Employers are Offering New Perks to Ease Labor Shortage

Editor — Mon, 23 Aug 2021 21:04:35 +0000

Companies are rolling out perks at a feverish clip to lure employees, according to Axios’ Courtenay Brown.

Why it matters:

The economy is roaring back. Companies are pulling out all stops to win over the workers they need to meet demand.

What’s happening:

Walmart and Target say they will pay tuition for certain college programs for millions of employees.

Businesses are also offering extended time off, free Pelotons or one-time bonuses to attract workers — and keep the ones they have.

Yes, but: What’s actually enticing workers is the most old-fashioned perk: Higher Wages.

“After we made our announcement [to raise pay] back in April, we’re getting close to full staffing levels,” McDonald’s CEO Chris Kempczinski told investors.

The intrigue: Nearly 2 in 3 workers say they are looking for a new job, per a new survey by PwC. Employees said more money was the top reason they considered quitting.

The survey also finds a huge gulf between what employees want and what companies are offering.
Touting company values and culture, plus offering location flexibility, are the most common ways employers say they are trying to retain and attract workers.
But that’s on the bottom of the priority list for employees. At the top: more flexible schedules, higher pay and expanded benefits.

By the numbers: Employers are meeting the moment by steadily raising wages. In July, pay was 4% higher than this time last year.

job perks – GEasy Labour News

Employers are Offering New Perks to Ease Labor Shortage

Yes, but: What’s actually enticing workers is the most old-fashioned perk: Higher Wages.

Wages in the hospitality sector — where worker shortage complaints are most acute — are 10% higher from last July as hiring rebounds.

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