We’ve spent a great deal of time over the last year evaluating the nation’s turn to hybrid and remote work models. Once workers had a taste of working from home, we reasoned, they would be reluctant to return to the office fulltime.
The job market got some more good news this week, as both Fitch and Moody declared it on pace to catch up to where it was pre-pandemic in 2020. And that’s great. But what does it mean about our economy, our job market’s trajectory, and federal (or in this case, the Fed) intervention?
The Great Resignation has given rise to a laborers’ job market, which is great for working people who are finding more flexibility, autonomy, and satisfaction. But it is costly and frustrating for employers who need to fill empty positions and scale up new ones. Now the Fed is eyeing the labor market as a manageable front to fight the rising inflation currently plaguing the economy.
In today’s strained hiring market, which we’ve covered exhaustively over the last year, companies continue to look for competitive advantages in hiring and retention. There are many different competitive advantages employers can find, related to compensation and culture among other things.