The Labor Market: To Compete You Must Compensate

The Great Recession was sparked by many of us reevaluating what is truly important in life. We want to hold true to our values, above all else and are not afraid to leave behind jobs, people, and places that are not in alignment with our True Self (includes our Our desires and visions along with our core values).

The Covid-19 pandemic demonstrated the flexibility of work-from-home, allowing for more time in the day for family and passion projects. Toxic work environments, dwindling benefits, and unfair compensation with expanded workloads are no longer tolerated by employees of any age! 

Think of your life pre-pandemic. How do your priorities differ? How do you spend your time? Did you make a job or career change?  Drop out of or enter into an intimate relationship? The answer is most likely yes.

With inflation on the rise and speculations of a recession, you may think that people feel left in a bind of holding true to their re-established core values while looking for employment stability. But that’s far from reality—there are no signs of a recession in the labor market! According to the Bureau of Labor Statistics, “payroll employment rose by 372,000 in June, and the unemployment rate remained at 3.6 percent.”

How are employers to compete with rising standards of current and potential employees? Rise to meet those expectations.

Move into the new paradigm. Put your employees’ needs before your profit margin. That’s the future of business. According to Yahoo Money, salary and flexible working are still the top priorities for workers. On top of that, you should examine the benefits you’re offering and the additional perks you’re providing, like gym memberships or meals for when your employees do choose to come into the office.

While benefits and perks are not feasible for all businesses, salary negotiations and hybrid remote and office work are options that every company should consider. Compensation is the key to a competitive advantage in this labor market. 

Besides compensation, the most essential thing you can do for your business now is to delve into your workplace culture. Are you fostering creativity and innovation? How diverse are your employees? 

These issues are at the forefront of our workplaces for a reason. We’re constantly evolving and improving! Don’t get left behind.

Photo by Laura Davidson on Unsplash