Quiet Quitting Is a Trend Taking Over TikTok and Possibly Your Workplace

Closing your laptop at 5 p.m. Doing only your assigned tasks. Spending more time with family. These are just some of the common examples used to define the latest workplace trend of “quiet quitting.” Some experts say it’s a misnomer and should really be defined as carving out time to take care of yourself.

Ed Zitron, who runs a media consulting business for tech startups and publishes the labor-focused newsletter Where’s Your Ed At, believes the term stems from companies exploiting their employees’ labor and how these businesses benefit from a culture of overwork without additional compensation.

“If you want people to go ‘above and beyond,’ compensate them for it. Give them $200. Pay them for the extra work,” Zitron told NPR over email. “Show them the direct path from ‘I am going above and beyond’ to ‘I am being rewarded for doing so.'”

Quiet quitting doesn’t actually involve quitting. Instead, it has been deemed a response to hustle culture and burnout; employees are “quitting” going above and beyond and declining to do tasks they are not being paid for.

How employees have changed their approach to work

Workplace culture has gone through many changes during the COVID-19 pandemic, including with the “great resignation.” Some workers are negotiating for better work conditions and benefits with newfound leverage.

Some workers have expressed a desire for a less rigid line between their work and personal selves. Professionals told NPR’s Morning Edition how during the pandemic, they have made changes in their work lives, from how they dress to their career field, to align more closely with their personal values.

“I started to realize that all of the hang-ups about being away from work to spend time with my kids, that was all me wanting to be a really good employee,” Kristin Zawatski told NPR’s Morning Edition. “But my work speaks for itself.”

Zawatski works in project management, a job that has afforded her the flexibility she needs as a mom of two. Although she would always make sure her work was done, she felt guilty whenever she needed to leave early or take a day off. That changed with the pandemic.

“Knowing that life could be short, I didn’t want to waste it anymore all the time just worrying about what kind of employee I was, because my kids don’t care what kind of employee I am,” Zawatski said. “My kids care what kind of mom I am.”

Quiet quitting is in line with a larger reevaluation of how work fits into our lives and not the other way around. As Gen Z is entering the workforce, the idea of quiet quitting has gained traction as Gen Zers deal with burnout and never-ending demands.

However, Gen Z is not the first generation to experience burnout, and quiet quitting is not a new idea. Zitron shared his frustrations with the framing of the term, because it mischaracterizes doing the tasks you are paid for with the idea of quitting your job.

“The term ‘quiet quitting’ is so offensive, because it suggests that people that do their work have somehow quit their job, framing workers as some sort of villain in an equation where they’re doing exactly what they were told,” Zitron said. Employers benefit financially from workers doing extra work without compensation and it is reasonable for employees to push back against that, he added.

“It’s part of an overwhelming trend of pro-boss propaganda, trying to frame workers that don’t do free work for their bosses as somehow stealing from the company,” Zitron said. For employers that are dealing with workers who may be exhibiting signs of quiet quitting, Zitron has one simple message for them: Pay them for extra work.

If you are experiencing burnout at work, setting boundaries can help you regain some control. Additionally, working on addressing workplace conflict head-on can make a situation easier — or be a sign it’s time to move on.

By:

Source: Quiet quitting is a trend taking over TikTok and possibly your workplace : NPR

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Critics by Mariah Espada  

Maggie Perkins, a Georgia-based teaching advocate, had been working as a teacher for nearly half a decade before she decided to “quiet quit” her job. The decision didn’t mean she’d leave her position, but rather limit her work to her contract hours. Nothing more, nothing less.

“No matter how much I hustle as a teacher, there isn’t a growth system or recognition incentive,” Perkins told TIME. “If I didn’t quiet quit my teaching job, I would burn out.”

Perkins joins a larger online community of workers who have been sharing their experiences on TikTok, taking a “quiet quitting” mentality—the concept of no longer going above and beyond, and instead doing what their job description requires of them and only that.

The movement comes in the wake of a global pandemic that caused employees to reimagine what work could look like, considering the potentials of extending remote work, not working much on Fridays, or in some cases, amid the Great Resignation, not working at all. Arianna Huffington, founder of the Huffington Post and CEO at Thrive, wrote in a viral LinkedIn post, “Quiet quitting isn’t just about quitting on a job, it’s a step toward quitting on life.”

Why companies are worried about quiet quitting

With worries of an economic slowdown swirling, productivity levels are a major concern to company executives. U.S. nonfarm worker productivity in the second quarter has fallen 2.5% since the same period last year, its steepest annual drop since 1948, according to the Bureau of Labor Statistics. Companies are now looking at productivity scales as a metric for excellence, with some going as far as moderating employees’ keyboard activity.

