Chapter 3
We Can't Put the Genie Back in the Bottle

Millennials aren't the only ones rethinking what they value, and therefore rethinking how they define wealth‐but the world collectively, too. This theme is omnipresent. We are in the midst of a huge paradigm shift, and this shift caught exponential wind as we turned inward and reflected—during the forced pressures and pauses of the pandemic. This, we know. Now, let's delve into the greatness that resulted from these pressures and pauses, namely: the Great Wealth Transfer, the Great Migration, and the Great Resignation, all of which are fueling the Great Restructuring.

As a preview, this includes technological advancements, entrepreneurial spirit animals, innovation, and invention. We're currently living in a dynamic time that commands dynamic change. And as it turns out, we can't put the genie back in the bottle.

The Great Wealth Transfer

Over the coming decades, the Great Wealth Transfer will place $84 trillion into the hands of millennials (and younger generations) from the hands of baby boomers. This will be the greatest wealth transfer in history.1

As previously mentioned, the recipients of this wealth are spending and investing through the filter of their values. Businesses are pivoting in response to this wealth transfer, rethinking business models and branding. It’s necessary to be relevant and attractive to the new wealth holders in order to capture market share for these mighty dollars. There’s clear recognition and acknowledgement that millennials are generally interested in values‐based spending and values‐based investing.2 Businesses are interested in how millennials will spend their newfound money, while wealth managers and advisors (the world I come from) are interested in how millennials will invest their newfound money. The values of millennials are coloring the future economy. Furthermore, money is the instrument that fuels the economy. Adam Smith taught us this. And an economy is, after all, an ecosystem interconnected by financial and cultural activity. The financial and cultural tides are a turning.

Millennials, businesses, and wealth managers aren't the only one's planning for the Great Wealth Transfer, but of course, the boomers themselves. While no one likes to talk about it, it is important to discuss the investment strategy and structuring of assets ahead of one's demise. This is a delicate topic and discussion, but one that is beneficial to all involved. These conversations open the door to multigenerational family discussions regarding money and wealth, which is profoundly valuable. Conversations about unexpected turn of events became commonplace during the pandemic, because mortality was at the forefront of everyone's mind.

The Great Migration

Let's start this section with a Great Migration anecdote.

On January 25, 2020, I flew from Switzerland back to New York City. After a week in Switzerland meeting and connecting with inspiring people, I flew back to the United States, without any awareness of the impending pandemic. A month later, I was pegged to travel to Finland and Estonia. By February, there were headlines and hesitations relating to the novel virus. I contemplated my trip back to Europe, because of the growing fear around travel. Ultimately, I decided to hop on a plane, as planned. On March 3, 2020, I flew from Finland back to New York City after a conference called Kinnernet. A new Kinnernet friend, originally coming from Israel, gave me a face mask to wear on my flight back home. This day, this flight, was the first time I wore a mask, and it wasn't the last. I was one of four people on the plane wearing a mask, and I felt a bit silly about it. After touching down in New York City, things changed, and they changed rapidly. On March 12, 2020, nine days after coming home, New York issued a state of emergency executive order. The next day, Friday the 13th, marked my last day in my Manhattan office. On March 21, 2020, I went to New Hampshire—indefinitely—with a carry‐on suitcase in hand. I rode the train from Penn Station (New York City) to South Station (Boston), all the while wearing two masks, a hat, glasses, and socks pulled up over my pants. The (unrational) rationale was to have the least amount of skin exposed as possible, because at this point we didn't know exactly how this virus was transmitted and contracted. We all remember the days, circumstances, and feelings of the first quarter, in 2020 (and all that followed).

What does this anecdote have to do with the Great Migration? Everything. The beginning of 2020 catapulted us into new territory, literally and figuratively. America migrated to rural and suburban areas, to different cities, and, most notably, online.

Migrating

During the first month of the pandemic, net moves out of Manhattan tripled. Additionally, net moves out of Brooklyn, Chicago, and Los Angeles doubled. During the first year of the pandemic, specifically March 2020 through February 2021, moves from dense urban areas to rural and suburban areas jumped 17%.3 Change of address forms let us know that permanent moves, in March 2020, jumped 15% nationwide.4 Astonishing. Permanent decisions were made during hazy moments. The novel virus was moving quickly, initiating permanent and semipermanent moves everywhere. Naturally, people sought seclusion and space, along with peace of mind. Rural and suburban areas, by definition, provide less density and more space—offering a more comfortable quarantining experience.

