- The Bureau of Labor Statistics recently announced that 4.3 million Americans, or 2.9% of the entire workforce, quit their jobs in August Read
- According to the Department of Labor, more than 10,000 workers have left for other industries since June. Why? Read
- In September, the Central American country passed a law making it the first country in the world to accept bitcoin as legal tender. Read
- It’s no secret that Mike Michalowicz is our favorite author. However, James Clear is a close second. He is the author of the bestselling book, Atomic Habits, as well as the entertaining 3-2-1 weekly newsletter. Read
- For teens and adults living with special needs, traditional schooling at the middle and high school level might not offer adequate preparation for the social demands and skills required for independent living. Read
The Great Resignation
Adios. Sayonara. Bye, Felicia. The Bureau of Labor Statistics recently announced that 4.3 million Americans, or 2.9% of the entire workforce, quit their jobs in August—breaking the record set just the month before, when 4 million quit. There’s plenty of speculation online as to why, the most compelling evidence simply being post-pandemic fallout. But here’s what we know for sure:
The term “The Great Resignation” was coined in 2019 by Anthony C. Klotz, a professor at Texas A&M University. He predicted that workers would “start to resign en masse following the pandemic as burnout and working remotely trigger a shift in people’s identities.”
Resignation rates are highest among mid-career employees between the ages of 30 and 45.
Resignations are highest in the tech and health care industries.
The largest increase in the number of quitters happened in Georgia, with 35,000 more people leaving their jobs, followed by Kentucky and Idaho.
According to the Workforce Pulse Survey by PwC, 45% of Gen Z and 47% of Millennial employees would give up 10% or more of their future earnings for an opportunity to work remotely. Only 38% of the Gen X and 14% of Boomers would do the same.
Has your business been affected by employee exodus? We want to hear about how your business is surviving and/or thriving. Send us an email at hello@gofigureaccounting.net
The Child Care Job Crisis
Child care is down 126,700 employees since the pandemic started, a drop of more than 10%. According to the Department of Labor, more than 10,000 workers have left for other industries since June. Why?
According to The Washington Post:
• The median income for the industry
is $25,460, putting it in the bottom
2% of all professions.
• Child care workers regularly make less than $15/hour—lower than most retail jobs at this point.
• College graduates who major in early childhood education earn the least out of 137 majors, according to a report from Georgetown University.
Big picture: The Treasury Department has called the child care system “unworkable,” with more than one-third of child care providers considering quitting or closing down within the next year. President Biden’s recently passed social spending bill includes about $400 billion earmarked for universal preschool and affordable child care as well as an extension of the child tax credit through 2022 and a paid family leave provision.
Will that be enough? Only time will tell.
Are you an entrepreneur or business owner in the child care industry? We’d love to hear your perspective.
A Little Bitty About Bitcoin
At Go Figure, we are cautiously curious about bitcoin. Enough to know the tax implications and rules, of course, but not necessarily rushing to the mining fields ourselves. What we are watching with great interest is El Salvador, where “the pupusas are warm and the bitcoin is tender.” (Really wish we would have coined that phrase, but credit goes to TheMorningBrew.com).
In September, the Central American country passed a law making it the first country in the world to accept bitcoin as legal tender, meaning it’s now an official currency alongside the US dollar. In essence, El Salvadorans can pay for groceries, haircuts, cars, and even taxes, using bitcoin. And businesses are required to accept the tender for goods and services as well.
Then, in November, President Nayib Bukele announced plans to construct a “Bitcoin City” at the base of Conchagua volcano that will be entirely funded by bitcoin-backed bonds. To the tune of $1 billion or more. Also worth noting: Geothermal energy from the volcano will be harnessed to power the energy-intensive mining process necessary for bitcoin.
Bukele believes that by being an early crypto adopter, the country could become a destination for foreign investment in bitcoin mining. Will it work? That remains to be seen. Bukele has said that Bitcoin City will be free of income, property, and capital gains taxes. Certainly an investor’s dream. Yet, despite the buzz surrounding crypto—i.e., the renaming of Los Angeles’ Staples Center to Crypto.com Arena—cryptocurrency hasn’t actually been used as legal currency at scale.
