In the two years I’ve been writing about Americans’ changing relationship to work, there’s one theme that’s come up over and over again: loyalty. Whether my stories are about quiet quitting, or job-hopping, or leveraging a job offer from a competitor to force your boss to give you a raise, readers seem to divide into two groups. On one side are the bosses and tenured employees, the boomers and Gen Xers. Kids these days, they gripe. Do they have no loyalty? On the other side are the younger rank-and-file employees, the millennials and Gen Zers, who feel equally aggrieved. Why should I be loyal to my company when my company isn’t loyal to me?
I knew it would happen again the other month, when I was reporting on white-collar workers who secretly juggle multiple full-time jobs. Overemployment, as the phenomenon is known, violates society’s implicit norms of loyalty to one’s employer more flagrantly than anything else I’ve encountered. But when I asked these overemployed professionals whether they felt bad that they were essentially cheating on their bosses, they were unapologetic. “My parents told me, ‘Don’t switch companies, grow in one company, be loyal to one company, and they’ll be loyal to you,’” one guy told me. “That may have been true in their days, but it definitely isn’t today anymore.”
It even goes beyond just that companies used to be about creating value for customers but with all the mergers and what I like to call finance fuckery like airlines being more banks that happen to own planes.
Companies selling things at a lost to drive out competitors and their revenue mostly comes from investors waiting for the company becomes a defacto monopoly and they then can raise prices that blow up the stock. Offload successful business with so much debt that they close at no fault of their own.