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The cause is simple: Extreme turnovers are a consequence of inequality. Wage growth has not kept up with workers' productivity and employees aren't stupid enoug

The cause is simple: Extreme turnovers are a consequence of inequality. Wage growth has not kept up with workers' productivity and employees aren't stupid enough not to notice this. If the employee feels like he's being taken for a fool, he'll try his luck somewhere else. If they see the CEO announcing record profits but his salary is stagnating you can bet your ass he'll try to leave. If the CEO and execs are getting a platinum trim on their yachts but you can't afford a new car, you bet it'll ruffle some feathers. The fix is simple: have workers' pay track increases in profits and productivity but companies don't want to do it, they want the increases in productivity to go to investors instead of workers

phpisthebest 3y ago
While that for sure is part of it, Wage Compression has been an issue for as long as there has been employment. You may want to relabel that as "inequality" but it does not change the fact that internal raises have always been less than market increases. I think there are other factors at play, like companies being very quick to pull the layoff lever these days, quick the lower headcount in bad times, and VERY VERY slow to increase headcount when it is needed. This instability i believe it a huge factor Also reductions in other compensation not just wages (Time Off, Health Care) and often inflexibility with the employers over all. Just to name a few.
- ChuckNorris89 3y ago
  >and VERY VERY slow to increase headcount when it is needed Meta doubled its headcount in under 2 years. Same with other big tech companies. How is that "very very slow"?
  - phpisthebest 3y ago
    Well aside from the fact that not everything revolves around "big tech companies" and the vast majority of people (even here on HN) do not work for big tech... Big tech has been laying off like crazy, so I am unclear what your point is even in the context of big tech.

phpisthebest 3y ago

While that for sure is part of it, Wage Compression has been an issue for as long as there has been employment. You may want to relabel that as "inequality" but it does not change the fact that internal raises have always been less than market increases. I think there are other factors at play, like companies being very quick to pull the layoff lever these days, quick the lower headcount in bad times, and VERY VERY slow to increase headcount when it is needed. This instability i believe it a huge factor Also reductions in other compensation not just wages (Time Off, Health Care) and often inflexibility with the employers over all. Just to name a few.

ChuckNorris89 3y ago
>and VERY VERY slow to increase headcount when it is needed Meta doubled its headcount in under 2 years. Same with other big tech companies. How is that "very very slow"?
- phpisthebest 3y ago
  Well aside from the fact that not everything revolves around "big tech companies" and the vast majority of people (even here on HN) do not work for big tech... Big tech has been laying off like crazy, so I am unclear what your point is even in the context of big tech.