What's going on in the American workplace, particularly in New Orleans, with workers who are looking for more than just jobs?
It's called the Great Resignation and we're witnessing a cultural shift in the way people work moving forward.
"We are seeing something new, and wages may be a part of it, but from what I'm hearing it's a whole lot more about work-life balance and being valued," says UNO Economics Professor Dr. Walter Lane. "I think there's a whole lot going on that I think is a major shift, and wages is only one part of it."
In New Orleans hospitality workers are part of this great upheaval in the working world. Many have resisted returning to the same jobs they held down, mostly due to wage structure and hours required.
"Workers are kind of looking for different things. About some of the only things [hospitality] companies may have to give them… …money may be one of the few things they can give them," Lane says. "And [those companies] may be forced to see higher wages."
And this will give rise to what Lane calls 'sectoral inflation'.
"Sectoral inflation, the hospitality sector may have to raise wages to be able to attract workers. And in that means, since they are so labor dependent as an industry, that means that the whole sector is going to see prices going up."
Higher wages mean higher prices for the hospitality sector across the board, as companies must put out more money to get workers back to jobs.
But it's not just hospitality where we're seeing this Great Resignation.
"People didn't have to commute for a year and half and they don't want to commute anymore," Lane contends. "So they're looking for something… …if the boss says you all have to come back to work, they're saying 'I'm going to look somewhere else'."
This is a sticky situation with the hospitality industry, which is a 24/7 business where shifts can be extended, last minute, as workforce demands require.
Paying higher wages will lead to inflation in the business sector down the line and that means higher prices for hotel rooms, restaurants, and anything related to hospitality.
