You probably heard: Meghan McCain is leaving ABC’s “The View” after nearly four years. Among her reasons for quitting is that COVID-19 “has changed the world for all of us,” she told the Guardian. “It’s changed the way I’m looking at my life, the way I’m living my life, the way I want my life to look like.”
The flurry of emailed farewells and virtual goodbye gatherings around the U.S. lately reflect worker confidence that the U.S. economy’s rebound is strong enough that they’re willing to take a risk and leave their jobs. “In a world where workers don’t have a lot of power, quitting is the one bargaining chip they have,” says Geoffrey Sanzenbacher, research economist at the Center for Retirement Research at Boston College. And, he added, many older workers “have something they’ve wanted to do for a while” — which could be starting a business, following a passion or retiring.
A client of Collamer’s in the financial services industry realized during the pandemic how much he enjoyed being with his family. He now dreads traveling for work and is looking to make a job change, possibly a career change. Take research by Sanzenbacher, Steven Sass and Christopher Gillis at the Center for Retirement Research. They looked into voluntary job changes by workers ages 51 to 61 from 1992 to 2012 and followed them to age 65. They discovered that a voluntary job change was associated with a 9.1% increase in the likelihood of remaining in the labor force until 65.
University of Maryland economist John Haltiwanger noted in a recent paper that the pace of new business applications since mid-2020 was the highest on record . New businesses: for passions and to pay the bills “Individuals starting a business as an opportunity, rather than a necessity, went down for everyone,” says Robert Fairlie, an economist at University of California, Santa Cruz.
As former Treasury Secretary Larry Summers once wrote, a good economy is when “firms are chasing workers rather than workers chasing jobs.” That’s certainly the case today. Over half of job seekers 55 and older were long-term unemployed in June, meaning they’d been looking for work for at least six months. The longer someone is unemployed, the harder it is to get another job — and that’s before taking age discrimination into effect.Also on MarketWatch: This is the ‘best place’ to live in America — and it isn’t on the coast
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