Post COVID a large percentage of the workforce is choosing to work remotely or retire, leaving employers with a diminished talent pool. For perhaps the first time ever, employees find themselves with the upper hand, which allows them to be choosy when securing a position. Employers must re-evaluate their compensation structures as well the incentives they are willing to offer.
Many attribute this shift to people collecting unemployment benefits, but that is an incomplete explanation. People are seeking employment, but it’s a worker’s market. The unemployment benefits provided an opportunity for people to consider a more customized approach to employment—how will it fit their lifestyle and present and future plans?
Employers are considering incentives like signing and retention bonuses and cash incentives. A minimum of 10 states are adopting this practice.
A new poll released by the US Chamber of Commerce revealed that 40% of those unemployed because of COVID, said that a $1000 hiring bonus would inspire them to return to work. Other incentives include flexible work-from home schedules, and workplaces that require vaccination. https://rb.gy/nvwa0j