501 - Is the Money Greener on the Other Side?
Episode Title: Is the Money Greener on the Other Side?
Record numbers of workers are leaving their jobs for better pay elsewhere. Can employers keep up? Let’s talk about it, coming up next on The Perna Syndicate.
Ep 501 show:
Hello, this is The Perna Syndicate and I’m your host, Mark Perna! We live in expensive times. Between inflation, rising interest rates, and the increasing price of darn near everything, there’s a lot of people who need extra income right now. In this tight labor market, many are looking to bump their pay by taking a new position.
Many companies are responding by offering more money to entice candidates to come on board. But this strategy comes with a catch, with current employees suddenly feeling underpaid and unappreciated. And that just creates a vicious cycle, as they start looking elsewhere to see if the money is greener on the other side.
According a new survey by Joblist, 79% of employed workers believe that they can make more money by switching jobs than by staying put in their current position. More than two-thirds say that they plan to leave their current job in the next 12 months.
Worse, the more employers hand out pay increases, the more employees begin to look for other jobs seeking even higher pay.
The Great Resignation is nowhere near over, folks. In fact, it may just become a normal workforce dynamic.
This week, we’ll talk about the evolving job market and how employers might need to change their tactics to compete in the War for Talent. We’ll see you back here tomorrow on The Perna Syndicate. Take care!