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Speaker 1: The cost of living is up, paychecks are not and

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Speaker 1: workers are not Okay, are you okay? Four and ten

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Speaker 1: say their income has not kept pace with living expenses,

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Speaker 1: even with raises or a cost of living adjustment. Only

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Speaker 1: one in five received a pay increase above inflation in

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Speaker 1: the past year, and about one in three say their

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Speaker 1: pay is not keeping pace with the rising cost of things.

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Speaker 2: Yeah, and actually the truth is even worse than that,

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Speaker 2: because four and ten might have not gotten you know, it,

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Speaker 2: might not be seeing their wages keep up with inflation

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Speaker 2: in the last year or two years, during the time

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Speaker 2: when inflation has been fairly under control around three percent,

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Speaker 2: which is what the Federal Reserve targets. But if you

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Speaker 2: go back four or five years, hey, remember inflation was

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Speaker 2: nine percent, eight percent, seven percent. Nobody was getting eight

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Speaker 2: and seven and nine percent raises back then. So if

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Speaker 2: you look at the last four or five years, the

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Speaker 2: cost of everything has gone up about thirty five percent.

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Speaker 2: You can't sit here and say that even a fraction

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Speaker 2: of this country's economy and the people that work for

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Speaker 2: a living.

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Speaker 3: Have had their wages go up thirty five percent.

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Speaker 1: A lot of the sources of stress come from housing

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Speaker 1: rent or mortgage obviously, groceries and healthcare, and what are

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Speaker 1: people doing about it? They're relying more and more on

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Speaker 1: social media for support and advice. I see that a

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Speaker 1: lot on social media, people asking questions or putting out

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Speaker 1: answers of what you should say at a job interview

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Speaker 1: to make you sound not desperate but smart.

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Speaker 2: Yeah, and there's a lot more financial advice on social media,

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Speaker 2: especially YouTube, than we've ever seen before. Guys like Dave

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Speaker 2: Ramsey have always been popular. He's as big as it's

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Speaker 2: ever been, but there have been, you know, newer shows

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Speaker 2: like Caleb Hammer, who has just got this incredibly popular

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Speaker 2: YouTube show where he helps people with their finances. Look,

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Speaker 2: this economy and this isn't the beginning of it, but

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Speaker 2: it's certainly definitely that way now, more than it was

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Speaker 2: five or ten years ago. The economy is set up

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Speaker 2: to where if you own assets, you're doing great. You

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Speaker 2: own stock, you own a home, maybe you own a

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Speaker 2: small business, you're doing great because you're seeing big wealth games.

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Speaker 2: But for people where the majority of their wealth is

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Speaker 2: derived from their income from going to a job, they're

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Speaker 2: seeing their purchasing power just get absolutely crushed.

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Speaker 3: So what are.

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Speaker 1: Employees looking for? The number one thing. They want healthcare

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Speaker 1: premiums fully paid by their employer. Fifty percent of people

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Speaker 1: are requesting this. They also want financial support and wellness

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Speaker 1: perks like a health or wellness stipend. They also want

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Speaker 1: a four oh one K match. Boy, those went out

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Speaker 1: the window, didn't they.

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Speaker 3: Yeah, they used to be a thing.

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Speaker 2: Yeah, some companies it still is a thing, or they

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Speaker 2: brought them back. But many companies during COVID, when you

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Speaker 2: know the economy was cratering, they got rid of the

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Speaker 2: match for their four oh one K, and a lot

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Speaker 2: of those companies never brought it back.

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Speaker 1: Another thing people are looking for when requested when looking

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Speaker 1: for employment unlimited PTO.

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Speaker 3: That is, let me give you a little tip here.

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Speaker 2: It sounds good, sounds fantastic, it sounds wonderful. And I

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Speaker 2: used to work for a company that offered unlimited PTO.

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Speaker 2: It is the worst thing for the employee that that

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Speaker 2: could happen.

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Speaker 1: Why is it sounds great?

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Speaker 2: Well, there's two things. Unlimited It sounds great, but now

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Speaker 2: you have to as an employee. If I've worked for Judy,

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Speaker 2: absolutely I have to. And now you know that you're

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Speaker 2: being judged by all your fellow other employees based on

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Speaker 2: how much time they take off as well. So if

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Speaker 2: you're somebody that takes full advantage of that unlimited PTO

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Speaker 2: and you're taking a ton of time off and all

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Speaker 2: the employees around you that are at your level are

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Speaker 2: taking a lot less time off, you better believe that

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Speaker 2: the ownership and that the bosses of that company.

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Speaker 3: Notice that, right, and we're going to be looking at you.

