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“Great resignation” wave coming for companies

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Re: “Great resignation” wave coming for companies

#161

Post by Mauricebranagh »

toyg wrote: post #48
throwaway0a5e wrote: post #30

Earlier quoted context omitted.

>I kept hearing its not unusual for people in the west to take gap years, so thats what Im doing. You hear a heck of a lot more about it on HN than happens in reality. Maybe I don't hang out with the trust fund crowd enough but I don't know ANYONE who's taken a "gap year" where they weren't doing something for ~40hr/wk in order to make a buck. I know a few people who didn't jump right into career stuff after college…

I learnt of this sort of thing only after I moved to the UK, where it's traditional for wealthy and middle-upper-class kids to take a long break between college and university - a habit that probably comes from the times of the "grand tours" of continental Europe in XVIII and XIX century. I've met people who do it on a 6-months basis - 6 months travelling, 6 months earning. They don't make much, their career is somew…

Its pretty common for ordinary middle class kids - and remember in the UK a degree is three years not the US four years (or even longer in Europe)

Bit harder now post Brexit though

Re: “Great resignation” wave coming for companies

#162

Post by PragmaticPulp »

TX0098812 wrote: post #4

> Surveys show anywhere from 25% to upwards of 40% of workers are thinking about quitting their jobs. How does this compare to the figure over a longer period of time?

This is the real question. How many people are never actually considering leaving their job if another better opportunity comes along? The journalists asked a loaded question to exaggerate the idea that employees are ready to quit in droves because they don’t want to go back to the office or something. In reality many people are always looking for the next step in their career.

There was a similarly hyperbolic headline yesterday about a spike in resignations. Buried in the article it said that monthly employee turnover had moved from typical mid 1% to a higher mid 2% rate.

There might be a slight increase in turnover due to the hot job market and booming economy, but journalists like this one are working hard to make the situation sound like a dramatic change that’s going to change everything.

Re: “Great resignation” wave coming for companies

#163

Post by lotsofpulp »

ChrisRR wrote: post #107
jitl wrote: post #87

Earlier quoted context omitted.

After I left Airbnb, I paid $680 a month to keep my previously employer-paid health insurance. Very cool, loved to have the “freedom of choice” to “participate in the market”. Insurance feels like another little way businesses seek to own people in the US. Want to own yourself? Gotta pay the lease… on your own body.

I'm not clued up on US healthcare, but is $680 a lot, average, low? Does it cover all procedures? Is there an excess? Value of coverage?

Here is a good pdf where you can calculate it for your age:

https://www.state.nj.us/dobi/division_insurance/ihcseh/ihcra...

Basically, the metal levels are as follows: bronze, silver, gold, platinum are priced so that you the insurance company pays 60%, 70%, 80%, 90% of the healthcare costs.

Of course, this is an actuarial calculation, so it’s only true over a large population over a long timeline. But healthcare is a pretty certain need for everyone, so the cost for healthcare for everyone from age 0 to 65 (when government starts offering it called Medicare) is amortized into health insurance premiums for all of the 0 to 65 years.

The ACA law of 2010 requires a few things which cause the premiums to be adjusted such that younger people subsidize older people. The age rating factor table at the bottom of the linked pdf shows that the riskiest person (64 year old) must cost at most 3x what a 21 to 24 year old costs.

Also, healthy people subsidize unhealthy people because your health condition cannot be taken into account when determining premiums, and men subsidize women since gender cannot be taken into account (due to birthing).

As far as I know, smoking is the only activity that causes one’s premium to be higher.

Let’s take a silver HSA plan for example:

https://www.horizonblue.com/qhp/files/2021/2021_IHC_OMNIA_HS...

The out of pocket maximum for in network providers is $6,550. The premium is $350 per month. So $4,200 premium plus $6,550 out of pocket means a 21 to 24 year old pays at most $11k per year for healthcare if they get into trouble (most will only pay the $4.2k premiums since they are 21 to 24 and probably will not need healthcare).

A complication to these calculations is when employees pay, they can pay with pretax money, and HSA plans allow you to invest your HSA contributions tax free (max of a few thousand dollars per person per year).

Re: “Great resignation” wave coming for companies

#164

Post by gota »

samvher wrote: post #134
throwaway0a5e wrote: post #30

Earlier quoted context omitted.

>I kept hearing its not unusual for people in the west to take gap years, so thats what Im doing. You hear a heck of a lot more about it on HN than happens in reality. Maybe I don't hang out with the trust fund crowd enough but I don't know ANYONE who's taken a "gap year" where they weren't doing something for ~40hr/wk in order to make a buck. I know a few people who didn't jump right into career stuff after college…

I guess we have different social circles, but I know many people who have done this and none of them are "trust fund crowd". Have done it myself for multiple half-year-or-so periods as well. Maybe it's more of a European thing to do. I spent 3 months as a research assistant in Australia and used savings from that period to travel in South-East Asia and South America for 6 months or so. Shortly after graduating, havin…

The exchange rate is what makes it possible. Any $1000USD goes a long way in many places. If you save $24.000USD you can live like an itinerant mid-to-upper-middle-class for a full year in most or all of Latin America, for example.

