Looking for traction… 10K John Deere workers went on strike yesterday to protest the tractor giant’s latest wage contract, which they said offered too slim a pay increase. With prices rising like “Squid Game” views (#inflation), Deere employees aren’t the only ones demanding bigger paychecks and better benefits.
- Frosty Flake: Workers at cereal maker Kellogg and Oreo maker Mondelez went on strike recently to demand better benefits, like vacation pay. Mondelez workers succeeded in getting a pay increase and a higher company match for 401(k) contributions.
- Temp check: Nurses at Kaiser Permanente voted to strike this month to protest low wages and poor working conditions.
- Action: Hollywood crews plan to strike Monday if they can’t secure better benefits, hours, and workplace treatment.
Strike while the labor market is hot… It’s hard out here for employers trying to hire. Job openings soared to record highs this summer, labor-force participation is stalled at pandemic levels, and 4.3M workers quit their jobs last month. Workers know they’re hot commodities, so they’re demanding higher wages, better benefits, and stronger workplace protections. They’ve already made some progress:
- +4.6%: the hourly-pay increase for US workers last quarter from a year ago. Walmart, CVS, and Costco are among those who upped minimum wages to $15/hour.
- Free college tuition is now available to Target and Walmart employees. One-third of companies with 20K+ workers also plan to expand health benefits.
- Bathroom breaks are now protected for Amazon warehouse workers — 74% of whom said they avoided pee breaks to hit quotas.
Spending power isn’t just about wages… It’s also about prices. Hourly pay increased 4.6% last month, but consumer prices jumped 5.4%. Wages rose but spending power didn’t, because bacon, gas, and rent all got more expensive. Since lower-income Americans are especially sensitive to spikes, they don’t just want higher wages — they also want higher spending power and more valuable benefits. Until that happens, workers may keep asking for more.