Strategic Financial Recruiting

Get ready for Wage Increases

The Bureau of Labor Statistics reported an increase in Temporary Staffing and a relatively low unemployment rate of 4.4% (only 2.4% for college level education required positions).  Overall penetration of temporary staffing in the workforce is remaining above 2% and is expected to continue to rise.

All of these factors will at some point lead to wage increases.  Wage increases to keep employees, wage increases to lure top talent away from their current employer.  It has taken a very long time, but employers of all sizes are beginning to realize that it may take a little more compensation to attract and retain good workers.

Also, in Illinois and Ohio, state income tax increases recently approved (with Governor veto’s overridden) in the neighborhood of 30% and up will erode real income for all workers in these states.

For the full article from Staffing Industry Analysts click here.