The other lines on the chart demonstrate that most of the divergence between productivity and pay over the last 40 years is due to growing inequality—both inequality in how wage income is distributed among workers and how a growing share of income accrues to (already richer) owners of capital rather than to workers. Unfortunately for lower-skilled workers it took about eight years, into 2017, for businesses to hire enough to reduce the pool of available low-skilled workers to the point where their wages shot up. The November unemployment rate was at its lowest since 1969, at 3.5 percent, according to the Labor Department.Competition for workers at all levels, including low-skilled ones, has intensified. According to BLS-generated compensation cost indices , total benefit costs for all civilian workers have risen an inflation-adjusted 22.5% since 2001 (when the data series began), versus 5.3% for wage and salary costs. Many pay more than the state's average annual wage of $54,000. So, why is it so difficult to find workers in plumbing and other skilled trades? Others may just not be willing to work for the wages offered. Some may be struggling with addiction or other illnesses, or may have been out of work so long that they’ve given up looking. Talent Acquisition. roy.maurer@shrm.org. Since the early 1970s, hourly inflation-adjusted wages received by the typical worker have barely risen, growing only 0.2% per year. Wages Are Rising, Giving HR New Worries. One theory is that rising benefit costs – particularly employer-provided health insurance – may be constraining employers’ ability or willingness to raise cash wages. Inequality in workers’ hourly pay can be measured by examining the divergence between average pay and median pay. Workers are positioned to negotiate for more money as demand for certain skills grows. Summary. PBS Report: Despite rising salaries, the skilled-labor shortage is getting worse "I have got plumbers that work for me today that make $200,000-plus a year," says a business owner in Seattle. In other words, rapid technological change causes the demand for high-skilled workers to rise faster than supply, putting upward pressure on the wages and salaries of the most skilled and educated workers in the labor force. So severe are looming shortages of workers in the skilled trades in Michigan that … wage protection, whereas changes in pay-setting practices in certain high-pay occupations, the emergence of superstar earners (e.g., in sports and entertainment), and skill-biased technological changes may have improved wage growth for … Why it pays off to be kind at work Companies are eliminating hierarchies to cut costs Indeed, companies like Zappos AMZN, +2.16% and Tesla TSLA, … When demand for certain kinds of workers rises, wages for those workers most in demand also tend to rise. And clearly, the demand for skilled construction labor is … A short explainer of a complicated problem. Businesses had to compete harder for the higher-skilled workers, so their wages grew faster. Workers at the lower end of the pay scale finally are getting the most benefit from rising wages Published Wed, Mar 13 2019 12:06 PM EDT Updated Mon, Mar …
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