Re: “Great resignation” wave coming for companies

#165

Post by dcolkitt »

ciisforsuckas wrote: post #143

They want us back in the office July 16... I'm going to pass so found a new remote role with higher salary and equity. I will be part of this wave. I didn't realy even try with how insane the market is especially if you are specialzed in the current hotness. Moreso, the rise of fully remote role has opened up our ideas about our current living situation. The real estate market in our city is shattered and broken. So…

Any software company that’s ending remote work right now is basically risking its entire existence. There’s no possible way, in this market, a company will be able to replace 10% of its workforce in a reasonable time. I can understand why management wants to go back to the office, but why would you ever take the risk of being one of the first, before gauging how the market will react.

Re: “Great resignation” wave coming for companies

#166

Post by PeterisP »

sumtechguy wrote: post #118
0xbadcafebee wrote: post #60

Earlier quoted context omitted.

He's right about it being harder to get a job while unemployed. You finish your gap year and then spend another 6 months trying to get hired. Maybe if you lived in SF it'd be easier.

There are 200 resumes in this pile. 199 of them need to go for one reason or another. 'no recent experience' is one of those reasons.

My experience with tech hiring is getting three decent resumes for 5 open positions, everyone qualified gets an interview and serious consideration. It's not that way for junior people in entry level positions and non-IT staff (there the "200 resumes, no reason to interview most of them" scenario often applies), but if we're talking about e.g. mid-level developers, then every decent manager I know is in a "always be hiring" mode.

Re: “Great resignation” wave coming for companies

#167

Post by sidlls »

koheripbal wrote: post #117
jitl wrote: post #87

Earlier quoted context omitted.

After I left Airbnb, I paid $680 a month to keep my previously employer-paid health insurance. Very cool, loved to have the “freedom of choice” to “participate in the market”. Insurance feels like another little way businesses seek to own people in the US. Want to own yourself? Gotta pay the lease… on your own body.

Most businesses would very much prefer NOT to have to deal with employee health plans. Forgetting the cost to them - it's a massive annoying overhead and nightmare to manage.

That may be true, but it’s not annoying enough for them to prioritize doing anything about it. We’d see them forming coalitions to counter the insurance lobby were it otherwise.

Also I’m skeptical that they don’t actually want it, per the sibling commenter’s remarks. I think bigger businesses are all too happy to have another lever of informational asymmetry to pull to manage their actual biggest cost: salary.

Re: “Great resignation” wave coming for companies

#168

Post by Blackstone4 »

aphextron wrote: post #41
dreen wrote: post #7

Im quitting and not looking for another job. Gonna use the savings to take a gap year, or a couple, work on some stuff I want maybe. Maybe more involvement in OSS is coming too? I've never had a gap year, it was all school, then immigration, work, university, more work. Any holiday time you fly back home. I kept hearing its not unusual for people in the west to take gap years, so thats what Im doing. edit: thank you…

>Im quitting and not looking for another job. Gonna use the savings to take a gap year, or a couple, work on some stuff I want maybe. Maybe more involvement in OSS is coming too? Unless you have some serious FU money saved up, I'd strongly reconsider. A "gap year" as an adult can make you radioactive to potential employers. And that cash goes quick when there's none coming in. Trust me I know. It's alluring to just w…

I disagree. Whilst some employers would be dead against it, others may look positively on people taking sabbaticals/gap years. As long as you have a good CV/resume and if you are older, consistent work history and are taking the time off in a manner which is within your means, I would say go for it.

Re: “Great resignation” wave coming for companies

#169

Post by tasuki »

dccoolgai wrote: post #56
aphextron wrote: post #41

Earlier quoted context omitted.

>Im quitting and not looking for another job. Gonna use the savings to take a gap year, or a couple, work on some stuff I want maybe. Maybe more involvement in OSS is coming too? Unless you have some serious FU money saved up, I'd strongly reconsider. A "gap year" as an adult can make you radioactive to potential employers. And that cash goes quick when there's none coming in. Trust me I know. It's alluring to just w…

Learn to prevaricate better... And meet a friend who will do it for you. "Yeah, I was the CTO of a startup. I learned a lot. Call this guy who was the CEO, he'll tell you about it."

If my prospective employer has an issue with me having taken a sabbatical, I'd rather not work with them.

Re: “Great resignation” wave coming for companies

#170

Post by donretag »

dreen wrote: post #7

Im quitting and not looking for another job. Gonna use the savings to take a gap year, or a couple, work on some stuff I want maybe. Maybe more involvement in OSS is coming too? I've never had a gap year, it was all school, then immigration, work, university, more work. Any holiday time you fly back home. I kept hearing its not unusual for people in the west to take gap years, so thats what Im doing. edit: thank you…

I have taken a year off before and a couple of months in between jobs. I think many of us have undergone once-in-a-lifetime type of stress in the past year that few would consider taking some time off as toxic. We all processed the events of the past year differently, and we all coped in different ways, but it still took a toll. I would encourage taking time off.

The one major issue of taking some time off right now to travel is that it is incredibly difficult to do so. Many countries are still closed, or if open, have some sort of curfew. In the US, national parks are overwhelmed with tourists. If traveling solo, social distancing (either laws or new culture) makes it difficult to connect with strangers.

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