Show Me the Money (but is it really just the money?)
Sam worked retail for several years before the pandemic. The businesses that previously employed him reduced staff during the pandemic. Sam has collected unemployment and has worked a few side gigs over this time.
The pandemic has given Sam time to think about his future and allowed him the freedom to do more of the things he enjoys (hobbies, outings with friends, visits with out of state family members).
This has been a refreshing time for Sam. However, there have been challenges as well.
The lack of regular employment has caused Sam to be more mindful of how he budgets his money. Budgeting has not been something he has been good at in the past. However, with Sam’s unemployment and occasional work, Sam learned to budget quite well to cover his needed expenses. He has been able to stash away more money than he has in the past.
Now that things are opening up more, Sam has begun to see what jobs are out there. He has noticed that there are quite a few openings in the retail space, in which he previously worked. But Sam is not sure if he wants to go back to retail. He has had several interviews and even a few job offers to which he did not respond (we talked about job seekers “ghosting” in a previous blog). Sam is not sure if the offers were right for him.
Sam plans to secure a job in the next three months. However, he knows that he will not just accept anything.
Here are the facts:
The current job market is one of the tightest on record with more job openings than there are unemployed.
This is the most challenging employer’s market on record, particularly for mid-size and small businesses.
Small businesses account for almost one in two job openings across the economy.
Because of the upheaval (quits and people not returning to work) in the current labor market, job seekers have more choices, therefore more leverage.
Employers are finding that there is a strong relationship between wages and total compensation (salaries, benefits, working conditions, culture and perks) in their ability to retain employees and recruit new candidates.
At MGMTinsight, we can help you assess and find solutions to some of these challenging issues. Let’s talk more about the impact of the demand for the skilled job seekers, wages and the impact of inflation on the employers’ challenges in this job market.
Contact us today for more information.