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Some interesting survey data on the “Great Resignation” from my former colleagues at the Pew Research Center out yesterday. We know from government statistics that the U.S. quit rate is at a record highs—with at least 4 million people leaving their jobs in each month since July 2021. But why are they leaving? Below are the top five reasons, according to Pew:
- First: It is about money. 37% of those surveyed gave “pay was too low” as a “major reason” they left, and 26% more said it was a “minor reason.”
- Second: Opportunity for advancement was cited by 33% as a major reason and 30% as a minor reason.
- Third: Respect. Feeling “disrespected at work” was a major reason for 35% and a minor reason for 21%.
- Fourth: Childcare issues. That was a major issue for 24% and a minor issue for 24%.
- Fifth: Not enough flexibility to choose when to put in working hours. A major issue for 24% and a minor issue for 21%.
Dissatisfaction with benefits, desire to relocate, too many work hours, too few work hours, and vaccine mandates all ranked lower on the list. And what about company purpose? That wasn’t on the list in Pew’s questions. But companies increasingly report that employees want to know their employer is doing good in the world. And employee pressure clearly had more than a little to do with the corporate retreat from Russia over the past two weeks. Megan Leonhardt has more here; you can access the Pew study here.
Separately, Fortune’s Yvonne Lau talks to 10 Russians about what it’s like to live in Russia under Western sanctions and a Kremlin crackdown here. And Sophie Mellor looks at predictions that oil could top $240 a barrel—and trigger a global recession—if the world succeeds in blocking all Russian exports here (which is why it probably won’t happen).
More news below.
Yesterday saw a remarkable rally on Wall Street, with the Dow ending up 2.7% and Nasdaq rising 3.6%. But don’t expect it to last. Europe’s Stoxx 600 is down 1.1% at the time of publication, and U.S. futures also suggest an opening dip. Financial Times
NATO red lines
Russia is increasingly executing Syria-style atrocities in Ukraine, such as the bombing of a maternity hospital in Mariupol. Russia is also using barbaric “vacuum bombs” in Ukraine. Now the British undersecretary for the armed forces, James Heappey, has said NATO could be forced to intervene if Russia uses chemical weapons in Ukraine. Unless the British government rows back on this position, the Western alliance is finally setting out its red lines. Evening Standard
The Russian oligarch Roman Abramovich has been hit by British sanctions that will have quite an effect on one of his prize assets, Chelsea Football Club: He can’t sell it; it can’t sell new tickets to its soccer games; and it can’t transfer or sign new players. Chelsea will however be able to continue operating and paying its staff, and existing ticket holders will be able to attend matches. Other oligarchs to be sanctioned include Rusal founder Oleg Deripaska, Rosneft CEO Igor Sechin, Gazprom CEO Alexei Miller, and Bank Rossiya chair Dmitri Lebedev. BBC
Tesla is offering at least three months’ pay to its Ukrainian employees who are conscripted to defend their country. A company email also suggests Tesla employees helped deliver those SpaceX Starlink terminals to Ukraine in an incredibly short time, along with Tesla Powerwall units. (Speaking of conscription, Russia has now admitted that it has conscripts fighting in Ukraine, and some have been taken captive.) Fortune
AROUND THE WATERCOOLER
Disney has reversed its previous stance on Florida’s “Don’t Say Gay” bill, and now publicly opposes it. The legislation would ban discussion of sexual orientation with younger children in the classroom. Disney CEO Bob Chapek: “We’re committed to support the community going forward.” Fortune
Moderna’s mRNA COVID-19 vaccine patent pledge earlier this week has not satisfied vaccine-equity campaigners. And the company’s continued refusal to work with the WHO’s mRNA vaccine hub in Cape Town has drawn a defiant promise that the researchers will build an entire platform for new vaccines that can tackle a variety of diseases in low- and middle-income countries. (Bonus read: The pandemic may have killed as many as one of every 200 South Africans.) Fortune
South Korea is getting a new president, Yoon Suk-yeol, who beat the governing Democratic Party candidate on a platform of social conservatism—appealing to disaffected young men in particular—and cryptocurrency-friendliness. Fortune
The NFT market, you will be unsurprised to hear, grew quite a bit last year—by around 21,000% in fact, reaching $17.6 billion in sales. Fortune
This edition of CEO Daily was edited by David Meyer.
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