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Struggling to Find Wages for Workers? Here’s What You Can Do

The Economic Policy Institute says that the U.S. labor shortage is a manufactured one. They suggest there isn’t a labor shortage at all, but that employers aren’t able or willing to increase wages high enough to attract workers. They state, “I often suggest that whenever anyone says, ‘I can’t find the workers I need,’ she should really add, ‘at the wages I want to pay.’” While many states implemented higher minimum wages, business owners in states that didn’t recognize that raises may be necessary if they want to find talent in a competitive market. How can companies cut costs and adjust their budgets to help offset the cost of labor?

Economics 101: Why Pay Rate Matters Now More Than Ever

If you’re struggling to find qualified staff to handle all of the work at your business, you’re in good company. A survey this spring by the National Federation of Independent Business showed that 42% of business owners say they have job openings that couldn’t be filled. 91% of companies trying to hire right now say there are few qualified applicants for the jobs they’re trying to fill. This is causing some employers to bump up their wages for new workers, but they’re quickly finding a ripple effect; increase the pay for new workers, and you’ll have some existing employees unhappy with their current salaries. What’s the answer? Pay rates matter, not only when attracting talent but also when trying to retain your workforce. What’s the answer here?