Major tech companies like Google are signaling that they are slowing hiring and could lay off staff amid concerns about overall productivity. Johnny C. Taylor Jr., President and CEO of Society for Human Resource Management, the world’s largest HR society, says remote work has caused severe burnout, Zoom fatigue, and made it harder for some workers to take breaks from home. “I don’t know a company in America that is not sensitized to burnout and the need for employees to step away from the workplace for their mental health.”

Taylor, who, as a CEO himself leads a team of over 500 associates, advocates for his employees taking time off when they’re feeling overworked, but he doesn’t see how embracing quiet quitting will be helpful to employees in the long term. “I understand the concept, but the words are off-putting,” he says. “Anyone who tells their business leader they are a quiet quitter is likely not to have a job for very long.”

Gergo Vari, CEO of job board platform Lensa, also believes the decision won’t serve employees long-term either. “Anytime that you silence your own voice in an organization, you may be depriving yourself of the opportunity to change that organization,” says his spokesperson.

Employees acting on their dissatisfaction at work isn’t only potentially affecting their job security. Gallup’s State of the Global Workplace report found that job dissatisfaction is at a staggering all-time high and that unhappy and disengaged workers cost the global economy $7.8 trillion in lost productivity.

The decision to step away from “hustle culture” can cause tension between employees and company executives, and can also cause a rift between fellow colleagues who may have to pick up the slack. “Whether people feel like their coworkers are committed to quality work can affect the performance of the organization and cause friction inside teams and organizations,” says Jim Harter, Chief Scientist for Gallup’s workplace management practice…

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Related contents:

“Quiet quitting: why doing the bare minimum at work has gone global”. the Guardian. 2022-08-06. Retrieved 2022-08-12.

Bakshi, Pema. “In Defence Of ‘Quiet Quitting’ Your Job”. http://www.refinery29.com. Retrieved 2022-08-12.

Scott, Ellen (2022-07-29). “Could ‘quiet quitting’ your job be the answer to burnout? What you need to know”. Metro. Retrieved 2022-08-12.

Yang, Lindsay Ellis and Angela (2022-08-12). “If Your Co-Workers Are ‘Quiet Quitting,’ Here’s What That Means”. The Wall Street Journal. ISSN 0099-9660. Retrieved 2022-08-12.

Kolev, Galin (2022-08-16). “What Is “Quiet Quitting” (And Should You Join The Trend)”. Officetopics.com. Retrieved 2022-08-18

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“Conversation with Noam Chomsky, p. 2 of 5”. Globetrotter.berkeley.edu. Retrieved 28 June 2010.

“From wage slaves to wage workers: cultural opportunity structures and the evolution of the wage demands of the Knights of Labor and the American Federation of Labor, 1880–1900. Crime”. Socialissues.wiseto.com. 30 August 2007. Archived from the original on 30 June 2009. Retrieved 28 June 2010.

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Consumers are Shifting Their Spending From Goods To Services

The Covid-19 pandemic has strained global supply chains, causing freight backlogs that have driven up costs. Now some companies are looking for longer-term solutions to prepare for future supply-chain crises, even if those strategies come at a high cost. Americans responded to the pandemic with a dramatic shift in spending to goods from services. That now appears to be reversing and should gather steam as the Omicron wave of Covid-19 ebbs, economists say.

Consumers shopped more online in the pandemic, and changed what they bought. Unable to eat out or travel, and with both school and work going remote, they splurged more on things for the home such as furniture and computers. Several rounds of federal stimulus amplified that spending spree.

Goods—including nondurable goods such as food and clothing, and durable goods such as cars and appliances—averaged 31% of total personal consumption in the two years before the pandemic. That soared to 36% in March and April 2021, shortly before Covid-19 vaccines became widely available. The share has been dropping since, to 34% in December. Consumer spending on goods fell that month for the second month in a row, according to the Commerce Department, while spending on services increased slightly.

James Knightley, chief international economist at ING, said consumers are starting this year with “a combination of general fatigue of buying physical things and Omicron reducing the ability to spend on services.”

After bingeing on goods earlier in the pandemic, consumers are taking a breather. What’s more, spending on goods has been hit by supply-chain constraints, rising prices and dwindling government stimulus funds. As warmer springtime weather comes to much of the country and falling infection rates help people feel more comfortable socializing in-person, pent-up demand for services such as travel and dining should recover, said Robert Frick, corporate economist with Navy Federal Credit Union.

“If the Omicron wave continues to decline and there’s no follow-up strain, I do think we’re going to see a shift to a more normal breakdown in spending on goods and services,” he said.

