Employers are Offering New Perks to Ease Labor Shortage

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: 

• 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.

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.

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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