So, where did everyone go? Mostly to the rural and suburban areas near the dense urban areas where they lived … and worked. Both households and businesses, homes and offices, moved from dense city centers to lower density suburban zip codes. This phenomenon is called the “donut effect.”5 Quite clever. The donut effect, in this context, refers to the rising prices of properties in the suburbs relative to the prices of properties in city centers.

People also ventured to different states. Florida saw a 34% increase in newcomers, and North Carolina, South Carolina, Arizona, and Texas received similar levels of inbound.6 At the time, a lot of my private wealth management clients relocated to their second homes in the Hamptons, Upstate New York, Florida, New Mexico, and Wyoming. Ultimately, some clients turned their secondary homes into primary homes, and their primary homes into secondary homes. This was advantageous for my New York City clients, because they moved from a high tax residency to a lower tax residency. Others were purchasing new, secondary homes. For those interested in buying, low interest rates were supportive. Those with the means had the option to pivot and purchase. Those who didn't found novel ways to find seclusion, space, and solace from the novel virus.

As a quick but relevant aside, the Great “Wealth” Migration is currently underway across the world, as millionaires are on the move. In 2022, it's projected that 88,000 millionaires will move to a new country. The countries attracting the most millionaires: United Arab Emirates, Australia, and Singapore.7

Pivoting back to the United States, those considered financially wealthy were mostly flocking to Florida. The Sunshine State offered—you guessed it, sunshine—and no income tax, making it an attractive option. In 2020, Florida saw a 20,263 net inflow of high earners (those making $200,000 or more per year).8 In 2020, New York saw a nearly 20,000 net outflow of high earners, the highest of all 50 states. I'm included in this statistic, because I moved from New York City to Miami in 2020. More on this later.

In March 2020, interest rates were 1.10%. In March 2021, one year later, interest rates were 0.07%.9 That said, mortgage rates were really attractive. When mortgage rates are attractive, so is buying real estate with credit. This we now know. As the Fed eased monetary policy, the housing market tightened.

The housing market tightened for a few reasons. First, moving during a pandemic isn't ideal. Logistically speaking, house shopping during a pandemic isn't optimal, and neither is hiring movers, or anything else that goes along with relocating. For this reason, many people opted to sit tight in their homes, and wait out the storm. Second, as a natural consequence, this meant the number of homes on the market was low. Plus, new construction builds were put on hold. And what happens when there's low supply, yet high demand? Price inflation. Third, buyers were eager to improve their living conditions by purchasing homes with more space; inside, outside, or both. Resonance with our residence improves our well‐being. That said, given the sensitivities surrounding the pandemic and the search for solace, many turned a blind eye to price inflation, especially because interest rates were so low (as a counterbalance to the higher‐than‐normal real estate prices).

And which generation was the driving force behind this boost in the real estate demand during the pandemic? You guessed it—millennials. In 2019, millennials accounted for 38% of home buyers.10 In 2020, millennials accounted for 37% of home buyers.11 And in 2021, millennials accounted for 43% of home buyers.12 [One caveat regarding these statistics: this information came from the National Association of Realtors, and they classify millennials as those born from 1980–1998; we initially defined millennials as those born between 1981 and 1996.]

Millennials were, and remain, the driving force behind real estate purchases. While the pandemic acted as a catalyst into homeownership, this catalyst aligned with the fact that this generation was already coming into the homeownership stage of life. So, the timing was right based upon stage of life—for the largest generation to date. People might be scratching their heads, thinking, how can a financially insecure generation afford to purchase real estate? Great question. In some cases, millennials recieved financial gifts from relatives willing to pay the down payment on their new homes.13 This shows us that baby boomer parents are starting to loosen their purse strings to help their adult children, financially. This is a preview into the power behind the Great Wealth Transfer; as the boomer generation starts transferring wealth to the next generation via inter vivos gifts. Inter vivos is a Latin term meaning a gift between the living.

