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On today’s Business Beat, Jeff Sloan talks about how it’s going to be more difficult and costly for small businesses to hire the best talent because job switchers during the pandemic have seen significant salary hikes.
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Good morning, Paul!
Today on the Business Beat, we’re focused on another labor market phenomenon driven by the pandemic, and that is those who leave their jobs to take a new position at a company and are many times rewarded with higher pay. The bottom line as just indicated by a new survey published by ZipRecruiter: They’re doing well. In fact, some are receiving as much as double-digit pay increases as a result of their move to their new position.
The ZipRecruiter survey shows that about 64% of job switchers said their current job provides more pay than their previous job did. Among those workers, nearly half received a raise of 11% or more, and nearly 9% are now making at least 50% more at their new jobs. What’s the outlook, according to ZipRecruiter? This is, of course, just another way, Paul, that the pandemic has changed much about life and business. Most economists believe that wage growth is the single biggest inflationary risk this year.
So what does this mean for us small business owners? Well, one of the key hallmarks for small business success is to get the best possible talent on your team in order to compete. And when you need to hire the best and hiring the best today is simply going to be more difficult and more costly due to the competitive nature in the job market today.
The bottom line: Well, first and foremost, do all you can to keep your best employees. Remember, it’s not always about the amount of the salary offer job perks and other benefits that show them they matter and that you care. Most of all, show them you want them to stay employed with your company. Do that, or run the risk of losing your best team members to the competitor down the street.
I’m Jeff Sloan, founder and CEO of startupnation.com and that’s today’s Business Beat on the Great Voice of the Great Lakes, WJR.