That could be important for the inflation outlook. Strong demand for goods coupled with disruptions to their supply have fueled inflation, sending it to a 39-year high of 7% in December. Prices for goods such as furniture and appliances rose 10.7% in December from a year earlier, while services inflation for costs such as rent and airline fares was up a more moderate 3.7%. If consumer spending rotates back to services from goods, some of that upward pressure on goods prices should dissipate.

Economists caution that 2022 is off to a weak start. The Omicron wave hurt consumer spending and job growth in December, trends that likely continued through January as cases of the Covid-19 variant peaked. Real-time data show that restaurant bookings and travel remained depressed in January, suggesting the shift toward services away from goods may have paused in January.

But looking ahead, a strong labor market and rising wages mean many U.S. consumers are starting 2022 with robust income prospects that are likely to help fuel the services recovery this year. “All the indications are that it will be a big year for travel,” said Visa Inc. Chief Financial Officer Vasant Prabhu. “We see the shift to services continuing to gather momentum.”

 Travel, restaurants and entertainment services all stand to benefit, he said, adding the economic impact of Omicron is more short-lived than earlier Covid-19 waves as people learn to live with the variant.

Airlines were hit hard by the Omicron variant, with travelers scrapping holiday trips and staff absenteeism prompting flight cancellations over the holidays. Still, executives are optimistic about a speedy recovery.

“The GDP growth we’re seeing now, the excess customer savings, customer spend in other categories and even things like New York City rents snapping back pretty quickly, all seem to indicate real strength for the customer and pent-up demand that wasn’t there in the past,” David Fintzen, an executive at New York-based JetBlue Airways Corp. said during an earnings call last week.

One potential roadblock to higher spending in 2022 is inflation, as shortages of supplies and workers are pushing up prices and wages at levels that may become unaffordable to some households. Some consumers are forgoing purchases because of sticker shock. “We will not buy a used car at the prices we’re seeing now, it’s ridiculous,” said Cory Randall, controller at a cattle company in Amarillo, Texas, who had been considering a secondhand compact car purchase as his son recently turned 16.

Mr. Randall isn’t alone. The Federal Reserve Bank of New York’s most recent Survey of Consumer Expectations found the share of households that made a large purchase over the past four months decreased to 58% in December from 63% in August. Households reported that they were less likely to make a large purchase over the next four months—like on a vacation, home repairs, home appliances, furniture and vehicles—than in the prior survey.

Source: https://www.wsj.com

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Tech Stock Rally on Alibaba Results May Be Short Lived, as Pandemic Impact on Industry, Consumer Spending Come Into Focus

Alibaba Group Holding’s better-than-expected results may offer only a temporary boost to Chinese technology stocks, as fallout from pandemic lockdowns depresses consumer spending and causes analysts to cut earnings forecasts by as much as 11 per cent.

Alibaba’s shares surged 12 per cent in Hong Kong on Friday after the release of its quarterly report, as the Hang Seng Tech Index rose nearly 4 per cent.

However, major brokerages China International Capital Corp (CICC) and Citic Securities cut earnings projections for the e-commerce giant. They cited the Covid-19 outbreaks that have ravaged about 40 cities in China this year, disrupting supply chains and prompting consumers to tighten their purse strings.

A weak result from Baidu has bolstered the argument. The nation’s biggest search-engine saw its advertising revenue drop 4 per cent from a year earlier in the first quarter, reflecting a tough macroeconomic environment.

The latest brokerage calls reinforce the view that the worst for China’s tech juggernauts is yet to come, as the pandemic takes over from the regulatory crackdown as the factor holding sway over the sector. Alibaba, Tencent soar in Hong Kong as report cards ease earnings concerns

A flurry of high-level government meetings over the last month signal an end to the year-long regulatory storm that wiped out more than US$1 trillion in market cap. Top policymakers have made it clear they want tech platforms to play a bigger role in reviving growth, as the outlines of a consumer-spending slowdown and a “big shock” to industrial profits become clear following lockdowns that started in April.

“Consumer spending and the development of the pandemic are the key to the tech stocks now,” said Dai Ming, a fund manager at Huichen Asset Management in Shanghai. “People won’t spend even online now, with the courier service devastated by the pandemic. The regulatory factor is less of a major concern now.”

CICC reduced Alibaba’s earnings forecast for the financial year by 7 per cent to 131.8 billion yuan (US$19.6 billion) and that for the following year by 1 per cent to 169.1 billion yuan. The investment firm also slashed the price target of Alibaba’s Hong Kong-traded shares by 4 per cent to HK$137, representing 13 times estimated earnings, amid a compressing valuation within the tech sector.

Citic Securities, China’s biggest publicly traded brokerage, also slashed Alibaba’s profit forecast, by 11 per cent to 124.9 billion yuan for this year and by 12 per cent to 147.7 billion yuan for next year. The share-price estimate is set at HK$160.