Migrating Online

During the pandemic, people migrated to rural and suburban areas, to different cities, and most notably—online, which is why I believe the Great Migration also includes the (fuller) migration online. In fact, the migration online was a prerequisite for those moving geographies—technology enabled remote work. As my clients migrated to their second or new homes, so did our meetings; our meetings migrated from my Manhattan office to Zoom. This migration, or transition, happened overnight. My last day in the office was on a Friday, and it was business as usual on Monday—except, it was not so usual. Companies pivoted online at lightening speed, and so did their employees, clients, and customers. It's really remarkable. Of course, initial glitches and awkward moments peppered our Zoom experiences. “You're on mute” became a meme, with cultural force. Memes aside, productivity was also a force; employees didn't miss a beat. Businesses and individuals came to the quick realization that the move to remote work enabled the move to remote geographies. And vice versa.

The Great Resignation

Forty‐seven million people. This was the population size of Spain in 2021.14 Forty‐seven million people. This was also the population size that quit their jobs (in the United States) in 2021.15 This pandemic‐era labor trend is referred to as the “Great Resignation.”

The year 2021 was interesting, because we were still in the throes of the pandemic, yet the economy was picking up steam. In the second quarter of 2021, gross domestic product (GDP) returned to pre‐pandemic levels.16 Gross domestic product picked up as a result of increased demands for goods and services, driven by consumer spending. Consumer spending typically accounts for 70% of GDP. Pent up demand plus government stimulus payments placed more money into the hands of consumers, and thereafter, into the economy. People were ready for haircuts and dining out, among many other things. Naturally, haircuts require hairdressers and dining out requires cooks and wait staff. In other words, the need for workers increased and the need increased across sectors. While more jobs were coming online (literally and figuratively), more people were quitting their jobs. Curious.

Home residency wasn't the only thing people were reconsidering during the pandemic; they were reconsidering their jobs as well. Reevaluating, reconsidering, retiring, and resigning were the employment themes over the past few years. Why? The title of a Pew Research Article sums it up perfectly: “Majority of workers who quit their jobs in 2021 cite low pay, no opportunities for advancement, feeling disrespected.”17 These reasons are pretty self‐explanatory, and likely reasons we can all relate to—at some point or another in our careers. While the first reason is very easy to quantify, the last two are not. Let's start with the quantifiable reason first, and work our way through the less quantifiable reasons thereafter. Spoiler alert: millennials (and Gen Z's) led this movement, too.

First, millions of people quit their jobs in 2021, because of low pay.18 37% said low pay was a major reason for their departure, and 26% said it was a minor reason for their departure, totaling to 63%. Bear in mind, millennials (in large part) entered the workforce on the heels of the Great Recession, which meant most started their careers earning lower‐than‐normal pay. This had a meaningful impact on the amount of compensation earned thereafter, when you consider the fact that salaries often increase by about 3% per year. For perspective, the average millennial lost around 13% of their earnings between the years of 2005 and 2017.19 Reduced earnings were largely a result of the slow and arduous recovery from the Great Recession. As the saying goes, timing is everything. Which is exactly why when 2021 rolled around, this generation jumped at the golden opportunity to level up their pay.

Job seekers finally felt confident about the job market, for two primary reasons: wages were high and unemployment numbers were low. In 2021, wage growth reached 4.5%, which is the highest it's been since 2001.20 Additionally, in 2021, the unemployment rate dropped as low as 3.9%.21 For perspective, the unemployment rate peaked the year prior, at 14.7% in 2020.22

Initially, it was the younger employees who were most eager to throw in the towel with their employers. Gen Z's (those born between 1997 and 2012) are the workforce newbies. This young generation barely had a moment to finish their coffees at their desks, let alone find their way up the corporate ladder before an exciting job market presented itself in 2021. At this point, this Gen Z had the least amount of time, energy, and loyalty established with their employers. Despite lots of movement among these workforce newbies, it was the millennials who made waves within the labor markets. Millennials were incredibly attractive hires to employers because these digital natives had valuable work experience under their belt. By the end of 2021, wage growth went up 13.1% and 9.2% from the year prior, for Gen Z's and millennials, respectively.23

