Weekend Reading – Quiet Quitting Edition
Welcome to another Weekend Reading post, my quiet quitting edition.
Here are some of my recent articles as well:
Last Weekend Reading, I shared what some folks in the FIRE community seem to get wrong, including a continued obsession with the 4% rule.
Weekend Reading – Quiet Quitting Edition
Have you heard of this: quiet quitting?
It’s largely a new term used by some younger adults in the workforce describing how they’re just going about the bare mininum at work and mentally checking out in the process…
I suspect, this trend, championed by mostly 20-somethings on TikTok was triggered by the pandemic.
Younger adults claiming:
- Overworking, even at home, makes little sense.
- It’s a way of working, for some, that helps protect mental and physical health – in a sometimes toxic work environment or corporate culture.
Yet staying in a job you don’t like (and putting the bare minimum in) highlights two big challenges to me:
- It means giving up any fulfillment that can come from a job you actually like, and
- It seems morally flawed.
I get the work-life balance, I would think that is something we all want but I’m not sure this trend is the answer.
Deloitte Global’s “2022 Gen Z and Millennial” survey found that these generations are striving for balance and advocating for change like never before. This report link above revealed that good work-life balance and learning and development opportunities were the top priorities for respondents when choosing an employer.
The study also revealed that:
- Almost half of Gen Zs (46%) and millennials (47%) live paycheck to paycheck (and worry they won’t be able to cover their expenses.)
- More than a quarter of Gen Zs (26%) and millennials (31%) are not confident they will be able to retire comfortably.
So, there is natural tension here: lack of income to cover current expenses but equally some willingness to check out from work.
This is not just a Gen Z or millennial issue.
Are there any solutions, to avoid this complete mental checkout in the workplace?
Here are some ideas and what I’m personally thinking about on this subject, below:
- Talk about it. I think anyone dragging out work or not feeling completely engaged in their work should discuss these issues or concerns with a friend, trusted co-worker, spouse/partner but ideally their workplace manager. At some point, ideally, you probably need to find a balance between making some income to pay for expenses and taking some enjoyment from your work – unless you are completely retired of course!
- Practice psychological safety. What I mean is, it’s acceptable to fail/not be perfect, it’s acceptable not to feel your best, it’s acceptable to recalibrate your workload. In fact, all these these are more than acceptable and should be practiced often in the workplace. Management styles should make any employee feel welcome to share, trust, and disucss any issue in a professional way without any fear of reprimand.
- Recalibrate your peronal time and figure out how much is enough. Ultimately, only you know your boundaries and limits. So, take time to assess and recalibate your personal time. Learn how much money is required to make you happy and content, whether that’s full-time work, part-time work, hobby income or no income at all (if retired). Your work may be very valuable today but your personal, long-term wellbeing is your most vital, capital asset by a long shot.
Further Reading: Reader Questions to Me – Saving and Investing Updates.
I think any manager or management team that truly understands that employee engagement is far more than employee check-ins, will avoid teams/employees that succumb to quiet quitting. Otherwise, maybe that job you have is not the right one for you at this time in your life anyhow…and that’s OK too.
What do you make of the quiet quitting phenomena? Are you feeling it yourself? Share in a comment below.
More Weekend Reading…
Interesting chart from the Twitter machine this week:
Maria from a Handful of Thoughts highlighted the “typical Canadian”.
That included, according to her findings:
“Not including mortgage debt, in 2020 the average Canadian owed $23,237. And if we assume a 5% interest rate and payments over 5 years, this translates to a debt repayment amount of about $439 every month.”
“August is one of our lowest paying months and it’s tough to go from a high of $4,252.97 in July to a low of $1,546.97 in August. That’s quite a difference. Perhaps I should add more shares of BMO and RY to boost my income?
- Total dividends received for August 2022 $1,546.97
- This is an increase of almost 28% YoY (August 2021 vs August 2022)
- The total received YTD is $23,422.24
- This means we’ve reached almost 67% of our $35,000 year-end goal”
The Dividend Guy discussed paying down debt or investing this week.
Mike and I are very much aligned, when it comes to the RRSP-loan. Don’t do it.
I liked Mike’s three points to consider, when it comes to debt management vs. investing:
- Consider your personal situation, comfort-level with debt.
- Consider the total costs of your debt, and ability to pay for it.
- Consider the opportunity costs associated with debt vs. investing.
Here are no less than 92 lessons from Mr. 92: Warren Buffett thanks to Dividend Growth Investor.
Dale Roberts from Cut The Crap Investing has some real estate affordability information to check out.
Over at Cashflows & Portfolios we discussed how to use Beat the TSX (BTSX) stocks to juice your retirement income – with some caution!
For additional reading, check out some of my recent retirement income case studies:
Have a great weekend!