Alibaba’s customer management revenue (CMR), its biggest source of revenue, will probably decrease by more than 10 per cent for the quarter ended in June as a result of dwindling demand for online shopping and supply-chain disruptions, the brokerage said in a report on Friday.

“Looking to the whole year, investors still need to wait until the recovery in the macroeconomy for the improvement in Alibaba’s earnings,” Citic analysts led by Xu Yingbo wrote in the report. “We estimate that earnings will begin to pick up after the third or the fourth quarter.”

Beijing has reaffirmed its adherence to the zero-Covid policy, which JPMorgan has said the government sees as necessary because of a low vaccination rate among China’s elderly and a fragile healthcare system. The US bank, as well as Swiss private bank Union Bancaire Privee, predict a contraction in China’s growth in the second quarter. Premiere Li Keqiang highlighted the gravity of the situation for the nation’s economy at a meeting this week, saying that it was even worse in some aspects than the aftermath of the Wuhan Covid-19 outbreak in 2020.

Alibaba, the owner of the Post, jumped 12 per cent to HK$90.85 on Friday in Hong Kong. The rally has pared the stock’s loss to 23 per cent this year after a 49 per cent slump in 2021. Revenue for the March quarter rose 9 per cent from a year ago, beating estimates, but the company swung to a net loss in the span on increased investments in new businesses, according to results released on Thursday.

Alibaba’s future earnings may risk trailing the estimate, “given the uncertainty of putting the pandemic under control,” said Tang Jiarui, an analyst at Everbright Securities in Shanghai. “The logistics snarls have reduced consumers’ willingness to spend.”

By: Zhang Shidong

Source: Tech-stock rally on Alibaba results may be short-lived

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Americans Are Still Spending Ahead Of Holiday Season Despite Inflation Surge

Personal spending rose 1.3% last month in a sign that consumers are continuing to spend more despite higher inflation, which continues to rise at its fastest pace in three decades, according to new data from the Commerce Department on Wednesday.

Prices climbed by 5% in the year through October, the fastest gain in over 30 years, according to the latest Personal Consumption Expenditures price index report.

Inflation is surging at its fastest pace in three decades, data shows: October’s annual jump in prices is more than last month’s reading, which showed prices for the year through September climbing 4.4%.

Despite the lingering Covid-19 pandemic, the reduction of stimulus payments and ongoing supply chain issues adding to investor fears about inflation, consumer demand remains steady amid rising private wages and salaries, the Commerce Department’s report said.

Personal consumption expenditures (or PCE)—a key measure of consumer spending—rose 1.3% in October, while personal income rose 0.5%, according to the data.

Both measures of consumer strength were up sharply from recent months: The elevated spending levels ahead of a busy holiday season could help boost the broader economic recovery, experts say.

The increase in personal spending comes as Americans benefit from large pay increases and healthy household balance sheets, especially after several rounds of government stimulus, according to the report.

“Within goods, increases were widespread, led by motor vehicles and parts,” according to the report. Energy prices increased over 30% and food prices nearly 5%. Excluding both of those, the PCE price index for October gained 4.1% from a year ago.

Whether rising inflation starts to cut into consumer demand. While spending on consumer goods is now well above prepandemic levels, Americans with lower incomes could start to defer purchases if price increases continue, economists warn.

genesis-1-1-1-1-1-1-1-2-1-1

In a more positive sign for the U.S. economic recovery, weekly jobless claims fell substantially to their lowest level in 52 years, according to new data on Wednesday. The latest report from the Labor Department showed that the jobs market has continued to make a comeback in recent weeks. Around 199,000 people filed initial jobless claims in the week ending November 20, which was down 71,000 from the previous week and the lowest level since November 1969.

Stocks continue to remain near record highs—with the S&P 500 up 26% so far this year, though markets could be more volatile in 2022, experts warn. Rising fears about higher inflation, the Covid-19 delta variant, supply chain issues and Federal Reserve policy are all top of mind for investors going into the end of the year.

Further Reading:

This Wall Street Firm Sees A Negative Year Ahead For The Stock Market (Forbes)

New Jobless Claims Unexpectedly Sink To 52-Year Low Despite 2 Million Americans Still Receiving Unemployment Benefits (Forbes)

Stocks Jump After Biden Reappoints Jerome Powell To Lead Federal Reserve (Forbes)

Follow me on Twitter or LinkedIn. Send me a secure tip.

I am a New York-based reporter covering billionaires and their wealth for Forbes. Previously, I worked on the breaking news team at Forbes covering

Source: Americans Are Still Spending Ahead Of Holiday Season Despite Inflation Surge

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