Bottom line: Bust out the popcorn and pull up a seat. However this shakes out, it’s bound to be interesting.
Have an opinion? Tell us about it!
Email hello@gofigureaccounting.net
Clearly Speaking
It’s no secret that Mike Michalowicz is our favorite author. However, James Clear is a close second. He is the author of the bestselling book, Atomic Habits, as well as the entertaining 3-2-1 weekly newsletter, where he dishes out “life-changing insights like T-shirts on a college campus,” according to Morning Brew.
We’re such big fans of Clear’s work that we’re sharing some of our favorite tips here. When you’re ready, buy the book from your favorite bookseller, or simply sign up for his email at jamesclear.com
The ultimate productivity hack is saying no. Clear says that saying no is an important skill to develop at any stage of your career because it retains the most important asset in life: your time. How do you value your time? Say no to whatever isn’t leading you toward your goals. Say no to distractions.
(We’re going to add another tip: Eliminate the word “maybe” from your vocabulary. Maybe is simply a distraction cloaked in politeness. If it isn’t a “hell, yes!” it’s a no. Period.)
“Habits are
– James Clear, Atomic Habits
the compound interest of self-improvement.”
To change habits, change how you identify yourself. Clear calls these identity-based habits. Rather than worrying about the results you want, focus on becoming the type of person who could achieve those results. If you want to quit smoking, instead of telling yourself, “I wish to quit smoking,” tell yourself, “I’m not a smoker.” Instead of worrying about losing 40 pounds, focus on being the kind of person who doesn’t miss workouts.
Start small. If you’ve worked with us at all, you know start small is a GoFigure mantra. Clear calls this the 1% approach. One percent improvements add up surprisingly fast, “the compound interest of improvement.” Rather than starting with 50 pushups per day, start with five. Work in sales? Don’t think about 100 leads, start with one. A monster to-do list? Start your day with the smallest action item first.
Choose systems over goals. “You don’t rise to the level of your goals, you fall to the level of your systems.” Think of it this way: Your goal is your desired outcome. Your system is the collection of habits that get you there. In practice that would be spending less time focusing on outcomes and more time focusing on the habits that precede the results. For example, rather than worrying about finishing the novel, focus on being the kind of person who writes every day.
Favorite quote. “Your personal experiences make up maybe 0.00000001% of what’s happened in the world but maybe 80% of how you think the world works. We’re all biased to our own personal history.” —Morgan Housel
Rise and Thrive
Building Pathways helps teens and adults with special needs learn important life skills that allow them to enjoy more independence.
Most everyone wants to live and work on their own, and have a safe place to learn. But for teens and adults living with special needs, traditional schooling at the middle and high school level might not offer adequate preparation for the social demands and skills required for independent living.
Patty Myers knows this firsthand. Her 20-year-old son, Charlie, lives with autism, just one of many developmental and emotional disorders affecting 20% of Americans. It was her experience raising him to be self-sufficient that showed her just how large the skills gap was for kids like him, and ultimately the catalyst behind establishing Building Pathways in 2018.
The nonprofit’s mission is to provide individuals with special needs hands-on training that can get them ready for life on their own in the future. Through partnerships with local businesses, Myers and Assistant Director Jennifer Pinckney work to give participants hands-on job opportunities within their communities. And through their on-site day programs, summer camps, and support housing programs, they teach young men and women the basic skills needed to live on their own, such as cooking healthy meals, doing laundry, and working exercise into their routines.
How vast is the need exactly? According to a 2020 Centers for Disease Control and Prevention report, approximately 1 in 54 children in the U.S. is diagnosed with an autism spectrum disorder and 1 in 6 U.S. children had a developmental disability. And more than 75% of special needs adults are without employment. That’s a huge issue for the differently-abled community and those who care for them.
Still, it’s so much more than a paycheck or diploma. For Charlie, Livy, Brooks, Jackson, Bella, and hundreds of other young adults benefitting from Building Pathways, the dignity, satisfaction, and pride that come from independence is simply priceless.