Second, millions of people quit their jobs in 2021, because of the lack of opportunities to advance their careers. Among those who did, 33% said low opportunity for advancement was a major reason for their departure, and 30% said it was a minor reason, totaling to 63%.24 This reason makes sense when you consider that most people who quit their jobs in 2021 were Gen Z’s or millennials. In other words, in the formative phase of their careers and wanting to see a fruitful road ahead. Staying put became much less compelling without visibility into future career opportunities—especially when there were so many new opportunities available elsewhere. Additionally, many of these new opportunities were location agnostic because many jobs turned remote during the pandemic. The Great Migration online opened up a world of professional opportunity and growth—literally.

Third, millions of people quit their jobs in 2021, because they felt disrespected. Among those who did, 35% said feeling disrespected was a major reason for their departure, and 21% said it was a minor reason, totaling to 56%.25 Feeling disrespected looks different for everyone, given the highly subjective nature of this emotion. During this historical time, divisive stances were taken on everything from health to politics—highly charged topics. We were all experiencing emotional upheaval in our lives during the pandemic; the extent of which varied person to person. That said, this is not a one‐size‐fits‐all discussion. Nonetheless, it's an incredibly important reason to consider because it played such a big role in the Great Recession, per Pew's research.

There's clearly a holistic tilling of the soil going on.

“The pandemic brought the future of work into the present of work.”

—Anthony Klotz, who coined the term the “Great Resignation”26

The Great Restructuring

It's only natural that the incoming Great Wealth Transfer, paired with the Great Migration and Great Resignation, would lead to the inevitable—Great Restructuring. The Great Restructuring has individuals and businesses playing four‐dimensional chess, mostly with themselves—as they seek to future‐proof and optimize their positioning in the world. Considerations include the current, unfamiliar landscape with a lens toward the inevitable transformations of the future. What we learned over the past couple of years is that the rules of the game can change on the drop of a dime, and the ability to pivot is now a—necessary—superpower.

“We learn geology the morning after the earthquake.”

—Ralph Waldo Emerson

Individuals and businesses are reinventing and restructuring themselves. As we saw earlier, an economy is a social ecosystem that transforms based on changes in financial activity and cultural activity. What individuals and businesses decide to consume and produce influences the shape and texture of the economy. This is why the rethinking, reinventing, and, ultimately, restructuring of individuals and businesses is impacting the economy accordingly—Digital Darwinism is in full force.

Restructuring looks different for different entities, because of the uneven impact the pandemic had across people, geographies, and industries. For individuals, many are reskilling for new jobs, starting new businesses, and/or cultivating their own personal brands. For businesses, many are reskilling their workforce, revisiting their business models, and/or reimagining their company brand. The restructuring path requires the reevaluation of purpose, principles, and values. One thing's for sure, human capital is absolutely necessary for implementing and sustaining these structural changes. With a tight workforce, finding talent might seem like a job in and of itself. For businesses, the right talent adds to the bottom line, while also adding to the richness of company culture—which is becoming more and more of a competitive advantage these days (both for attracting loyal customers and rockstar employees).

Human capital is arguably the most valuable asset a business has as they restructure. This intangible asset ultimately reveals itself by way of profitability. Although, human capital is becoming harder to find for a multitude of reasons. One reason businesses are finding it harder to find talent is because the entrepreneurial spirit animals are alive and well.

Spiritus Animalis is Latin for “the breath that awakens the human mind.”

Entrepreneurial Spirit Animals

Lions and tigers and bears, oh my. These days, the entrepreneurial spirit animals are alive and well, and roaming the economic ecosystem in full force. Let's define both entrepreneur and animal spirits, in order to fully appreciate the phrase entrepreneurial spirit animals.

Entrepreneurs are people who start companies that provide a good or service, which typically isn't already available in the marketplace (as compared to small business owners whose business is typically already available in the marketplace). That said, entrepreneurs are considered bigger risk takers because they navigate unchartered territory. Also, entrepreneurs typically have an eye toward short‐term success (thereafter, perhaps funding the next entrepreneurial endeavor), whereas small business owners typically have an eye toward long‐term, stable profitability.

