October Connector: Wage Increases
With the cost of living on the rise due to inflation and other economic factors, workforce members are demanding higher wages. This problem is also causing problems for employers as well because their employee salaries are becoming a bigger expense and causing less money to be able to go towards other expenses like loans, debts, and necessary updates.
Express Employment Professionals have reported on this problem and did research on how this problem affects workforce market. They found that benefits offered to employees won’t go up in the workforce and are becoming less of factor when it comes to hiring new talent. The increase in wages has caused frustration because it’s causing employers to take a lot of risks with offering appealing wages and giving a lot of thought on offering open positions in their company when they become available. One of the ways employers are looking to attract talent when they can’t offer appealing wages, is offer other compensation packages like gym memberships, gift cards as awards, company picnics, and team building activities.
Express employment found that employers understand that workforce members need to make a living and the cost of living has gone up. What workforce members need to understand is employers are under a lot of pressure to carry out their company’s job while making sure their workforce stays strong and healthy. Not every employer can offer the best wages but they can offer other things to help employees feel valued. English naturalist, geologist, and biologist Charles Darwin stated,
“It is not the strongest or the most intelligent who will survive but those who can best manage change.”