Blame it largely on the pandemic, which weakened the hold the workplace held on people’s psyches
By outward appearances, the labor market today looks much as it did before the pandemic. The unemployment rate is just as low, the share of adults in the labor force is just as high, and wages are growing at roughly the same pace after inflation.
But beneath the surface, the nature of labor has changed profoundly. Career and work aren’t nearly as central to the lives of Americans. They want more time for their families and themselves, and more flexibility about when, where and how they work.
The impact of this change can already be seen in both individual companies and the broader economy. It has led to a persistent shortage of workers, especially in jobs that seem less desirable because, for example, they require in-person work or fixed hours. That, in turn, has altered the bargaining position of employers and employees—forcing employers to adapt, not just by paying more but giving priority to quality of life in job offers.
To be sure, some of these changes arise from an exceptionally tight labor market. If unemployment rises, some of employees’ newfound leverage may evaporate.
Gen Z here. I have a house, (its small, i wouldn’t want a bigger one, because there is no need for it,) a decent car, am married, dont have any debt other than a mortgage, and i can comfortably pay everything i need to now and save a bit for the future. Why would I want to work harder for a better car? I don’t have a desire to show off or anything. Instead of working hard for someone else, I want to create things. Stories, games, art, I want to be creative, i dont want to work my ass of for someone else, doing menial labor.