The Pomegranate Principle

CHAPTER ONETHE LABOR MARKET

Labor markets are always dynamic, always changing, but usually there are submarkets that operate independently from the economy as a whole. In one part of the country, there may be a huge demand for teachers, for example, but an oversupply of engineers; in other parts of the country, there may be demand for retail workers while there is an oversupply of marketers. And, of course, labor markets differ by sector, and we see today that 94% of retailers are dealing with job vacancy issues. Rarely in the history of the United States do we find what is happening now with the Great Resignation (see Figure 1.1). Today, regardless of industry, job, or location, the thought bubble over the heads of many professionals is something like this: “I am quitting my job because of the [toxicity/banality/purposelessness] of the culture where I work.” There have always been people who quit their jobs, but it has never happened before at this scale. In 2021, 48 million people quit their jobs. The year 2021 wasn't a unique year because in 2022 we are still averaging above 4 million people quitting their job every month.¹ And this is not just a U.S. economy issue; over 40% of the global workforce is thinking of quitting their jobs. The idea of a job shortage, or the term “Great Resignation,” were not even topics people cared about until 2021.

Figure 1.1 Google search ...