Exxon plans to end a big project off Russia's coast.
#In todays economy its almost impossible torrent#
What started with an announcement from BP - that it plans to unwind a 20% stake in a Russian oil company - has led to what seems like a torrent in the days that have followed. GURA: Dan Tannenbaum is the global head of sanctions at the consulting firm Oliver Wyman. The value of the ruble has plummeted more than 20% against the dollar, and many big companies have decided it's all but impossible to do business in Russia.ĭAN TANNENBAUM: They just don't feel the risk is worth it anymore. and its allies are twisting a vise on Russia's economy, restricting access to currency reserves and kicking banks out of SWIFT, a global network financial firms use to conduct transactions. Here's NPR's David Gura.ĭAVID GURA, BYLINE: The U.S. “We’ve built a system over the last 30 or 40 years, particularly for front-line and low-wage roles,” she says, that assumed that when people quit or were fired, “there’d be a whole line of people on the other side of the door waiting to fill them.” That’s not the case today.īut for those of you clocking in every day and taking care of business, living with FEIP is not much fun.Russia's assault on Ukraine and resulting sanctions are the reason many international companies are leaving Russia. They may be more open to hiring older workers, or workers with a criminal record. Companies may have more willingness to invest in training their employees over time.
#In todays economy its almost impossible crack#
The more positive way of looking at today’s tight labor market is to note that people without long-running industry experience can now crack into companies that might not have hired them before, says Rachel Lipson, director of the Project on Workforce at Harvard University. So that fills the ranks with even more potentially “low performing workers.”Īnd in a world where managers and employees often work remotely, and see one another via jittery Zoom connections, it may be tougher to spot (or easier to ignore) incompetence. “That leaves the worst workers – the low-performing workers - to stay.”Īnd there’s a vicious cycle in trying to fill jobs now: since there is so much job-shuffling in the workforce, Tô observes, there’s less stigma attached to someone leaving a job after a short time - and employers can’t afford to be as measured and careful in their hiring process as they have been historically. “Firms have to hold on to whatever workers they have,” says Linh Tô, a professor of economics at Boston University.
So who is left? People who might not be able to get hired somewhere else. Some of the most employable people are walking out the door, companies are desperate to hire, and they’re not firing or laying off at the rate they once did. The number of open positions is also close to the all-time high: more than 11 million, according to the Bureau of Labor Statistics. So fewer people are being cut loose by their employers, but we’re seeing a record high level of people quitting - about 4.4 million workers are giving notice every month in the United States. In certain key industries, including data processing and software, that layoff and discharge level was half what it was before the pandemic. What the Bureau of Labor Statistics calls “layoffs and discharges” measures the rate at which people are being fired or laid off involuntarily, and in the most recent three months for which there’s data - December, January, and February - those levels are nearly one-third lower than they were in the same period of 20, prior to the pandemic. Government labor statistics don’t exactly have a way to measure FEIP, but they hint at it. Just poor performance isn’t going to get you fired right now.” That means the pink slip is taking an extended vacation. But employers had trouble getting former employees to come back, and during the depths of COVID, “the leading edge of baby boomers retired.” The friction between high demand and labor shortages put companies “in a bind,” Modestino says. As pandemic restrictions eased, the economy experienced “a ferocious tsunami of pent-up demand” for things like travel, restaurant meals, advertising, and home goods. “We’re in such an extreme moment of labor shortage” in most industries and occupations, says Alicia Sasser Modestino, a professor at Northeastern University who directs the Dukakis Center for Urban and Regional Policy. Who don’t I include in this definition? People who are overstressed from two years of trudging through a global pandemic, people who are working three jobs because their employer can’t fill those other two, and people who aren’t getting the right support because they’re surrounded by slackers that the bigwigs are reluctant to fire.
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