Jobs have been through the ringer in the past year, from increasing unemployment levels in conjunction with companies struggling to hire people – the job market has been a complete mess. Today, the trend seems to be continuing and maybe even getting worse in some ways, there’s both good and bad news. For one, the trend on the smaller scale may be seeing some improvement with hiring in July rising at its fastest pace in nearly a year despite fears over the delta variant. However, in the U.S. there are still challenges ahead with nearly 10 million job openings with about a million fewer workers than there are positions available.
The reason this discrepancy exists is caused by a variety of factors, one of them is a lack of healthcare and personal benefits in jobs. To help combat this and recruit, companies have been using a variety of techniques such as: signing bonuses, higher salaries, and flexible working arrangements, to entice people. Even in fields with already high salaries like investment banking salaries have gone up. That likely will have to continue as the Covid-19 pandemic changes the jobs market, maybe even permanently. According to a survey by Gallagher asking how far employers are willing to go to entice workers in the pandemic era: 41% of employers responding said they are offering enhanced benefits, and 19% say they are offering pet insurance. What do you think about the employment issue, and will the moves companies have made be effective in attracting employees?
I am not a financial advisor and my comments should never be taken as financial advice. Investments come with risk, so always do your research and analysis beforehand.