This is an automated archive made by the Lemmit Bot.

The original was posted on /r/antiwork by /u/adimwit on 2024-11-01 17:42:18+00:00.

The Federal Reserve hiked interest rates after Covid ended as a way to force companies to layoff workers in mass. But it didn’t work the way they wanted. The only companies that had major layoffs were the tech industries. Everyone else held onto their workers for the most part.

A few weeks ago the Fed cut interest rates, sending the signal that the hiring slowed way down and the companies aren’t competing for workers anymore. This means the workers have to compete for jobs, which will bring wages down.

So now all of these companies that held onto their workers need to get rid of their higher paid workers and start hiring new workers at lower wages.

Instead of layoffs, the companies are implementing policy changes to inconvenience workers enough to force them to quit.

This is why there was a major push to get rid of Work From Home. They force everyone to return to office. The ones that’s can’t or refuse will have to quit. Then the company can hire new workers at lower wages.

You’re going to see policies like this at your workplace. They’re going to increase quotas or productivity goals, implement Return To Office, change your benefits and step plans, and reduce your ability to promote up.

A 2023 report on pay trends from ZipRecruiter showed 48% of 2,000 US companies surveyed lowered pay for certain roles.

“There is now less competition to hire workers – and therefore less need to boost wages,” says Nick Bunker, US-based director of North American Economic Research at Indeed. “Job postings have dropped quite a bit, while the supply of workers has grown.”