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It appears that some workers are speaking up about their reduced workload. According to a recent National Bureau of Economic Research research, wealthy men are driving a discernible change in work patterns by drastically reducing their hours.
The analysis indicates that males who earn $100,000 or more in salary and have postgraduate degrees are leading this trend. Co-author of the study and economist Yongseok Shin notes that because these top earners have historically worked longer hours than their counterparts, they have greater flexibility to cut back on work hours without losing their competitive advantage.
According to Shin, this change is the result of people wanting a better work-life balance, which is consistent with the larger “”Quiet Quitting”” trend, in which workers reduce their involvement at work without actually quitting. On the other hand, this shift is making work hours generally shorter in the United States and is making the already tight labor market even more so in the midst of a protracted labor shortage.
In the United States, men are reassessing their connection with work; this is a trend that affects men in all economic brackets and types of jobs. The Federal Reserve Bank of Boston’s research indicates that this change is more noticeable among white men. According to the study, the pandemic hastened long-lasting changes in work habits, which are consistent with tendencies observed during the Great Recession.
The results show a considerable disparity in terms of education and income. Nine out of ten men between the ages of 25 and 54 do not work, which is a considerable rise from one in fifty just seven decades ago. When adjusted for inflation, younger men without college degrees have witnessed a 30% decline in incomes since 1980, making this an especially pressing issue for them. Because of their perceived fall in social standing and marryability, as well as their diminished career prospects, these lower-earning males are more inclined to leave the labor.
Rich, college-educated men, on the other hand, have the financial security and social stature to choose a reduced work schedule over a complete retirement. A wider change in workplace dynamics may be seen in this trend, as more employees take use of their bargaining power in the face of a labor scarcity. The NBER study emphasizes that high-income males are not just lowering their work hours covertly—they are also openly announcing this change to their employers. While phrases like “Quiet Quitting” and “The Great Resignation”” describe certain parts of this transition, more is revealed.
Professor of business administration at the University of Virginia James Detert hypothesizes that these patterns are a reaction to a deeper discontent with present employment and organizational culture. Employees who feel underappreciated or unwilling to speak up for themselves may choose to quit their jobs or put in less work as a kind of quiet protest.
Higher earners may have reassessed their priorities in life as a result of the epidemic and developed a greater respect for flexible work schedules like remote work. Many people are choosing to choose less work hours if their financial condition permits as a result of this change in viewpoint.
