American Workers Searching for Jobs to Fit Their Post-Pandemic Lifestyle

July 8, 2021

Last year, the pandemic forced families to re-order their health, family, and work obligations. Schools closed. We experienced disruptions in child and eldercare. Congress came to the rescue, preventing a coronavirus recession from becoming a depression, giving millions of workers breathing room for the first time.

Today, as the American economy comes back to life, it’s not as simple as plugging workers right back into the jobs they left. Getting back to normal in the American jobs market won’t look the same for everyone. This is especially true for retail and hospitality businesses, where “normal” means low-wage workers struggle to pay the bills. Here’s a bit more about the trends we’re seeing.

Layoffs Slowing as U.S. Economy Adds Jobs
More people are quitting their jobs than at any time in the past 20 years. According to the Bureau of Labor Statistics, four million people quit their jobs in April*. This signifies worker confidence in finding a new job as millions look for better opportunities in new industries. It’s also a sign that millions of Americans are not rushing to go back to the jobs they were doing.

Work-From-Home vs. Returning to the Office
One significant change stemming from COVID-19 was the switch to working from home either all or part of the time. Many businesses found that they didn’t need people working in the same building to be a productive team. Employees finally saw a way to achieve work-life balance by getting rid of the daily commute.

Record Number of New Business Applications
Instead of applying to work for someone else, more and more people took the steps earlier this year to start their own businesses, according to Census Bureau reports. Some of the most substantial growth has been in retail, transportation/warehousing, construction, and real estate. It seems that surviving a challenging year like 2020 may have lit a fire in some to follow their dreams.

READ MORE:  Avoid These Common Small Business Start-Up Mistakes

Rising Wages
To keep top talent interested in the traditional job market, some companies plan to offer unprecedented perks to attract and retain workers, like hiring bonuses, wage increases, even free food, and help with student loan payments.

READ MORE: What to Include in a Robust Employee Benefits Program

What Does The Future Hold?
We all learned a lot over the last year about keeping the world running under extremely complicated circumstances. This newfound resilience is now having an impact on the jobs market.

 

Thinking About Small Business Loans?
Texas Gulf Bank has helped many small businesses successfully secure SBA loans. To learn more about SBA loans, or to speak with a lender, simply call Texas Gulf Bank at 1-800-467-7216, email sbaloans@texasgulfbank.com, or visit one of our many local banking centers. All loans subject to credit approval.

 

*Reported by CNBC: https://www.cnbc.com/2021/06/09/4-million-people-quit-their-jobs-in-april-to-find-better-work.html