Workers are receiving the fattest wage increases since 2008 as employers struggle to find enough people to fill their ranks and employees have more leverage to demand higher pay and jump to better jobs, The Washington Post reports.
Wages grew 3.4% in the past year, the government reported Friday, the fastest pace in nearly a decade and well above inflation, suggesting that employers are hustling to lure and retain workers. Many are slashing requirements for jobs and are hiring workers quickly to prevent them from being scooped up by competitors, a far cry from the days when job seekers felt lucky to even get a callback.
The balance of power in the labor market is shifting toward employees, and many employers are becoming so desperate for people to hire that many are taking a chance on potential workers in ways they rarely did in the past.
IBM will often hire top MBA students and recent PhDs in science or math fields even if there are no immediate specific jobs for them, company chief economist Martin Fleming says, because executives know they are competing for talent with Google, Facebook and other technology giants. Read the full story.