Insider Finance - Business - Get ready for a labor shortage

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May 15, 2023

Hello, Insiders. This is Hallam Bullock, an editor on Insider’s audience team — and I’ve got great news for workers. A new demographic shift is underway, and you could be among the millions of employees who are set to benefit from it. That’s today’s big story.

We're also covering:

The blue-collar boom could save the US from recession.
A group of judges is trying to solve the Clarence Thomas problem.
How one person gets away with working two full-time remote gigs.

— Hallam Bullock

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THE LATEST

Vice, Lee, & Ukraine

Vice filed for Chapter 11 bankruptcy, listing assets and liabilities in the range of $500 million to $1 billion. Read more.
Cash App’s founder, Bob Lee, was having an affair with the sister of the man accused of killing him, sources told The Wall Street Journal. What to know.
Footage showed massive explosions in the Ukrainian city of Khmelnytskyi following an attack by Russian drones. View the footage.

THE BIG STORY

Forever Labor Shortage

Arif Qazi/Insider

In the decades to come, expect higher salaries, better benefits, and faster promotions.

Ever since the baby boom that followed World War II, companies have enjoyed a never-ending supply of workers to tap, Insider’s Aki Ito writes. Hate your job? Fine — we'll just replace you with one of the hundred others who would be happy to fill your shoes.

But the baby boomers, unlike their parents, didn’t have many babies themselves.

Now, as boomers retire in droves, companies are suddenly finding themselves without an endless reserve of workers — and the consequential labor shortage is just getting started.

So what does the labor shortage mean for workers in the years ahead? The bottom line is there will be an all-out competition for their services. But be warned: Employers won’t take it lying down.

READ THE FULL STORY HERE

TOP READS

Judges, automakers, & more

Associate Supreme Court Justice Clarence Thomas in 2007

AP Photo/Charles Dharapak

An obscure panel of judges is trying to solve the Clarence Thomas problem. The little-known Committee on Financial Disclosure is now in the spotlight. It’s tasked with assessing Thomas’ failure to disclose a string of favors from a billionaire. Our full story.
These nine European countries guarantee at least five weeks of paid vacation a year. In the US, many companies have about two weeks of paid time off. Swedish workers, however, are guaranteed four consecutive, paid summer weeks off. Get the full list.
Blue-collar workers could save the US from a recession. White-collar workers (like those in tech) are slowly withering. But blue-collar workers are blossoming — many US workers are turning to it for better pay and job security.
Chase is opening airport lounges in the US as it takes a page from Amex's playbook. The first Chase Sapphire Lounge opens up at Boston Logan International Airport this week — with similar lounges set to open in Las Vegas, New York, and Philadelphia in the coming months. Look inside.
A 22-year-old works two full-time jobs and makes $144,000. Neither of his employers knows, and he isn’t super concerned they might find out. He’s been living this dual life since 2021 and shared five strategies to prevent getting caught.
A Gen Zer who switched careers to data analytics learned all the skills from YouTube. The move changed his life. It’s given him a 40% salary bump along with much stronger benefits. Now, he says he and his wife can travel and have paid down their debt. More here.
Automakers and dealers are playing a game of chicken — and customers could be the winners. Some dealers are looking to shift a surplus of cars through a range of incentives. But automakers want to keep prices high. Read why the consumer may come out on top.

TAKE A LOOK

'The White Lotus'

HBO

An Insider reporter stayed in a $2,248-a-night room at the “White Lotus” hotel in Sicily. She said it was the most beautiful place she’d ever visited but wasn’t worth the price. Go inside the hotel.

WATCH THIS

Moulin Rouge

It cost over $8 million to bring Moulin Rouge’s show to life — and half of that was spent on the costumes. Here’s why it's so expensive.

CAN'T GET ENOUGH?

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Correction: In our Sunday edition, when highlighting Linette Lopez's award-winning commentary on the Wall Street washout, we misstated a year. The Nasdaq finished 2022, not 2023, down more than 20%. (Turns out it is still 2023...)

This edition was curated by Hallam Bullock and edited by Lisa Ryan, Diamond Naga Siu, and Kevin Kaplan. Get in touch: insidertoday@insider.com.

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Insider Finance - Business - Get ready for a labor shortage

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