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Speaker 2: But then also you hear reports that a lot of

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Speaker 2: people feel more guilty when they.

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Speaker 3: Say they don't take any time absolutely.

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Speaker 2: So a lot of the data that we're seeing is

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Speaker 2: that companies that have made the switch to unlimited PTO

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Speaker 2: employees are taking less time off than they used to

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Speaker 2: when you had a specific number of days of But

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Speaker 2: here's really the big reason why a lot of companies

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Speaker 2: are moving toward this is that typically a lot of

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Speaker 2: companies have a policy, and there's even some states that

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Speaker 2: have certain laws around this that they when you leave

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Speaker 2: that job, they have to pay out your balance of

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Speaker 2: your PTO. So if you've got fifteen days of PTO

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Speaker 2: left this year and you quit your job or you

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Speaker 2: get fired from your job, a lot of states and

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Speaker 2: a lot of companies have policies to where you get

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Speaker 2: paid out for those fifteen days with unlimited PTO that

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Speaker 2: company owes you nothing.

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Speaker 3: Oh zero for them to save money.

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Speaker 2: This has been a marketing con job that has been

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Speaker 2: forced upon the American public by these corporations that are

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Speaker 2: doing it because unlimited PTO sounds like this wonderful thing,

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Speaker 2: and for nine out of ten employees, when it comes

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Speaker 2: down to actual practice, it is much much worse for you.

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Speaker 1: It sounds like a good deal, but at the end

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Speaker 1: of the day, maybe not so much. So many companies

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Speaker 1: go from you get vacation days to sick time and

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Speaker 1: it's just all under one umbrella.

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Speaker 3: Yeah, paid time off. Yeah.

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Speaker 2: Although there are still companies out there where you you've got

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Speaker 2: a specific bank of vacation days and then a separate

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Speaker 2: specific bank of sick days, but those companies are becoming

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Speaker 2: fewer and fewer, and a lot of these companies in

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Speaker 2: the last ten years move toward a set number of

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Speaker 2: PTO days where they kind of roll those all up

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Speaker 2: into one. But now more and more companies are going

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Speaker 2: to this unlimited PTO policy, and it sounds good on paper,

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Speaker 2: but what we've seen so far is that the practical

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Speaker 2: reality of it is it's generally worse for employees.

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Speaker 1: How many people struggle to get to doctor's appointments because

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Speaker 1: obviously the doctor's available in the morning, and well, you

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Speaker 1: have to be at work in the morning. I'm something

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Speaker 1: that I learned from my brother that I wasn't aware

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Speaker 1: of makes complete sense. I guess when you think about it,

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Speaker 1: is in the military, they get that time that's not

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Speaker 1: considered time off or it's not you know, they're not

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Speaker 1: shaven an hour to go to the doctor because that's

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Speaker 1: part of the job to be ready.

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Speaker 3: They want you to go to the doctor. If you

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Speaker 3: need to go to the doctor, go to the doctor.

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Speaker 2: And we're not going to you know, you know, docu

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Speaker 2: is leave or time off because of that. Again, it's

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Speaker 2: because of the specific job the military has. They need

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Speaker 2: to be as physically fit and in fighting shape every

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Speaker 2: day of the week as much as they possibly can. So, yeah,

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Speaker 2: the military encourages you go to the doctor, get your

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Speaker 2: body in tip top shape, and you're not going to

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Speaker 2: be part of your work. Yeah, you're not gonna have

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Speaker 2: to take any time off for it whatsoever.

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Speaker 1: I wish more people would consider that, Hey, just yeah,

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Speaker 1: just take the time.

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Speaker 3: Well, if it pay you to go.

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Speaker 1: We want you healthy.

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Speaker 3: If you'll be more productive.

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Speaker 2: If you have a job where the primary duty of

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Speaker 2: your job is your physical being and strength and health,

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Speaker 2: then yeah, that can be the case. So maybe in

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Speaker 2: the NFL professional athletes, you know, that could be the case.

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Speaker 2: The military, that could be the case. If you're sitting

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Speaker 2: at a desk all day long.

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Speaker 3: Mmm, not so much. Probably not. Sorry.

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Speaker 1: I had a job once where they paid me to

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Speaker 1: get my hair done. Yeah, that was part of it.

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Speaker 3: That was a TV job.

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Speaker 2: That's because you were on TV every single day, and

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Speaker 2: so the way you looked in your appearance.

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Speaker 3: But that's another great example.

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Speaker 2: The primary or one of the primary characteristics of being

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Speaker 2: on television like you were, was looking good.

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Speaker 3: And so your company looking as best as you could. Fine,

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Speaker 3: but your company, what God.

