More workers choose quiet quitting - August 22, 2022

Executive Leadership Briefing

More CEOs are zeroing in on elasticity as they raise prices to account for inflation, making bets about how much their brands can withstand a price increase. Some products have weathered price increases with little or no consequence, while others experience a decline in demand. Coffee and pastry shops appear to have avoided an inflation backlash, but rising costs have cut margins at retailers such as Target. The Federal Reserve Board will meet at a key symposium this week at Jackson Hole with economists expecting the central bank to vow to bring down the high U.S. inflation rate even if it means a recession.

More U.S. workers are rejecting hustle culture and choosing instead to engage in “quiet quitting.” The term has recently flooded social media platforms as users share stories of how they close their laptops at 5 p.m., spend more time with family and do only the tasks assigned to them. More than 1 in 4 workers in a Resume Builder survey said they do the bare minimum or less at work, and 21% said they ascribe to quiet quitting in which they do only what they are paid to do. Some experts say the term is a misnomer and should actually be defined as setting healthy work-life boundaries.

The Internal Revenue Service is slated to receive $80 billion from the Inflation Reduction Act to help the agency recover from funding cuts, but experts say it could take years for the agency to rebuild enough to see a return on investment. The increased revenue from IRS enforcement is intended to help pay for a slew of climate-change initiatives, prompting wealthy individuals and large corporations to brace for more audits. However, those audits won’t likely happen for at least several more years.

Women around the globe are posting videos of themselves dancing and drinking to show support for Finnish Prime Minister Sanna Marin, who came under fire after a video of her dancing and singing with friends leaked on the internet. Marin took a drug test to dispel claims that she engaged in anything but drinking alcohol, while advocates argued that Marin is a public example of the unfair standard that prominent women in business and politics are held to.

The business of psychedelic drugs is heating up on Wall Street, thanks to a rapid path of mainstream acceptance forged by therapy advocates and decriminalization in numerous states. There are now more than 50 publicly traded psychedelic companies listed on U.S. exchanges, and some experts say they believe that pharmaceutical psychedelics may outpace the legalized cannabis industry. One report from Data Bridge Market Research projects that the global market for pharmaceutical psychedelics will reach $6.9 billion by 2027.

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