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The Clark Howard Podcast

03.31.21 Pandemic effect: Forced early retirement is bad for business & the economy / Renting Storage - dynamic demand pricing & insurance.

The Clark Howard Podcast

Clark Howard

Business, Investing, Entrepreneurship

4.65.2K Ratings

🗓️ 31 March 2021

⏱️ 23 minutes

🧾️ Download transcript

Summary

One effect of the pandemic has been forced early retirement for many. Only 38% of the workforce is 55 and older. Why employers are working against their own self interest and that of the U.S. economy when they discriminate against older workers. Short term thinking makes for short lived companies. Companies that stand the test of time treat workers well. / A first for Clark - renting storage. What you can learn from his process. Ask Clark topics include: Refinancing a car loan  /  Appliance purchases  / Unemployment insurance fraud  /  The Airline & Hotel Pandemic Vouchers that May Prove Worthless-WSJ  -  Be flexible /   Want more money advice? Sign up for Clark’s free daily newsletter! Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0

Busy making budget plans for the business year ahead, we've got you covered.

0:05.4

Switch to three business and choose from the latest handsets with unlimited data in our winter sale.

0:10.6

Plus, our business price promise means if you find a cheaper deal from one of our biggest competitors, we guarantee you to beat it.

0:18.1

Search three business or visit us in store.

0:21.1

Business price promise means we'll beat it directly.

0:24.4

Quit you've been given my e-vote for 0.02 for business plans by at least £1 a month.

0:31.2

Time's apply, search three business price promise.

0:42.6

Welcome to the Clark Howard Show, where our mission is to serve and empower you see make better financial decisions in your life.

0:50.9

In today's episode, an update on how one effect of the pandemic has been early retirement for many and how that's ugly for the economy.

1:01.8

And also, I want to talk about an experience I've had personally for the first time ever about running something I've talked about for years and tell you my experience that could save you money.

1:20.5

So, wow, we got to talk.

1:25.1

You know, employers have used the pandemic as an excuse as a way of getting rid of people that are older workers.

1:37.8

And they've been able to avoid any discrimination, age discrimination oversight, really.

1:46.9

By using the pandemic as a way of pairing back work forces, really giving it to older employees, them taking it on the chin.

1:57.5

And the crazy thing is the reality companies that do that end up lowering their future profitability.

2:06.4

And they think they're so smart treating older workers like dirt and treating them as refuse or surplus.

2:15.3

And hiring somebody younger cheaper.

2:19.3

And yeah, there are advantages at least immediately with payroll.

2:26.1

But what do you lose?

2:28.4

You lose the institutional memory.

2:31.3

I've seen that in so many industries, so many businesses where they decide they're going to pair payroll.

2:39.4

And they really go after the older workers and they end up thinking that they're doing something really clever.

...

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