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Speaker 2: Gave you, is going to make accommodations to make sure

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Speaker 2: you look as good as possible. And so yeah, when

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Speaker 2: you went and got your hair did, the company was like, yeah,

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Speaker 2: you don't have to take time off for that.

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Speaker 1: Yeah, it's part of the gig.

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Speaker 3: Yeah.

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Speaker 1: Another thing that employees would like their employers to help

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Speaker 1: pay for is student loan repayment. They also would like

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Speaker 1: free childcare on site, and twenty two percent want free

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Speaker 1: food at work.

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Speaker 2: This is a wonderful wish list. It's like right in

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Speaker 2: your you know your list for Santa Claus. Yeah, fifty

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Speaker 2: percent want the employer to pay one hundred percent of

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Speaker 2: health insurance costs and twenty percent want my employer to

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Speaker 2: pay food.

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Speaker 3: Yeah, I want all of those things too.

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Speaker 2: But the number of companies that are doing that, because

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Speaker 2: that used to be kind of a core tenet of

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Speaker 2: the tech culture in Silicon Valley is you get all

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Speaker 2: these incredible, wonderful benefits, and we have chefs here that

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Speaker 2: are making three meals a day for our employees. That

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Speaker 2: is fading away very quickly. Even in Silicon Valley.

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Speaker 1: They say a lot of workers are hesitating to change

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Speaker 1: jobs now, and that is because of insecurity and they

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Speaker 1: also feel that they have limited negotiating power for higher pay. Okay,

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Speaker 1: speaking of higher pay, Yeah, how much has this storm cost? Normally,

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Speaker 1: when you think of weather event costing money, you think

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Speaker 1: of hurricanes.

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Speaker 3: Right, the cost tropical.

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Speaker 2: Storm, the cost to rebuild an area, or a tornado

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Speaker 2: comes through and does a lot of damage in a town.

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Speaker 2: There's obviously a fixed cost to rebuild those buildings and structures.

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Speaker 1: ACU Weather estimated that this winter storm has cost the

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Speaker 1: nation between one hundred and five and one hundred and

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Speaker 1: fifteen billion dollars.

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Speaker 2: Now they I looked into this and that's that's it

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Speaker 2: seems like that's all high.

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Speaker 3: It's a bit of.

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Speaker 2: A stretch to me because they're they're saying that, you know,

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Speaker 2: they're lumping lost productivity from employees that didn't go to

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Speaker 2: work over the weekend or on Monday.

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Speaker 3: And you know, think about this.

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Speaker 2: You know, Americans, based on our savings rate in this country,

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Speaker 2: we don't do much of it and we love to

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Speaker 2: spend money.

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Speaker 3: So if you sit and look at, okay, all.

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Speaker 2: The flights that were canceled over the last several days, well,

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Speaker 2: that's a lot of lost revenue for those airlines.

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Speaker 3: But you all, well, you.

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Speaker 1: Have business closures, you have transportation and supply chain disruptions.

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Speaker 1: You also have the cost of emergency response, which there

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Speaker 1: has been a lot of that. But you think about

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Speaker 1: it's not all economic loss because you do have some

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Speaker 1: stores selling items like salt and snowshovels.

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Speaker 3: Grocery stores had a banner weekend, But that's.

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Speaker 1: Going to be less than the cost of say an

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Speaker 1: airline ticket, right.

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Speaker 2: But my point in this is if I had booked

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Speaker 2: a flight to go somewhere and it cost me three

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Speaker 2: hundred dollars and that flight got canceled, so the airline

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Speaker 2: didn't get my three hundred dollars, somebody else is getting

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Speaker 2: my three hundred dollars. I'm going to spend it on

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Speaker 2: something else somewhere. So I'm always skeptical when you see

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Speaker 2: stories like this where it's a two hundred billion dollar

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Speaker 2: loss because of this winter storm. Yeah, I'm sure you can.

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Speaker 1: It is a loss someone position, not that much position,

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Speaker 1: the figures to wear.

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Speaker 2: Yeah, okay, you could say that way. But a lot

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Speaker 2: of that money that didn't get spent over the last

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Speaker 2: few days for the storm is going to get spent

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Speaker 2: on other things.

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Speaker 1: You spent nearly three hundred dollars on milk dads.

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Speaker 3: Come on, it wasn't on snacks.

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Speaker 2: Maybe, Yeah, I borderline three hundred dollars when I cleared

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Speaker 2: out all the all the chips in the candy aisle

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Speaker 2: and on Friday afternoon so that we could hunker down

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Speaker 2: over the weekend.

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Speaker 1: Sure, yeah, that's where you spent all you Well, the

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Speaker 1: cost of groceries has gone up