The Great Sacking

Sep 14, 2022 | Macro Insights, No Bull Economics

What message is sent to the 16MM+ employees that got fired at the peak of covid fear in March 2020? At that time, the country was divided into essential & non-essential employees with many of those deemed non-essential sent home during the Great Sacking. This contrasts with an old idea referred to as “noblesse oblige” which suggests that those of higher rank have an obligation to care for those of lesser rank. This notion (also known as servant leadership) engenders loyalty for leaders as those depending on them know they will be taken care of before profits & even before the leaders take care of themselves. Employment instability causes workers to start “looking out for themselves” with some seeking self-employment (think gig economy) and others seeking to minimize costs in order to become more self-sufficient. While some of these developments are healthy, they are currently reshaping the economy in new ways that we are just beginning to understand. It’s hard to separate the Great Resignation, Quiet Quitting, and an unwillingness of telecommuters to return to the office from the bad treatment of 16MM+ workers in March 2020.    

Total Separations Graph

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