White Hot Labor Market

The Lempert Report
June 17, 2022

Phil, companies are hiring and offering attractive wages and packages for new employees like never before. And that all sounds great, but there is a downside to this and labor economists are concerned that there are future consequences because of this huge hiring opportunity with so many attractive job offerings, colleges are seeing students drop out of school and training programs, because they wanna work full time. The problem is that researchers have consistently seen that those who have degrees and skills training earn more and have more job stability in the long run. The New York times recently reported that today's job market has 1.9 jobs for every one person available. Wow. Community college enrollment is down. Gas, food and rent prices are up. So opting for a job as opposed to school makes a lot of sense for some of our American society, because they're just trying to make ends meet. So what companies can do to ensure they are creating a quality employee culture with high productivity and long term employees, there are some great things that are happening. Some companies are offering options for work study programs. Now this is a great way to train new talent while on the job and help them grow careers within your company.