Animal spirits is a term coined by John Maynard Keynes, a famous British economist, in his 1936 book The General Theory of Employment, Interest and Money.27 In this book, Keynes refers to animal spirits as the (invisible) forces at play within an economy, specifically, the psychological and emotional factors that drive economic decision‐making by people within an economy. Animal spirits represent the emotional temperament toward the economy at a given point in time. Thus, when people feel confident and hopeful about the state of the economy, they are more inclined to spend and invest. This, in turn, propels the health of the economy even further; like a self‐fulfilling prophecy of sorts (of course, only to an extent and with limitations). The perception and belief in the health of the economy, fosters more health of the economy.

Consider this example. Let's say that you're really thriving at work right now, and up for a big promotion, which means a big bonus. This big promotion and bonus are a result of you and your company's exceptional success over the past five years. You and your company are reaping huge profits because the economy is healthy and there's lots of confidence in the strength of the markets. And it gets even better, because your investment portfolio performance is excellent; you're seeing double‐digit returns in the green. Given these factors, you feel very comfortable booking that trip to Lisbon or Paris, which you always dreamed of. This would be an example of positive animal spirits being alive and well. Animal spirits are conceptually similar to spirit animals.

Therefore, entrepreneurial spirit animals are the psychological and emotional factors driving entrepreneurs to do what they do: their archetypal essence. An entrepreneurial founder may identify with the archetypal traits of a lion. These traits include wanting to be the king of the jungle, leading the way for others by exuding power, confidence, and courage. Lions lead with heart and are respected by those around them.

Spirit animal idioms are sprinkled throughout our vocabulary. Take the familiar saying to “work like a horse.” This is an example of an archetypal spirit animal. Horses are known as hard workers, with lots of energy and perseverance. Another familiar saying is to “work like a dog.” Dogs are known to work tirelessly until they achieve their goals.

So, how alive and well are these entrepreneurial spirit animals? The answer is, very, and for a handful of reasons. Let's consider why anyone would want to take on the risk of starting their own company. First, is the obvious: you’re your own boss. And when you're your own boss, you call the shots, which includes mapping the opportunities ahead and being in charge of your own growth trajectory. Second, you have the ability to control your financial security, without capped upside potential. Third, you have the flexibility to design your own work‐life balance, well suited to your personality and circumstances. Fourth, you can create a company based on your own purpose, principles, and values. Fifth and final, you may achieve higher meaning, purpose, and satisfaction from your work, because it's entirely tailored to your own interests and motivations.

Notice the first three reasons for entrepreneurship completely solve for the top three reasons why a “majority of workers quit their jobs in 2021 cite low pay, no opportunities for advancement, feeling disrespected,” per Pew's article, previously discussed.

With these reasons fresh in mind, it's easy to see why millennials are so inclined to pursue entrepreneurship. Entering the workforce on the heels of the Great Recession, millennials were thrown off traditional paths. Therefore, right out of the gate, they were navigating unchartered territory, roaming the wild without a map. Their familiarity with the unknown, and their courage to approach it, is embedded in their archetypal essence. Also, they are motivated to make money because they started their careers at a financial deficit (larger student loan debt and lower than average wages). Plus, as digital natives, their comfort level with technology makes them well‐suited to place their paws to computer keyboard, wherever in the world that may be.

Entrepreneurs often create companies motivated by social values and driven by spirit animals. Speaking of animals, let's look at Bumble as an example. In 2014, Whitney Wolfe Herd founded Bumble, a female‐focused dating app dedicated to women making the first move. Why did the queen bee of Bumble create this first‐of‐its‐kind dating app? Because she wanted to flip the script on dating dynamics and empower women to make the first move.28 The app was created by women, for women. Bumble's novel approach to dating apps made Whitney Wolfe Herd the youngest self‐made billionaire in the world.

This is one example of an entrepreneur creating a good or service that influenced the shape and texture of society. Judgments aside—whether you're in favor of dating apps or not—there's no denying that they are influencing society in a significant way.

