Wednesday, October 20, 2021

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    US wages are rising and those who don’t adapt to the new reality will fail | US SMEs

    NSThis is a huge labor shortage across the United States. Yes, federal unemployment Covid payments disappeared after Labor Day. However, many workers are still hesitant to return to work, being wary of health and safety, as Delta variants continue to rage. A lot of people, “Great resignation” And employers are desperate to do whatever they can to retain workers, as demand continues to be strong.

    As a result, job vacancies are at historically high levels, with SMEs across the country begging for workers. But what if the demand for an important product is high and the supply of that product is in short supply? It’s simple economics: prices go up. Wages are rising.

    According to data from the U.S. Bureau of Labor Statistics Average hourly wage Of all US employees working in the private sector, it rose to $ 30.85 in September following a significant increase over the past five months. If people plan to eat and heat their homes, there is no doubt that wages will rise further in the near future.

    Many small business owners across the country and across industries have this.

    For example, Amanda Cohen, who runs a vegetarian restaurant in New York City, has raised her starting salary to $ 25 per hour. She states that “there was no single problem” that attracted workers to their business. “We focus on’staff coming first, everything coming next’,” she said. Business insider Reporter. “You can’t succeed without staff.” Cohen raised her price by 30% to cover these costs.

    Hourly wages are rising at other restaurants and retail stores. And wage increases aren’t just happening in the restaurant and retail sectors.

    Recently, furniture maker Ethan Allen Presentation With the expansion into Vermont, the starting wage has been raised to $ 16 per hour and the wages of experienced employees have also been raised.Wisconsin trailer manufacturers Raise wages This is the second time in a year in response to the labor shortage there.Another manufacturer in Dayton, Ohio give All employees get a $ 10 salary increase per hour.National Association of Manufacturers To tell Members plan to raise their wages by 3.5% next year, and I’m not sure if that’s enough.

    The founders of a construction company in Los Angeles are having a hard time finding workers, Admit The “easiest, most difficult” way to keep workers on the scene is to “pay more.”A company building a road in Tennessee bumped into Their starting wage is $ 14 per hour (this is Tennessee, not San Francisco).New York construction company Raised It was raised to $ 25 every hour and is currently paying a recruitment bonus.Paper hangers, pile driver operators and roofers have seen their wages gain Over 15% in the last 5 years.

    Wage increases from Hudson, New Hampshire pay $ 25 Workers Hour to “Check If You Want to Pursue a Position” with a Wisconsin Truck Company Recruitment Employment bonus of $ 5,000 to $ 15,000.Wages for the entire service industry Is up About 10% this year.

    This is not temporary. Once you raise your employees’ wages, you will never rob them of them in the future. This means that large and small companies across the country are undergoing major changes in their overhead structure. This change will continue for the foreseeable future.

    There are some clients that behave like they did before Covid. When they are looking for employees, they offer similar compensation to previously paid fees. Times have changed and it is not dawning to them that the basic principles of economics are being implemented in front of them: when demand exceeds supply, prices rise. Companies that embrace this reality will adapt and continue to make money. They will hire good people and succeed. Those business owners who refuse to understand this simple concept simply do not understand.

    US wages are rising and those who don’t adapt to the new reality will fail | US SMEs

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