COVID-19 has removed many people from the workforce. Whether they are retiring or joining the gig economy, the results are the same: less people are applying for available positions and candidates are asking for higher compensation packages.
Driven by news reports and the high Consumer Price Index, existing employees are also asking for more in compensation.
These scenarios are putting employers in a tough spot. Balancing the wish to hire and retain fantastic people who can move the organization forward with wanting to keep a lid on payroll costs can lead to tough decisions with lasting consequences.