Labor Shortages Worsen, Companies Poach Workers from Each Other amid Massive Churn | Wolf Street

Hiring was also very strong – by far the best October ever – as companies filled job openings by poaching each other’s employees, offering higher pay, bonuses, and better benefits, leading to both, a large number of “hires” and a large number of “quits,” as people quit their old jobs to take up those better job offers, creating large-scale churn – a form of job arbitrage in a labor market where labor has a lot more power than before.

In Education and Health Services, job openings jumped to a record 2.0 million, up by 54% from two years ago:

In Healthcare and Social Assistance, job openings jumped to a record 1.82 million, up 55% from October 2019:

The number of people who quit jobs voluntarily either to work for another company, or to do something else, such as starting up their own business, or staying home to take care of the kids, or whatever, dipped by 92,000 in October from the huge September record, to 4.16 million

Labor Shortages Worsen, Companies Poach Workers from Each Other amid Massive Churn | Wolf Street