Bumble’s success potential was possible because of the internet, smartphones, and smartphone apps. That said, we're seeing new marketplaces coming online, standing on the shoulders of prior inventions and innovations. Another example of new marketplaces coming online are all the businesses using platforms such as YouTube, Instagram, Twitter, and LinkedIn. These online platforms create new ecosystems for wealth generation.

“Don't think money does everything or you are going to end up doing everything for money.”

—Voltaire

Digital Darwinism

Speaking of animals, let's pivot to the concept of Digital Darwinism, which is the application of Darwin's Theory of Evolution to the digital economy. This term was coined by American author, Evan I. Schwartz, in 1999 when he recognized that technology and society were evolving faster than companies could naturally adapt.29 Companies that don’t quickly adapt, fail. This is natural selection, just like we see in the animal kingdom. Established companies have established technological infrastructure already in place, making it difficult and clunky to adopt new technologies and ways of doing business. Businesses with legacy infrastructure may be more resistant to adopting digital service delivery, updating payment systems (e.g., two‐factor authentication) or enhancing cybersecurity protocol. These structural considerations pose big hurdles for established businesses to adapt, especially when compared to start‐ups—but fairness has never been a consideration for survival of the fittest. Corporate complacency meets earnest entrepreneurs, and there's nowhere to hide.

Consumers are now demanding new technologies, thereby further fueling digital transformation. People are buying from, and doing business with, companies that are digitally relevant. For example, consumers (and employees, for that matter) expect companies to provide up‐to‐date user experiences, with optimized security and safety measures in place. As a consequence, it's imperative that businesses transform lockstep with this digital transformation. “Adapt or die.” Draconian, yet accurate.

In some cases, adapting requires restructuring through new business models. Restructuring, in its most aggressive form, comes in the form of a merger or acquisition (“M&A”). In 2021, the merger and acquisition industry had a record year, with over $5 trillion of global activity.30 Many companies (across all sectors) are turning to M&A to implement and accelerate digital transformation, with the goal of increasing growth and profitability.31 Digital Darwinism spares no one; it touches all sectors and all types of companies, both private and public, small and large.

After considering all these great circumstances, at this point, it's fair to say that we can't put the genie back in the bottle.

