Addressing Labor Shortages With Higher Pay
If you work in tech, you’ve likely been dealing with the fear of losing your position, thanks to an ongoing wave of deep job cuts across the industry, from Meta to Microsoft. But other industries may not have the same problem.
The issue brings to mind another recent survey which uncovered skills gaps for 22% (and counting) of businesses.
74% of organizations polled for this survey reported that they found it “more difficult today to attract qualified candidates.” Labor shortages were among the reasons given for the lack of skilled applicants, and it sure seems like higher wages would go a long way towards alleviating these concerns.
Other benefits can’t hurt, however. If your company’s budget can’t handle moderate pay raises, alternative retention methods might include backing a flexible, remote-friendly work environment, or offering upskilling initiatives.