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News Update: Job Seekers Gain Leverage in the Labour Market

With companies trying to staff up and switch from surviving to thriving with every easing of lockdown measures, many employers might have a hard time keeping their current employees. And after an extended period of time of people just being thankful for having a job, the tide is turning.

This does not constitute advice and advice should be sought in all instances before acting on it.

After a year of merely trying to stay above water, the labour market is attempting to make a comeback. Industries that were still in business during the lockdown are now being threatened as the nation tries to get back some semblance of normalcy.

Workers in this new market will undoubtedly have more bargaining power, marking the shift to a full on job-seekers’ market.

What does this mean for employers?

In order to compete, many businesses will need to raise their offered wages. There will still be those who hold off as they view this as a temporary situation and once people come off furlough they’ll have more hiring options. Many people, however, are looking for jobs in stable sectors or one where they could still benefit from government subsidies if lockdown restrictions tighten again.

There’s good news for sectors or companies that might not be able to afford offering higher salaries because job security and company culture has become paramount.

Having a safety net in case there’s another lockdown or other things that make your company more attractive to job-seekers – like places to live, staff discounts, and accommodating shift patterns and company practices will go a long way to entice workers to join your workforce.

And what’s the feeling among employees?

While a higher salary is certainly the aim for many, other potential employees will be satisfied with job security, a flexible work environment, and advancing career opportunities – which employers can offer if more money isn’t on the table.

The shift in power from businesses to job-seekers is clear. Employees are able to call the shots a bit more and if companies want to build their staff back up, they’ll need to find ways to meet in the middle.

Unsure if now is the right time for a career move?

Touch base with your financial adviser to review your finances to figure out what’s right for you.

Time for a financial review?
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