LETTS CONSULT’s Post

📢 Wage Growth Slows in the 2nd Quarter 📊📈 According to the Bureau of Labor Statistics via SHRM, compensation for U.S. workers picked up again in the second quarter of the year, but at a slightly slower pace, evidence that employers are continuing to remain competitive with pay but that inflation pressures appear to be leveling off. https://bit.ly/3OBTAqy #compensation #totalrewards #HR #HRInsights #EmploymentCostIndex #SHRM

Demand is a strong, but fitting word. The demand for higher wages comes as high inflation, evolving employee priorities and a tight labor market have pushed employees to demand higher salaries from their employers. #payup #HR #futureofwork

There is an interesting trend in the labor market. Recent data from ADP indicates that wage growth for American workers is slowing down, marking a significant shift in compensation dynamics within the labor market. In June, wages for job stayers rose by 4.9% year-over-year, the slowest pace since August 2021, while job changers saw a third consecutive month of declining wage increases, now at 7.7%. This trend suggests a cooling labor market, though still tight enough to keep pay gains elevated for job switchers. What does this mean for job seekers? This evolving landscape underscores the importance of strategic job searching. Please take a look at the current average compensation for your role. The market compensation may have changed in the last few years post-pandemic. Understanding these changes is crucial for job seekers to navigate the current employment environment effectively. #JobMarket #WageGrowth #JobSeekers #EmploymentTrends

Leaves are falling and wages are rising! The demand for higher wages comes as high inflation, evolving employee priorities and a tight labor market have pushed employees to demand higher salaries from their employers - Let's talk about how you can give your people more! Send me a message ;)

U.S. job seekers are demanding higher wages than ever before. Over 25% are actively looking for new opportunities, and satisfaction with wages and benefits is declining. While we're not seeing a mass exodus like in 2021, employers should brace for continued wage competition to retain and attract talent. The labor market remains tight! #JobMarket #WageTrends #Employment

Market Insights to Kickstart Your Week: Navigating Rising Wage Trends As we kickstart another week, it’s crucial to reflect on the latest market insights that affect us all. According to the KPMG & REC UK May 2024 report, we are witnessing a sustained rise in wages, marking the thirty-ninth consecutive month of increases for permanent starting salaries. This trend, consistent across both permanent and temporary roles, is most pronounced in the North of England, while slower in the South. Implications for Employers: 1. Competitive Compensation Packages: With wages climbing, employers must reassess their compensation strategies to attract and retain top talent. It’s not just about meeting legal minimums but offering competitive packages that reflect the rising cost of living and inflationary pressures. 2. Strategic Hiring Practices: Employers in regions with steeper increases might need to be more strategic in their hiring practices, possibly considering remote roles to widen the talent pool without significantly increasing payroll costs. Implications for Employees: 1. Negotiation Leverage: Employees have more leverage in salary negotiations, especially in high-demand regions. It’s an opportune time to negotiate salaries that not only reflect your skill level but also the broader economic conditions. 2. Geographic Opportunities: For those willing to relocate, areas with higher wage increases could offer more lucrative opportunities. Conversely, staying competitive in slower-growth areas might require focusing on skill enhancement. What’s Next? Both employers and employees must stay informed and adaptable as wage dynamics continue to evolve. Understanding these trends will be key to making informed decisions that align with both personal career goals and business growth strategies. As always, we at GoHire are here to help businesses navigate these changes with strategic hiring solutions and to assist job seekers in finding roles that not only meet their career aspirations but also offer competitive compensation. To speak with our consultants, please contact us on www.gohirerecruitment.com #marketinsights #wagegrowth #careerdevelopment #strategichiring #gohire #compensationstrategies #employeenegotiations #ukrecruiter #recruitmentagency #recruitmentsolutions

Job market sees remarkable recovery as state and local governments replenish their workforce. However, the success is not without its cost, with rising wage pressures becoming increasingly evident. https://lnkd.in/gnaFrmK2 #JobMarket #wagegrowth

Take a look at my new explainer video, inspired by my report, that explores the sentiments and wages of workers in asset management. #assetmanagement #greatresignation #bigstay

Great read on trends in this market. "But as the labor market slows, more workers between roles appear to be spending both more time looking for work and are slower to leave the workforce altogether upon losing employment." If you are caught in this spot where you are spending more time looking for work than you are comfortable with, consulting could be a great option and a great way to re-enter the workforce quickly. Q4 always proves to be a busy time for contingent labor, espcially in accounting and finance.

Recent data from the New York Federal Reserve highlights a significant shift: the reservation wage, indicating the lowest wage individuals are willing to accept for a new job, has hit an all-time high. As employees seek greater financial rewards, companies must adapt by offering competitive compensation packages to maintain their competitiveness in today’s dynamic market. At XpanseHR, our Compensation Practice team partners with businesses to navigate the complexities of today's market landscape. Our skilled experts analyze market trends, design tailored strategies, and implement solutions that align with your organization's objectives and values. Ready to elevate your compensation strategy? Connect with us today to learn more: https://lnkd.in/etyYvdka https://lnkd.in/g9nxbvCm #HR #CompensationStrategy #TalentAcquisition #Retention #HRManagementServices #TopTalent #BusinessLeadership #ReservationWage #MarketTrends #CompensationPlanning #WorkforceStrategy #SalaryTrends