Notes

  1. 1. Bakhtiari, Kian. “Why Brands Need to Prepare for the Great Wealth Transfer.” Forbes, August 8, 2022. https://www.forbes.com/sites/kianbakhtiari/2022/08/08/why-brands-need-to-prepare-for-the-great-wealth-transfer/?sh=5e05a7f44b81.
  2. 2. Ibid.
  3. 3. Henderson, Tim. “The Pandemic Prompted People to Move, but Many Didn't Go Far.” The Pew Charitable Trusts, March 23, 2022. https://www.pewtrusts.org/en/research-and-analysis/blogs/stateline/2022/03/23/the-pandemic-prompted-people-to-move-but-many-didnt-go-far.
  4. 4. Ibid.
  5. 5. Ramani, Arjun, and Nicholas Bloom. “The Donut Effect of Covid‐19 on Cities.” WFH Research, May 21, 2021. https://wfhresearch.com/wp-content/uploads/2021/05/DONUT_MAY21.pdf.
  6. 6. Henderson, “The Pandemic Prompted People to Move.”
  7. 7. Ang, Carmen. “Mapping the Migration of the World's Millionaires.” Visual Capitalist, June 15, 2022. https://www.visualcapitalist.com/migration-of-millionaires-worldwide-2022/.
  8. 8. Villanova, Patrick. “Where High‐Earning Households Are Moving—2022 Study.” SmartAsset, August 4, 2022. https://smartasset.com/data-studies/where-high-earning-households-are-moving-2022.
  9. 9. “Federal Funds Rate—62 Year Historical Chart.” MacroTrends. Accessed October 4, 2022. https://www.macrotrends.net/2015/fed-funds-rate-historical-chart.
  10. 10. “2020 Home Buyers and Sellers Generational Trends Report.” National Associations of Realtors Research Group, March 2020. https://www.nar.realtor/sites/default/files/documents/2020-generational-trends-report-03-05-2020.pdf.
  11. 11. “2021 Home Buyers and Sellers Generational Trends Report.” National Association of Realtors Research Group. Accessed October 5, 2022. https://www.nar.realtor/sites/default/files/documents/2021-home-buyers-and-sellers-generational-trends-03-16-2021.pdf.
  12. 12. “2022 Home Buyers and Sellers Generational Trends Report.” National Association of Realtors Research Group. Accessed October 5, 2022. https://cdn.nar.realtor/sites/default/files/documents/2022-home-buyers-and-sellers-generational-trends-03-23-2022.pdf.
  13. 13. Wile, Rob. “Millennials Make up the Largest Share of Homebuyers in America, According to Recent Data.” NBC News, April 6, 2022. https://www.nbcnews.com/business/consumer/millennial-homebuyers-now-the-largest-share-of-market-in-america-rcna22894.
  14. 14. “Spain POPULATION 2022 Data—2023 Forecast—1960–2021 Historical.” Trading Economics. Accessed October 4, 2022. https://tradingeconomics.com/spain/population.
  15. 15. Fuller, Joseph, and William Kerr. “The Great Resignation Didn't Start with the Pandemic.” Harvard Business Review, March 23, 2022. https://hbr.org/2022/03/the-great-resignation-didnt-start-with-the-pandemic.
  16. 16. Barnes, Mitchell, Lauren Bauer, and Wendy Edelberg. “11 Facts on the Economic Recovery from the COVID‐19 Pandemic.” Brookings, September 29, 2021. https://www.brookings.edu/research/11-facts-on-the-economic-recovery-from-the-covid-19-pandemic/.
  17. 17. Parker, Kim, and Juliana Menasce Horowitz. “Majority of Workers Who Quit a Job in 2021 Cite Low Pay, No Opportunities for Advancement, Feeling Disrespected.” Pew Research Center, March 9, 2022. https://www.pewresearch.org/fact-tank/2022/03/09/majority-of-workers-who-quit-a-job-in-2021-cite-low-pay-no-opportunities-for-advancement-feeling-disrespected/.
  18. 18. Ibid.
  19. 19. Rinz, Kevin. “Did Timing Matter? Life Cycle Differences in Effects of Exposure to the Great Recession.” U.S. Census Bureau, May 17, 2022. https://kevinrinz.github.io/recession.pdf.
  20. 20. “Wage Growth Tracker.” Federal Reserve Bank of Atlanta. Accessed October 4, 2022. https://www.atlantafed.org/chcs/wage-growth-tracker.
  21. 21. “Unemployment Rate.” FRED, September 2, 2022. https://fred.stlouisfed.org/series/UNRATE.
  22. 22. Ibid.
  23. 23. Bruner, Raisa. “The Great Resignation Fueled Higher Pay‐for Everyone.” Time, January 27, 2022. https://time.com/6143212/us-wage-growth-record-high/.
  24. 24. Parker and Menasce Horowitz, “Majority of Workers Who Quit a Job in 2021 Cite Low Pay.”
  25. 25. Ibid.
  26. 26. Fox, Michelle. “The Great Resignation Has Changed the Workplace for Good. ‘We're Not Going Back,’ Says the Expert Who Coined the Term.” CNBC, May 10, 2022. https://www.cnbc.com/2022/05/10/-the-great-resignation-has-changed-the-workplace-for-good-.html.
  27. 27. Tardi, Carla. “Don't Let Your Animal Spirits Influence Your Important Decisions.” Investopedia, May 24, 2021. https://www.investopedia.com/terms/a/animal-spirits.asp.
  28. 28. Wolf Herd, Whitney. “Bumble's Founder and CEO Whitney Wolfe Herd Talks Building Bumble—and Fighting for Gender Equality.” Bumble Buzz. Accessed October 4, 2022. https://bumble.com/en-us/the-buzz/a-letter-from-whitney-wolfe-herd-founder-and-ceo.
  29. 29. Ingalls, Sam. “What Is Digital Darwinism?” Webopedia, April 27, 2021. https://www.webopedia.com/definitions/what-is-digital-darwinism/.
  30. 30. “2022 M&A: Continued Strength Post Peak.” Morgan Stanley, January 14, 2022. https://www.morganstanley.com/ideas/mergers-and-acquisitions-outlook-2022-continued-strength-after-record.
  31. 31. Ibid.
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