The Insecurity of Jobs
JEC NEW YORK CITY
The employment landscape has dramatically changed over time. Britain’s Industrial Revolution, which started in 1760 and ended in 1840, according to Britannica, resulted in the shift from goods made by hand to manufactured by machines. As the Industrial Revolution spread, rural farmers and skilled craftsmen struggled financially due to technological advancements (recall the spinning jenny or power loom you learned about in your school history classes). Factories, typically owned by wealthier people in society, introduced the division of labor concept. As factory leaders desired to prosper, they utilized the cheaper, unskilled labor market of women, children, and the migrant population.
Some of these workers became victims of workplace abuses such as long hours, few breaks, and unsanitary conditions [Britannica]. Those who moved from rural to urban locations to be closer to factories had a difficult time affording decent living quarters. Additionally, the waste from factories resulted in increased environmental pollution, according to History.com. Thus, the working population faced environmental injustice from the advent of factories due to the impact of pollutants into the air and overcrowded urban dwellings.
These early factory workers were a critical component to production, but they lacked job security. They did not have employment contracts or labor regulations to protect their health or safety. If a worker was injured at work, the individual was not paid until they returned. Additionally, a worker could be fired at any moment, leading to mental stress. Workers were seen as replaceable.
Present Day
In 2024, many workers are now protected by federal and state labor laws. However, today’s workers are not immune to stress relating to employment. The Bureau of Labor Statistics reported the August unemployment rate was relatively unchanged at 4.2% compared to 4.3% in July. Similarly, 142,000 jobs were added in August which was below expectations.
Ernie Tedeschi, director of economics at the Yale Budget Lab and former chief economist of the White House Council of Economic Advisers under the Biden administration notes that “a very consistent picture that the strong labor-market momentum we saw in 2022 and 2023 has slowed considerably.” [CNBC].
Job security is still an issue on the minds of those in the workforce. According to a report by Challenger, Gray & Christmas, Inc., a global outplacement and leadership development and executive coaching firm, the United States experienced a 193% increase in job cuts in August compared to the prior month. The 75,891 job cuts increased 1% from the August 2023 period. The technology industry leads the job cut trend with 39,563 cuts in August which represented the most cuts in 20 months or since the 41,829 cuts in January 2023. Challenger noted, “AI and automation adoption is also driving job cuts at Tech companies across roles and functions. This talent, however, is still in high demand. Many of these professionals will land elsewhere, in and outside of the Tech industry. That said, we’re entering a period of slower hiring, so it may take longer than it has at any point in the last decade.”
Other reasons for recent job cuts include cost cutting measures, store closures, and bankruptcies. Also important to note is the over-hiring that took place in many industries after the pandemic, especially in the technology sector according to CNN.
Human Impact
Last year, Vox noted that “we live in an age of mass layoffs.” Given the press surrounding post-Covid related layoffs this may be true. Last September, CNBC interviewed a woman, Rachel Rappaport, in her twenties who had been laid off three times over a three and a half year period and acknowledged the anxiety that results as she “she tries to stay in good spirits by continuing to prioritize her health, like meditating and working out, as well as sticking to a daily routine”.
Ultimately, many workers long for a secure feeling about the longevity of their jobs as well as the chance for upward mobility in a stable environment.
Sources:
https://www.britannica.com/event/Industrial-Revolution
https://www.history.com/news/industrial-revolution-negative-effects
https://www.bls.gov/news.release/pdf/empsit.pdf
https://www.cnbc.com/2024/09/06/august-2024-jobs-report-labor-market-slows-but-not-yet-a-panic.html
https://www.cnn.com/2023/01/22/tech/big-tech-pandemic-hiring-layoffs/index.html
https://www.vox.com/money/23691406/layoffs-history-job-insecurity-corporate-downsizing-q-a
