • https://www.challengergray.com/
• John Challenger LinkedIn
  • https://www.linkedin.com/in/john-challenger

Feedback:

If you have questions about the show or topics you'd like discussed in future episodes, email our producer ([email protected]).