Unemployment Rate May Be Persistently Low But So Are Pay Increases
Nashville, TN -- (ReleaseWire) -- 01/30/2020 --One of the most irresistible topics in the current political atmosphere is the unemployment rate. At the end of 2019, we've received reports on the trends, successes, and pitfalls of the job market and unemployment rate over the last decade.
Conflicting personal accounts partnered with companies and CEOs statements on prosperity and troubled waters leave one wondering: what does the job market really look like?
According to reports from The New York Times and CNBC, the job marketed ended the decade on mixed signals. While the unemployment rate has persisted at 50-year low of 3.5%, we also saw the payroll growth performing below expectations. It is, in a word, disappointing.
The Labor Department also reported that the final month of 2019 saw the wage gains below the average rate of 3% since July of 2018.
So, the question remains as to what do we do in this job market and economy? What can we do about a low unemployment rate and underperforming payroll gains? Founder and CEO of Jobcase, Fred Goff says companies should lay a clear path to a living wage to effectively support their workforce.
"All companies should provide a pathway to a living wage, not only because it's the right thing to do but also because it can benefit companies' bottom lines. Employers should identify which positions are "living wage" positions—those that deliver a total take-home wage (rate and hours) to meet the local cost of living standards—and strive to make these as high a percentage of overall jobs as possible."
Fred Goff isn't the only voice speaking on the improving the culture and relationship employers have with their employees.
Authors Tom Mahan and Danny Nelms feel that employers need to wake up to the reality that it is the employees who are in control of the job market and ignoring this fact is unsustainable in this economy.
In their new book, EmployER Engagement: The fresh and dissenting voice on the Employment Relationship, they explore the signs of discontent in the workplace that are blatantly ignored. Workplaces are suffering from unnecessary turnover, unfilled positions, lost customers, overworked staff, and compromised profit.
Employee morale is flat and so-called "perks and benefits" aren't cutting it anymore when it comes to retention. Believe it or not, it's the employees who have control in the high-stakes job market. And this employee-driven market will continue for some time. It's simple demographic science; US workers will hold the hammer for years to come.
The message from this progressive look at the job market is clear: Employees don't need you; you need them. So how can employers recruit the best employees and keep them working for you? Simply put, companies can and must become better employers.
About EmployER Engagement
EmployER Engagement recently released in January 2020, and it is available for purchase on Amazon, Indigo River Publishing, and at other locations where books are sold.